The Nigerian government has reaffirmed its openness to cryptocurrency businesses despite an ongoing $80 billion lawsuit against Binance. The lawsuit, filed last month, alleges economic losses linked to Binance’s operations. This follows the detention of Binance executive Tigran Gambaryan for eight months in connection with a money laundering investigation, though charges against him were later dropped.
Minister of Information Mohammed Idris clarified in an interview with Semafor that the legal action is aimed at strengthening regulations, not targeting specific firms.
He emphasized that other crypto companies continue to operate in Nigeria without legal issues, highlighting concerns over the potential misuse of cryptocurrency for illicit activities like terrorism financing and money laundering. Idris also stressed the need for international cooperation to regulate crypto transactions effectively.
