₦airaland Forum

The Federal Government has expressed its continued openness to cryptocurrency companies, despite pursuing a lawsuit worth $80bn against Binance, the world’s largest crypto exchange.

The Federal Government filed the lawsuit last month, claiming economic losses linked to Binance’s operations in the country.

The legal action followed an earlier incident in which Nigerian authorities detained one of Binance’s US-based staff members, Tigran Gambaryan, in connection with a money laundering investigation.

Gambaryan was held for eight months before being released, and the charges were later dropped. Binance, which stopped all transactions in Nigeria in March 2024, has denied the allegations.

In an interview with a news platform, Semafor, on Friday, the Minister of Information and National Orientation, Mohammed Idris, emphasised that the lawsuit was part of the government’s effort to strengthen regulations, not to target specific companies.

“We are ensuring that no one comes and operates without regulation,” Idris said, noting that other crypto companies in Nigeria continue to operate without facing legal challenges.

“There are other companies operating in the crypto sector in Nigeria, you don’t see them [facing charges],” he added.

Idris also highlighted concerns over the potential misuse of cryptocurrency for illicit activities, including terrorism financing, money laundering, and tax evasion.

He pointed out that the issue of illicit financial flows is a global concern, stressing the importance of international cooperation to ensure that transactions in the crypto space align with financial regulations.

“It is not just Nigeria. Internationally it’s also important to address illicit financial flows. You can’t have a huge amount of transactions that do not meet the operations of financial dealers,” Idris said.

Source: https://punchng.com/nigeria-open-to-cryptocurrency-despite-80bn-lawsuit-against-binance-fg/

This is a smart move by the FG.

nigeria is a zo o

invest in the zo o at your own risk

bea1234567:
nigeria is a zo o

invest in the zo o at your own risk

Na 9ja dey rug pulled you?.
E be like say Donald and Ivanka Trump hand don touch this one.
Learn trading, stop gambling.

Ok

💪 Tinubu’s government is just taking a strategic approach, cracking down on Binance to set a strong regulatory foundation for crypto without scaring off the others.

Same FG will still come tomorrow & say otherwise. Mtcheeeeeew

Hehe what happened to e-naira? This Nigeria APC boko haram govt will collect ur money and leave sawdust in ur account. Dey play oo

Hahahahahahwhah

Has Nigeria government answered the allegations against them?

Una dey craze. Walahi

but then term crypto as fraud. i no trust this people.

Werey people

Good to know

Nice

No be cypto dey make dollar do Naira upper-cut again?

tundegan:
This is a smart move by the FG.

Walahi you really need to stop this eye service.

SoftSport:
💪 Tinubu’s government is just taking a strategic approach, cracking down on Binance to set a strong regulatory foundation for crypto without scaring off the others.

And who told you others are not scared of investing? If you could chase the biggest crypto exchange away, do you think others will be this naive to stake their money? You people are clowns walahi.

Crypto

sevo:
Need advise on which crypto sites I can buy crypto using my tremendous visa prepaid virtual dollar card...cos I have tried a lot of sites from bybit to crypto.com....still no headway..and funds will soon expire

try remitano. I can guide you if you want so you can use my referral

hatchy:
The guy you want to help is a scammer, you are also a scammer.
Between both of you let's see who scam each other successfully.

Scams jam each other inside life

sevo:
Need advise on which crypto sites I can buy crypto using my tremendous visa prepaid virtual dollar card...cos I have tried a lot of sites from bybit to crypto.com....still no headway..and funds will soon expire

Better come and invest in cbex and have a crypto joy

open to taxing the hell out of users of cryptocurrency.

Believe this scam government at your OWN peril.

Pi π

Another own goal by the shortsighted Tinubu

Which allegations are those?

Atuero:
Hahahahahahwhah

Has Nigeria government answered the allegations against them?

Oya now, strategic hardship reserve

After alleging Binance is responsible for naira fall? Arrested and prosecute people for trading in same? Bunch of clueless Idiots!