Nigeria remains open to crypto firms despite suing Binance for $80 billion over alleged economic losses. Binance ceased Nigerian operations in March 2024 and denies all allegations.
Government’s Position
Minister of Information Mohammed Idris stated the lawsuit aims to enforce regulations, not stifle crypto, citing concerns over terrorism financing, money laundering, and tax evasion.
“This is part of the effort to strengthen our laws, not to cripple anybody,” Idris told Semafor.
Crypto Adoption in Nigeria
2nd highest global adoption (after India)
$59 billion in crypto transactions (July 2023 – June 2024)
40% of Sub-Saharan Africa’s stablecoin inflows
Regulatory Developments
• SEC issued first crypto licenses in August 2024 to Busha and Quidax, signaling crypto’s economic potential.
• Crypto trading remains active, despite Binance’s exit.
Outlook
Nigeria seeks to balance crypto innovation with regulation, but large fines raise concerns about investor confidence.
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