Nigeria remains open to cryptocurrency firms despite ongoing legal action against Binance.

Nigeria remains open to cryptocurrency firms despite ongoing legal action against Binance. Minister Mohammed Idris from Nigeria believes his country wants to establish regulations for the crypto sector instead of banning its operations.

Nigeria remains open to cryptocurrency firms despite ongoing legal action against Binance.

Minister Mohammed Idris from Nigeria disclosed that his country aims to introduce regulations for the crypto sector rather than banning its operations.

The minister’s comments come as the government is seeking $80 billion from Binance in a lawsuit.

The information minister highlighted the ongoing efforts to regulate the cryptocurrency market.

Last month, Nigeria’s authorities filed a court case against Binance over economic losses the exchange generated in the country.

The suit includes multibillion-dollar financial claims which the government began following this action.

The officials arrested Binance executive Tigran Gambaryan in connection with a money laundering investigation.

Gambaryan’s detention spanned eight months before Nigerian authorities released him and dismissed all charges.

However, Binance has denied all accusations. The exchange announced a transaction suspension in Nigeria beginning in March 2024.

Crypto companies in the market face no legal restrictions that prevent their normal operations.

Nigeria Supports Crypto But Demands Compliance With Regulations

Idris stated that Nigeria plans to halt financial criminal activities. Tax evasion, together with money laundering and terrorism financing, represent some of the detected crimes that need regulation.

Regulation of cryptocurrency presents a matter that demands international attention, according to his assessment.

“All large money transfers must follow established legal procedures. This lawsuit is a part of that effort. We are open to cryptocurrency companies as long as they comply with our rules,” he added.

The lawsuit filed by Nigeria seeks compensation of $79.5 billion from Binance. Binance must pay $2 billion in unpaid taxes according to the demands of the Nigerian government.

"The government is committed to improving financial regulations in the country. These legal actions reflect that commitment. We will continue to take necessary steps to protect the economic interests of the nation."

The government of Nigeria maintains its support for businesses operating in the cryptocurrency industry.

Compliance with rules remains mandatory for every organization. Idris emphasized that Nigeria supports cryptocurrency except when financial operations need to be fair and equitable.

The Federal High Court in Abuja dismissed all Gambaryan charges in October.

All court charges filed by the Economic and Financial Crimes Commission (EFCC) were officially dismissed. This marked a key moment in Nigeria’s legal dispute with Binance.

Nigeria remains active in developing improved policies on cryptocurrency. The government promotes digital asset enterprise operations throughout the country.

The economic protection of the country through financial law execution remains essential for businesses that operate in the industry.