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Nigeria government has reaffirmed its openness to crypto businesses, despite its ongoing legal battle with Binance and the controversial detention of the exchange’s executive, Tigran Gambaryan. The statement from Nigeria’s Information Minister, Mohammed Idris, highlights the country’s commitment to regulating rather than eliminating crypto operations.
In a recent interview, Idris clarified that the legal action against Binance is not a blanket crackdown on the entire crypto sector. “Many crypto businesses operate in Nigeria without facing litigation or prosecution. This is part of our effort to strengthen regulations, not stifle innovation,” he explained.
Binance Faces Legal Heat
In February 2025, Nigeria filed an $81.5 billion lawsuit against Binance, accusing the exchange of contributing to the naira’s devaluation. The government claims that Binance manipulated currency rates and owes $2 billion in back taxes. This legal battle is part of Nigeria’s broader effort to assert control over its crypto landscape.
The Nigerian Securities and Exchange Commission (SEC) introduced stricter crypto regulations in December 2024. These include mandatory approval for third-party marketing firms promoting crypto services. This move aims to curb misleading advertising and enforce greater transparency.
Additionally, in February 2025, Nigerian regulators announced plans to tax crypto transactions, aiming to generate revenue from the booming sector. However, experts doubt the effectiveness of this measure due to Nigeria’s thriving over-the-counter (OTC) crypto market, which often bypasses centralized exchanges and is harder to track or tax.
Crypto Adoption Remains Strong Despite Regulatory Pressure
Despite the regulatory tightening, Nigeria remains a global leader in crypto adoption. According to Chainalysis’ 2024 Global Adoption Index, the country ranks second worldwide, just behind India. Between July 2023 and June 2024, Nigeria received $59 billion in cryptocurrencies, reflecting its growing dependence on digital assets.
Nic Puckrin, founder of Coin Bureau, noted that Nigerian importers frequently use crypto to sidestep the naira’s volatility and mitigate foreign exchange risks.
As the local currency continues to depreciate, these importers are unlikely to abandon crypto. Moreover, the peer-to-peer (P2P) nature of many transactions makes them difficult for the government to monitor or tax effectively.
