Information Minister of Nigeria, Mohammed Idris, said the country remains open to cryptocurrencies, despite the conflict with the largest crypto officers of the world of Binance.

The Government of Nigeria is concerned that cryptocurrencies can be used to finance terrorism, money laundering and tax evasion, Idris explained. This applies not only to Nigeria, but also to other countries, so it is important to deal with the illegal use of cryptocurrencies at the international level. Transactions with crypto actures should be carried out only within the framework of the law, the minister insists.

In February, the authorities of Nigeria filed a lawsuit against Binance, demanding that the exchange pay $ 79.5 billion for economic damage caused to the country in connection with the collapse of Nigerian Nyra, as well as $ 2 billion of tax debt. The exchange did not agree with these requirements. Local law enforcement officers detained the regional top manager of Binance Tigran Gambaryan, accusing him of promoting money laundering. After eight months of imprisonment, the Gambarians were released, and the charges against him were removed. In March 2024, Binance stopped all her operations in Nigeria.

“We do not want to paralyze crypto companies, but only strive to ensure the observance of laws. No one should work in our country illegally, violating the law. In Nigeria, there are other companies operating in the cryptocurrency market, but they are not charged, ”Mohammed Idris assured.

In August, the Nigeria Securities and Exchange Commission issued the first temporary licenses to work with cryptocurrencies to two platforms – Busha and Quidax. The agency admitted that crypto acts may be useful for the Nigeria economy, so it decided not to prohibit cryptocurrencies, but to give them licenses if firms comply with regulatory requirements.