The Nigerian government has expressed its acceptance of the encryption industry despite the ongoing legal battles with the Binance exchange. West Africa has described the recent clashes in the world’s largest exchange as efforts to strengthen its organizational environment.
Binance campaign is necessary to reduce crime and support organizational standards: Nigerian minister
In a recent interview with the media SemaforNigerian Minister of Information, Mohamed Idris, suggested that the nation remains a friend of encryption amid lawsuits against Bennes. Since 2024, the Nigerian government has acted against Binance operations within its borders, citing multiple reasons.
It is worth noting in March 2024, the leaders of the most intensively populated African nation demanded a $ 10 billion compensation of Binance to claim to manipulate the foreign exchange rate, which led to a decrease in the value of the Nigerian brightness by 70 %. These statements came amid the Tigran Gambrayan CEO due to allegations of money laundering activities on the encryption platform, which eventually lasted for more than eight months.
Recently in February 2025, the Nigerian government filed a lawsuit against Binance again for 79.5 million dollars, noting economic losses due to the alleged illegal operations of the stock exchange in the country. Nigerian officials have previously suggested that Binance dealt with more than $ 26.5 billion in Nigerian transactions, although it is an unregistered identity.
The Nigerian Minister of Information explained that the campaign on Binance was afraid of these encrypted currency transactions that support illegal activities such as money laundering, tax evasion and terrorist financing. Therefore, the legal procedure was only aimed at maintaining organizational integrity and preventing crime.
Muhammad Idris said:
This is part of the efforts made to strengthen our laws, not to paralyze anyone. We guarantee that there is no one and work without organization. This is part of the efforts made to strengthen our laws, not to paralyze anyone. We guarantee that there is no one and work without organization.
The minister also added:
It is not just Nigeria. It is also important to address illegal financial flows. You cannot have a great deal of transactions that do not meet the operations of financial merchants.
In the midst of this increasing regulatory scrutiny, Binance has since closed its Nigerian market to stop all transactions that include the brightness. but, The Nigerian government emphasizes its commitment to the manufacture of prosperity in accordance with operational and regulatory standards.
Overview of the encryption market
Although the signs of bull run in Q4 2024 showed, the encryption market has struggled to re -establish a similar form as shown in the frequently frequent corrections and uncertainty in the market since December.
At the time of this report, the total encryption market value is $ 2.72 trillion, which reflects an increase of 0.88 % last week. Bitcoin maintains a 60.5 % market dominance as the leading cryptocurrency, followed by ETHEREUM by 8.7 % and other altcoins by 30.8 %.
Distinctive image from Istock, tradingvief chart
Editing process For Bitcoinist, it is focused on providing accurate, accurate and non -biased content. We support strict resource standards, and each page is subject to a diligent review by our team of senior technology experts and experienced editors. This process guarantees the integrity of our content, importance and value of our readers.
adxpro.online