The top crypto news from Nigeria this week highlights new tax policies, legal battles with Binance, and increased regulatory scrutiny. The government is pushing to integrate digital assets into the formal economy while cracking down on exchanges operating without approval.
Nigeria Moves to Tax Crypto Transactions
The Nigerian government is preparing to introduce a tax framework for cryptocurrency transactions. This move aims to boost government revenue. The country’s Securities and Exchange Commission (SEC) has confirmed that a bill is under review and is likely to pass soon.
With inflation rising and the naira weakening, many Nigerians turn to cryptocurrencies for financial stability. President Bola Tinubu’s administration seeks new revenue sources, and crypto taxation appears promising. The 2025 budget, totaling 54.99 trillion naira ($36.4 billion), could benefit from tax revenues generated by digital assets.
The SEC also plans to license more centralized exchanges. These platforms offer stronger investor protection than decentralized alternatives. For those looking to store their digital assets securely, choosing the right wallet is crucial. Check out the best crypto wallets in Nigeria here. With crypto adoption increasing, Nigeria is moving toward regulating the industry more effectively.
Nigeria Files $81.5 Billion Lawsuit Against Binance
The Nigerian government has launched an $81.5 billion lawsuit against Binance. Authorities are seeking a $79.5 billion penalty for alleged illegal operations and an additional $2 billion in back taxes.
The Federal Inland Revenue Service (FIRS) has demanded Binance’s financial records for 2022 and 2023. It is also enforcing a 10% annual penalty and a 26.75% interest charge on unpaid taxes. This lawsuit adds to Binance’s ongoing legal troubles in Nigeria, which began in 2024. That year, officials arrested Binance executives Tigran Gambaryan and Nadeem Anjarwalla on tax evasion and money laundering charges.
Gambaryan was recently released after U.S. lawmakers intervened. Meanwhile, Anjarwalla remains at large after escaping detention. The lawsuit also claims Binance attempted to settle the case by offering a $5 million bribe. This has intensified scrutiny of the exchange’s operations in Nigeria.
For traders adjusting to these changes, finding a reliable platform is essential. Here’s a guide to the best crypto trading platforms in Nigeria.
Nigerian Lawmaker Sues Binance Executive Over Bribery Claims
A Nigerian lawmaker, Philip Agbese, has filed a defamation lawsuit against Binance executive Tigran Gambaryan. The suit, valued at 1 billion naira (about $662,000), accuses Gambaryan of making false bribery allegations.
According to court documents, Gambaryan linked Agbese and two other lawmakers to a $150 million bribery scheme. Agbese denies the claims, stating he has never owned a crypto account or conducted digital transactions. He seeks financial compensation, a public apology, and a ban on further accusations.
This lawsuit adds to the tension between Binance and Nigerian authorities. Gambaryan, a U.S. citizen, was detained for eight months before being released when money laundering charges were dropped. His accusations against Nigerian officials have stirred controversy, highlighting the strained relationship between global crypto companies and local regulators.
As Nigeria enforces stricter regulations on the crypto sector, the long-term consequences remain unclear. The top crypto news from Nigeria this week underscores the government’s increasing focus on digital assets. The coming months will determine how these regulations shape the industry’s future.