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How Nigeria’s bid to make peace with crypto just hit a snag — and it’s not Binance

Last year, Nigeria’s crypto market was in dire straits.

The government outlawed unlicenced crypto providers. And Nigerian prosecutors threw two Binance executives into detention, and imprisoned and tried one, Tigran Gambaryan, until the Biden administration secured his release in October.

The legal assault roiled the crypto market in Africa’s most populous nation. Many Nigerians quit using stablecoins, with volume shrinking 38%, to $23.6 billion, according to Chainalysis.

But this week, a new stablecoin was released that has the government’s seal of approval and hopes are riding high that the crypto war of 2024 can end.

How Nigeria’s bid to make peace with crypto just hit a snag — and it’s not Binance

Last year, Nigeria’s crypto market was in dire straits.

The government outlawed unlicenced crypto providers. And Nigerian prosecutors threw two Binance executives into detention, and imprisoned and tried one, Tigran Gambaryan, until the Biden administration secured his release in October.

The legal assault roiled the crypto market in Africa’s most populous nation. Many Nigerians quit using stablecoins, with volume shrinking 38%, to $23.6 billion, according to Chainalysis.

But this week, a new stablecoin was released that has the government’s seal of approval and hopes are riding high that the crypto war of 2024 can end.
https://www.dlnews.com/articles/regulation/how-nigeria-push-to-get-past-fight-with-binance-hit-snag/