#
The headline payments-adjacent litigation is the Nigerian state's enforcement campaign against Binance: a February 2025 dispute and FIRS tax-evasion charges, the detention of Binance executives over alleged FX manipulation, and Binance's subsequent disabling of naira services. ISA 2025 expanded SEC enforcement powers (administrative cautions, liens on bank accounts, asset seizure and forfeiture for illegal capital-market operations). The CBN has historically used court-ordered account freezes against fintechs over FX/crypto activity, and BOFIA 2020 criminalises conducting financial business without authorisation.
WPM carries only the litigation and enforcement-precedent angle here. The illicit-finance, FX-manipulation and sanctions-evasion dimensions of the Binance matter are routed to the Financial Integrity Monitor; original illicit-finance analysis is not performed in this module.
Outlook
The litigation environment is escalating, with ISA 2025's expanded enforcement toolkit raising the precedent risk for crypto and FX intermediaries operating outside the SEC authorisation perimeter.
no periodic updates on record for this sub-brief
Sources and findings (4)
- T3https://breet.io/blog/is-cryptocurrency-legal-in-nigeriaretrieved
- T3https://breet.io/blog/is-cryptocurrency-legal-in-nigeriaretrieved
- T3https://www.ainvest.com/news/nigeria-sec-introduces-stablecoin-regulations-2025-act-policy-shift-2507/retrieved
- T3https://breet.io/blog/is-cryptocurrency-legal-in-nigeriaretrieved