Nigeria's Securities and Exchange Commission (SEC) has ordered Binance, the world's largest cryptocurrency exchange, to cease its operations there. The SEC stated that Binance Nigeria Limited was not registered or regulated, making its activities illegal in Nigeria, and last year, Nigeria's SEC introduced regulations for digital assets, aiming to find a balance between a complete ban on cryptocurrencies and unregulated usage.

The central bank of Nigeria had previously banned banks and financial institutions from dealing in digital currencies. The US Securities and Exchange Commission sued Binance for alleged rule breaches.

Despite regulatory challenges, Africa is experiencing significant growth in the crypto market. Around 50% of African citizens lack access to traditional banking, making cryptocurrencies like Bitcoin appealing as an alternative. Mobile wallets and payments tied to phone numbers have been established to fill the banking gap, but they often lack interoperability and face high fees for international transactions. Inflation in many African countries has further contributed to adopting cryptocurrencies as a viable option.

However, concerns remain among policymakers about the potential for illegal fund transfers and the impact on financial and macroeconomic stability. Some sub-Saharan African countries have banned cryptocurrencies, while others are considering better regulations. Despite opposition from regional banking authorities, the Central African Republic has even designated Bitcoin as a legal tender.

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