President Bola Tinubu has called for the establishment of global standards to regulate cryptocurrency trading platforms like Binance, emphasizing the need for international cooperation to tackle challenges posed by digital currencies.
Addressing the 79th United Nations General Assembly in New York, Tinubu—represented by Vice President Kashim Shettima—highlighted the risks of emerging technologies, particularly in the Global South, and stressed the importance of unified action.
“In this era of digital innovation, the divide between the Global North and South is at risk of widening with the rise of artificial intelligence,” Shettima said. “The UN must work to eliminate barriers to Africa’s digital economy, including high internet costs and intellectual property constraints.”
Shettima also underscored the need for common global standards to regulate cryptocurrency platforms, adding that this is essential for market confidence and reducing instability. He pointed to Nigeria’s experience, noting that unregulated technologies can foster organized crime, violent extremism, and human trafficking. In particular, cryptocurrency trading in Nigeria has led to speculation that undermines the country’s macroeconomic reforms.
He further raised concerns about the spread of hate speech and misinformation on social media, urging collective action to harness the positive aspects of new technologies while curbing their destructive tendencies.
Nigeria’s stance comes amid an ongoing legal battle with Binance, the world’s largest cryptocurrency exchange, accused of facilitating criminal activities and destabilizing the naira. In February, two senior Binance executives were arrested in Nigeria on charges of tax evasion and money laundering. One of the executives managed to flee the country, while the other, Tigran Gambaryan, remains in detention after being denied bail.
The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso, expressed concern about Binance’s role in handling large, untraceable transactions. “In the past year alone, $26 billion has flowed through Binance Nigeria from sources we cannot adequately identify,” Cardoso stated.
The case has attracted international attention, with twelve U.S. lawmakers recently urging President Joe Biden to intervene on behalf of Gambaryan, advocating for his release.
