How long shall we keep being afraid to express ourselves as crypto enthusiasts?

[Karl_3000]

Making crypto legal is one thing and allowing people to trade freely is another thing. I stand to be corrected, but I afar as I know, banks still dey freeze pipo account if dem add crypto related terms for their description. So tell me, why pipo go like wan boldly come out say dem dey involve in crypto?

What you and igebotz posted is not correct if you say the CBN is freezing people's money if linked to cryptocurrencies, the freezing of money was when the former CBN governor banned cryptocurrencies.

If crypto bank transaction is not longer forbidden then there's absolutely no reason for the government to keep the bank of the victims frozen - this is like keeping someone in jail for smoking marijuana when it was illegal after it being legalized for public consumption.

If the Government want to make peace and tax crypto traders the first step would be to unfreeze those accounts to build positive relationships.

Let me request you to do something, you can make a phone call with your lawyer tomorrow, or if you know a judge, ask anyone of them questions about this and see what will be their replies.

By that time, you will understand this better:

In Nigerian law, if a person is convicted and sent to prison for an offense that is later decriminalized (no longer considered a crime), they are not automatically released from prison. The principle of nullum crimen sine lege (no crime without law) dictates that a person cannot be punished for an act that was not a crime at the time it was committed, but it generally does not invalidate convictions made while the act was still illegal.

Although different countries will have different laws which can be exceptions, also if some people will be given back their money, know that they have to try to act, if they know people that have influence in politics, it is possible they may be lucky.

If someone is selling drug but the drug is illegal, the person sentenced to years in prison, but before the completion of the sentence, if the during become legalized in the country, the person will still complete his sentence.

[Churchillvv]

Has the thousands of bank accounts frozen by the CBN for cryptocurrency trading been unfrozen? And can we Nigerians now buy cryptocurrency straight with our bank cards or include crypto-word descriptions in our crypto-bank transactions? Nobody claimed that cryptocurrency was illegal or forbidden in Nigeria, but the government's pursuit of crypto dealers shows one thing: it is not banned, but it is frowned upon by the government.

I think all these happened before the ban on cryptocurrency was lifted but since then i haven't heard about any fresh confiscation or any bank account that got frozen. Maybe the reason why the Central Bank of Nigeria may not unfreeze those bank accounts could be that as at the time they were frozen, cryptocurrency was still illegal and didn't have any legal framework but now that the government has signed the ISA of 2025 into law, i don't think that there will be any further harassment of crypto enthusiasts in the country.

I really got pissed from the op of the thread because I am one of those who said that Nigeria has no clear stance on cryptocurrencies which op boldly spoke against as if it was retarded but however, I’m glad Igebotz already asked the questions that boiled down my mind while reading through the thread.

AFAIK, Nigeria never banned cryptocurrencies in Nigeria not once, even when all the issues where happening in Nigeria we kept using bitcoin and all cryptos if it was banned it would be as the same as countries like North Korea or china that obviously banned it but Nigeria government only gave CBN the right to freeze an unidentified money that is related to crypto and that was just a restriction on banking activity which means if you never state where the money is coming from when you do p2p or don’t mention crypto you can still use bitcoin or any other crypto in Nigeria, if crypto was banned Nigerians would have been disconnected from all crypto sites and who ever deals on crypto would have been punished by law for once but they never happened so tell me op where did get ban? Because we was buying and selling then….

Furthermore, Nigeria is only interested in taxing the crypto transactions and all the freezed accounts and amount was never released back to its owners. So it’s very unlikely that there is a clear law that mentions that the used of crypto is banned or is legal nor illegal. So you can use it but it’s not illegal nor is it a legal.

The guys who mentioned that were not dump in the thread you referenced, don’t come and make people feel like they don’t know what they are saying.

[Derekfunds]

I know their was something that isn't normal about the government suddenly legalizing crypto currency into law,  perhaps they were more centred on the tax they intend collecting from cryptocurrency enthusiast in this new year.  However, regardless the current law guarding crypto currency the government still don't have crypto enthusiast interest at hand because if they do they would have thought of releasing all the frozen funds by the CBN to their respective owners at least to create a safety and conducive atmosphere for most investors that are still leaving in fear by the recent happenings.

Truth be told Tinubu government is bend on not leaving any stone on throw  they want to ensure they collect (tax ) from every sector and they know that for them to be able to achieve it is by legalizing it so as to able to monitor it closely than usual and do their dirty jobs.

I thank God say you know wetin dey sup. Awa government just dey put head for anything wey go bring money enter their pockets without taking a moment to see how their actions dey contradict each other. Dem wan to dey charge us capital gains of awa crypto earnings and at the same time, if you use your bank account process crypto related transactions, same government go flag and freeze your account. No be juju be that?

This one no really start today sha but out of all the governments wey I don see so far for Nigeria I believe for sure say na this government be the worst wey I don see in my lifetime as a Nigerian citizen. When the ex president been dey seat people dey complain but this particular president worst pass am at least back then there was nothing like payment of tax but this government is really into something I pray God should save us because we might wake up one day and the government will say everyone who has bank account will be paying money to a particular account every month. Though our government is not the worst in the whole world but our government should learn from those that are good.

[ScienceStudent]

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

Oga if you see say you dey do well for bitcoin just open one physical business so that if Police or EFCC come question your source of wealth you just show them your business. No go trust Nigerian government unto say bitcoin dey legal come get securities because if no be the benefits wey dem know say dem go get for the regulation of cryptocurrency you think say dem for get interest to sign that Investment and Securities Act?
The way i dey see am sef, if you tell government say you dey into cryptocurrency, the kind tax wey dem go nack you eh your mind go dey. All those well known crypto enthusiasts wey you mention for OP you know the kind tax wey dem dey pay codedly? no let any body deceive you o because this government go talk another thing come go do wetin dey their mind.

Leave our government matter o, those people no be who you go fall for their trap because dem go do you yeye till you go cry and beg tire dem no go even look your face.

[Fiasem20]

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

It’s better we remain in our closet as crypto enthusiasts,the major reason why we should remain in our closet is for security purposes.What would you gain if you let the whole world know that you’re a crypto enthusiast,or do you want the fame like B Lord and other known crypto enthusiasts in Nigeria?if you’re after the fame then your security should be intact as well.In my own opinion,crypto has been legalized but I still urge every crypto enthusiast to maintain a low profile because even those road side police can’t differentiate a yahoo boy from an individual that’s into legit business on the internet,they tag everyone making money through the internet as yahoo boys.

[Barikui1]

If crypto bank transaction is not longer forbidden then there's absolutely no reason for the government to keep the bank of the victims frozen - this is like keeping someone in jail for smoking marijuana when it was illegal after it being legalized for public consumption.

If the Government want to make peace and tax crypto traders the first step would be to unfreeze those accounts to build positive relationships.

Has there been a case of frozen bank account due to government policy on link with crypto affairs? If the government wants to know bank accounts that carries crypto transactions, it would be much easier and millions of accounts will be frozen, on the P2P section of any exchange still offering P2P, many Nigerians have full details of their bank and account name, it could be done manually or authorized (partied) with the exchange if they truly want to stop cryptocurrency operation.

Bro, it's has not happened to you shouldn't make you feel like it's not happening, I knew of two guys that trade with binance before they left the Nigerian market, that their account was frozen, all because they buyer added a crypto related word in the payment description, so it's still happening.
Additionally, if you want to trade on p2p, why do you think that it's always written on those adds that no crypto related words?
They are doing that to protect everyone because government can monitor your transactions, but they can't know what the payment are meant for if you don't put a description on it.

The government are interested in taxes, if the exchanges and government should come in conclusive settlement, everything goes back to usual, taxes are paid to the government, while they resume P2P.

Have the Nigerian government ever come clean that it's tax they need from this exchange?
If they had come clean, I don't think these exchanges would have refuses because you can't be making money in another man's country and be expecting not to pay tax , they are reasonable enough to know that it's a duty.

[Charles-Tim]

Has there been a case of frozen bank account due to government policy on link with crypto affairs? If the government wants to know bank accounts that carries crypto transactions, it would be much easier and millions of accounts will be frozen, on the P2P section of any exchange still offering P2P, many Nigerians have full details of their bank and account name, it could be done manually or authorized (partied) with the exchange if they truly want to stop cryptocurrency operation.

Bro, it's has not happened to you shouldn't make you feel like it's not happening, I knew of two guys that trade with binance before they left the Nigerian market, that their account was frozen, all because they buyer added a crypto related word in the payment description, so it's still happening.
Additionally, if you want to trade on p2p, why do you think that it's always written on those adds that no crypto related words?
They are doing that to protect everyone because government can monitor your transactions, but they can't know what the payment are meant for if you don't put a description on it.

There are still misconceptions in this. Any government in the world can freeze any account that is involved in fraud and P2P price manipulation. Exchanges themselves can ban such user if they find out on their own. But if everything is done legally, no manipulation, no fraud, do not expect your account to be freezed.

I am not implying people should label the transaction as a crypto transaction, but so far government target a user on an exchange, it is very possible they know the person and freeze his account even without labeling the transaction as crypto transactions. It can happen to a buyer or a seller.

[DubemIfedigbo001]

Making crypto legal is one thing and allowing people to trade freely is another thing. I stand to be corrected, but I afar as I know, banks still dey freeze pipo account if dem add crypto related terms for their description. So tell me, why pipo go like wan boldly come out say dem dey involve in crypto?

What you and igebotz posted is not correct if you say the CBN is freezing people's money if linked to cryptocurrencies, the freezing of money was when the former CBN governor banned cryptocurrencies.

I would tell you for free, in Nigeria it is best you avoid anything that would implicate you. Even after the crypto ban saga, at some point last year or late 2024, banks and fintech were directed to freeze any account related to crypto transactions (OPAY that I use then even had to include it in their news section on the app) and that is where this trend of not adding any crypto related term in your transactions was adopted since there was a case of blocked accounts which P2P funds sent to the persons contained crypto in the transfer descriptions.
 

Although different countries will have different laws which can be exceptions, also if some people will be given back their money, know that they have to try to act, if they know people that have influence in politics, it is possible they may be lucky.

If someone is selling drug but the drug is illegal, the person sentenced to years in prison, but before the completion of the sentence, if the during become legalized in the country, the person will still complete his sentence.

This is true, unless there was a national or state pardon that the prisoner benefitted from, else he was sentenced before the new rule, and he has to complete serving his sentence.

[Karl_3000]

I would tell you for free, in Nigeria it is best you avoid anything that would implicate you.

I accept this.

Even after the crypto ban saga, at some point last year or late 2024, banks and fintech were directed to freeze any account related to crypto transactions (OPAY that I use then even had to include it in their news section on the app) and that is where this trend of not adding any crypto related term in your transactions was adopted since there was a case of blocked accounts which P2P funds sent to the persons contained crypto in the transfer descriptions.

CBN told Opay, Palmpay, Moniepoint, Kuda and some other Microfinance and Fintech that they should not register new customers, this was because over 1000 users were noticed to be using the banks and fintech for crypto P2P transactions without the adequate KYC. CBN told them not to register new customers and that they should work better with them to make sure all users get verified. The accounts were flagged because CBN noticed that they have high transaction volume which are suspicious but the account were not fully verified.

[Bryan jessy]

You are right, just have it in mind that it just a recent development from 2025, this is just the first month of the year 2026. With all that is going on in this country a lot of things should be kept personal except the need for public announcement arises, and the fact that the usage of Bitcoin has been legalized does not mean a Bitcoiner should go telling people how asset he gains from it or anything relating to such, i will not advise anyone to do so.

The fact that as a Bitcoiner you pay your due, you are clean and safe matters the most, so should in case your source of income is being quarried by an authorized body, as a Bitcoiner you should stand your ground and tell them what you do with evidence, trust me no one is going to crucify you because they have an idea what Bitcoin is and it approval.

[AmaGold70]

I didn't know that Bitcoin has been approved legally in Nigeria until now and even with this I'm still not convinced because na naija we dey so and everybody know wetin dey sup for here, e fit be say the government wan carry our legs come outside and I no go fall for that trick and begin to dey parade myself as person wey dey involve with crypto. OP you suppose know say some of these our security personnel no too dey literate and once they hear say you be investor e mean say you dey do fraud and also staying on the low and doing your thing is for security reasons and to keep the eyes of predators away from you, na naija be this so nothing go even make me agree say I know any related to crypto for my own good.

[DiMarxist]

Bitcoin and crypto in general has been made a security assets some times last year, so the issue of crypto been legal has been settled.coming to your question I don't think that in Nigeria of today those who are into crypto currency are actually not vocal enough about crypto currency. Because crypto currency has developed to a point were it's no longer a big deal to be talking about crypto currency, I have seen many people talk about it but one thing that I have seen and leant is that you don't necessarily needs to be making yourself known to everyone who comes around you that you are into crypto. The truth is that one thing is for you to talk about it and another thing is for these people to understand you , so in a case were people around you don't seems to be understanding you and is taking your advice for another thing it's better you leave such people. In such a Case I don't think that crypto enthusiasts are been quite, there are alot of advocacy going on in Nigeria when it comes to crypto currency.

[igebotz]

Has there been a case of frozen bank account due to government policy on link with crypto affairs? If the government wants to know bank accounts that carries crypto transactions,

Yes, old news

https://cryptoassetbuyer.com/central-bank-of-nigeria-cbn-directs-banks-in-nigeria-to-close-accounts-cryptocurrency-trading/

it would be much easier and millions of accounts will be frozen, on the P2P section of any exchange still offering P2P, many Nigerians have full details of their bank and account name, it could be done manually or authorized (partied) with the exchange if they truly want to stop cryptocurrency operation.

It doesn't work like that and besides you can't see anyone bank details on P2p unless you initiate a trade - they're only visible to buyer/seller. There were parameters put in place and some fell for it and got their accounts frozen.

[Alvin_talk]

Three Major Reasons why we dey Fear to Express ourselves

1.If government regulations and policy change today, them ft freeze crypto investors account again, so e better make them no know.

2. Kidnapper and thieves ft target you easily because them know say you hold crypto.

3. SARS especially those ones way dey stand for road no want take eye see young man wey get anything related to crypto for in phone, if not you done become scape goat for the day o.

[Nuel0717]

Most times, in a country like Nigeria, these EFCC cases show that people who are into crypto are quickly assumed to be fraudsters, and that’s a fact. Most of them don’t really understand how crypto works, they just know the name, and because of that ignorance, it becomes difficult for youths to explain crypto to people who don’t have the knowledge or willingness to learn. This lack of understanding turns crypto itself into a red flag, even when there is no crime involved.

These EFCC officers are also known for profiling, especially when it comes to youths. They arrest people not necessarily because of evidence, but because of appearance. Things like wearing earrings, making braids, dressing a certain way, or simply owning a good phone. Once crypto is mentioned or found, it automatically strengthens their suspicion, regardless of whether the person actually committed any offence or not. At that point, innocence doesn’t really matter anymore.

Because of this reality, many youths who are genuinely into crypto prefer to stay away from openly expressing it, not because they are doing something illegal, but because they understand how the system works. Individually, I believe crypto users are hiding their identity from security agencies for safety reasons, not because crypto itself is hidden, but because expressing it openly in Nigeria can easily put someone in unnecessary trouble.

[Majestic-milf]

Making crypto legal is one thing and allowing people to trade freely is another thing. I stand to be corrected, but I afar as I know, banks still dey freeze pipo account if dem add crypto related terms for their description. So tell me, why pipo go like wan boldly come out say dem dey involve in crypto?

Government wey really wan show say dem dey pro crypto suppose unfreeze all crypto users bank accounts wey dem freeze during ENDSARS, and also allow banks to dey process crypto related transactions.

How I take see this action the government take na a form of giving the public the belief say them dey pro Bitcoin but in reality, them just want a situation where them fit get a certain form of control. I get the context the Op dey come from but if I'm being honest, this nah just a mild trap by the government to see if any person go fall this their act so then fit either freeze their funds or do something else. I like my anonymity, thank you.

[WhoYouCantKill]

This one no really start today sha but out of all the governments wey I don see so far for Nigeria I believe for sure say na this government be the worst wey I don see in my lifetime as a Nigerian citizen. When the ex president been dey seat people dey complain but this particular president worst pass am at least back then there was nothing like payment of tax but this government is really into something I pray God should save us because we might wake up one day and the government will say everyone who has bank account will be paying money to a particular account every month. Though our government is not the worst in the whole world but our government should learn from those that are good.

And until we Nigerians learn lesson, Na so mumu people go Dey rule us, if we no do the needful, the person wey go still enter next go still Dey worse than the one wey Dey now, during Buhari regime, Na so everybody Dey complain say Na him administration be the worst, now we don Dey see the one wey pass that one, and if nothing is done quickly, e go get worst. This is because the way them don restructure our Naija political system, you gats Dey corrupt to fit enter that position, that’s why corruption go always be the order of the day when them eventually enter.

[Mpamaegbu]

As far as a know, there are many Nigerians who are known and identified that they are into cryptocurrency which some of them...

Those wans wey u mention na big players dem be. Regular police nor fit cross dem paths bc dem sef dey get police escorts. E sure for dem.

Is it that we are just avoiding regulatory policies or we just want to keep operating in the digital space without a face.

It is obvious that we can't even escape being taxed anymore inasmuch as we convert our bitcoins to the Nigerian currency...

I nor sure sey na about dodging from taxes e bi. We dey ready to pay taxes, after all shey we dey pay taxes wit fiat too through bank deductions. Na about intimidation and all dat unnecessary exposure. Again, rememba sey weneva we tell anyone sey we dey do cryptos d assumption be sey we get money. Many of crypto people nor dey like dat type of thing. We dey like lie low.

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

Na true u talk there but I believe sey wen e reach dat level e go become court issue and persin go prove im case through blockchain transactions. Wallet addresses and transactions go dey as evidence. But d wan wey get to do wit police directly go everly be extortion and intimidation. People nor get dat time to stress wit police wey be sey na how to cut dem share from ur hard earned cryptos dem dey like.

[Cryptoprincess101]

If someone is selling drug but the drug is illegal, the person sentenced to years in prison, but before the completion of the sentence, if the during become legalized in the country, the person will still complete his sentence.

You are right, i just read that if a country places a ban on something they declared illegal and they confiscate those things and after which they lift the ban that it doesn't automatically mean that they will release those things to the owners. They still have the right to withhold them in their custody, and the government can claim ownership of them. So, we shouldn't be arguing that the federal government should unfreeze those bank accounts that they froze during the cryptocurrency ban before we can become satisfied with the new policies giving to cryptocurrency.

[Bishop Victor]

This thought have been going through my mind for quite some time now, today i decided to make a post about it.

I came across a topic in the Economics board where a staff asked ''Are You Satisfied with Your Government's Stance on Bitcoin? and i saw many Nigerians replying that the government doesn't have a clear stance on cryptocurrencies in the country then i began to wonder if people don't read news anymore to stay updated in recent happenings within the country.

Anyways for those of you who may want to read about the government stance on cryptocurrency, here is the link: https://westafricatradehub.com/crypto/is-crypto-legal-in-nigeria/. President Bola Ahmed Tinubu has already signed the Investments and Securities Act (ISA) 2025 which gives securities to digital currencies.

Cryptocurrency is legal in Nigeria which means you can buy, trade and invest in cryptocurrency so do we still need any more news to know the stance of the government on cryptocurrency?

Now, coming to my subject, we know that cryptocurrency is legal in the country but why are we still afraid of coming out boldly to say that we are into cryptocurrency when we are being interrogated by security agencies?

As far as a know, there are many Nigerians who are known and identified that they are into cryptocurrency which some of them include; Gaius Chibueze who is the first crypto enthusiast in Nigeria and Africa, we also have Linus Williams Ifejika (B-Lord) and many others. If these people are recognized bitcoin investors then why are we still hiding our identity as bitcoiners from security agencies like the EFCC and the Nigerian Police Force? Is it that we are just avoiding regulatory policies or we just want to keep operating in the digital space without a face.

It is obvious that we can't even escape being taxed anymore inasmuch as we convert our bitcoins to the Nigerian currency so why should we be afraid over an investment that we are being taxed of?. SEC already have strict regulatory framework and so also with the CBN.

My concern is that there are people who don't have other businesses that they are doing apart from bitcoin and cryptocurrency so if we keep hiding from security agencies, how will such people explain the source of their wealth to the government?

You raised a very important point, and I agree that many people still haven’t caught up with recent developments. The Nigerian government does have a clearer stance on cryptocurrency now than it did a few years ago, especially with the signing of the Investments and Securities Act which recognizes digital assets as securities and places them under SEC regulation. So yes, crypto is legal in Nigeria—you can buy, trade, and invest in it.