Fri, March 29

Nigerian SEC Proposes Significant Fee Hikes for Crypto Exchanges

The SEC in Nigeria has suggested an increase in the registration cost for cryptocurrency exchanges from 30 million naira ($18,620) to 150 million naira ($93,000), as part of an update to the regulations that govern platforms providing crypto services. According to the SEC, the purpose of the proposed amendments was

March 17, 2024 1 min read

Nigeria’s SEC Strengthens Crypto Regulations Via New Rules

In an effort to better control the operations of cryptocurrency companies, the Nigerian SEC has issued new regulations. Reportedly, this new set of rules is an effort to reduce instances of digital currency fraud and money laundering. The revision of operating standards coincides with the fact that Binance, a leading

March 7, 2024 2 mins read

Nigeria Dismisses $10 Billion Binance Fine Claim

In a tightening regulatory landscape for cryptocurrency exchanges in Nigeria, the government has refuted recent speculation surrounding a purported $10 billion fine on Binance. Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, dismissed the allegations reported by the BBC as a misquotation. According to a

March 2, 2024 2 mins read

Binance Nigeria Witnessed $26B Flow From Unidentified Sources

In a tumultuous period for cryptocurrency exchanges in Nigeria, Binance Nigeria has come under intense scrutiny as it facilitated transactions exceeding $26 billion from unidentified sources within the past year. The digital assets platform, known for its peer-to-peer trading model, allows users to engage in buying and selling cryptocurrencies with

February 28, 2024 2 mins read

Urgent Need for Crypto Regulation in Nigeria Emphasized by Expert

Cryptocurrency regulation is necessary to reduce financial crimes, particularly money laundering, says Adedeji Owonibi, Co-founder of A&D Forensics, a blockchain intelligence service provider in Nigeria. At a Blockchain and Digital Forensics firm’s training for crypto compliance professionals on February 9th, Owonibi brought this up. He brought out the fact that

February 11, 2024 1 min read

Nigeria Approves cNGN Stablecoin Testing in Regulatory Sandbox

The Africa Stablecoin Consortium (ASC) has been granted permission by the Central Bank of Nigeria (CBN) to test the cNGN stablecoin in a regulatory sandbox. On February 27, 2024, the new stablecoin will be released. Moreover, the cNGN stablecoin is in full compliance with all regulations and standards imposed by

January 5, 2024 2 mins read

Nigeria’s Crypto Exchanges Likely to Struggle Amidst Stringent SEC Rules

Several crypto analysts based in Nigeria, claim that the number of local crypto exchanges in the country will be drastically reduced due to the crypto license requirements imposed by the Nigerian Securities Exchange Commission (SEC). This is despite the fact that the Central Bank of Nigeria (CBN) has lifted restrictions

December 31, 2023 1 min read

Nigerian Banks Embrace New cNGN Stablecoin in Addition to eNaira

Investors and the Nigerian economy stand to benefit from the new stablecoin, the cNGN, which is being developed and managed by a consortium of Nigerian institutions. Anonymous insiders within the project have confirmed that the cNGN token is linked to and supported by the Nigerian naira, the official currency of

December 23, 2023 2 mins read

Nigeria Lifts Restrictions on Banks’ Facilitating Crypto Transactions

Constraints on Nigerian banks aiding cryptocurrency transactions have been removed by the Central Bank of Nigeria (CBN), almost two years after a complete ban on banks working with digital currencies was enforced. Moreover, the CBN acknowledged in a circular addressed to banks on December 22 that the rising worldwide demand

December 23, 2023 1 min read

Borderless 2.0 Spotlights the Future of Blockchain and Web3 in Nigeria

The second edition of the Borderless 2.0 conference, which took place on November 4th, 2023, in the vibrant city of Port Harcourt captured the attention of tech enthusiasts. The event brought together industry leaders, founders, and tech enthusiasts, both locally and from beyond borders. Borderless 2.0 emerged as an intellectual

November 8, 2023 2 mins read