In the past few months, Nigeria and the USA have contested over the arrest of Binance Executive and US citizen, Tigran Gambaryan. This ongoing battle regarding Gambaryan’s prosecution has caught the market’s attention. Mohammed Idris, Minister of Information, made a statement on Wednesday defending Nigeria’s take on the case. He
One component of Nigeria’s economic reform package is a recommendation from the International Monetary Fund (IMF) to license international crypto exchanges. A recent report by the International Monetary Fund states that the goal of Nigeria’s effort to include crypto into its financial system is to solidify the country’s position in
Nigeria has intensified its crackdown on cryptocurrency trading in the country’s currency, the naira, to combat what it perceives as detrimental effects on the struggling local economy. The Securities and Exchange Commission (SEC) has announced plans to implement new regulations targeting crypto exchanges and other sectors of the industry. The
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
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
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
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
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
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
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
