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Nigerian Central Bank Disavows Letter Directing Banks to Sever Ties With Crypto Exchanges
24.4.2024
The Central Bank of Nigeria (CBN) has disavowed a letter that allegedly instructed financial institutions to sever ties with four global cryptocurrency exchanges. The central bank stated that the letter did not originate from its office and recommended that individuals interested...
Kenyan Authorities to Extradite Binance Executive to Nigeria by Month’s End
23.4.2024
The Binance executive who reportedly escaped from custody in Nigeria is set to be extradited to the same country by the end of the month, according to reports. A Kenyan detective believes the extradition of Anjarwalla, who allegedly has ties to influential figures in Kenya, may still prove to...
Experts: Nigeria’s Binance Crackdown Shakes Investor Confidence
16.4.2024
The Nigerian government’s crackdown on cryptocurrency exchanges, including its targeting of Binance, has prompted some cryptocurrency firms to reconsider plans to either enter or further invest in the West African nation. A founder of a cryptocurrency exchange stated that the crackdown on Binance...
Binance Executive Located in Kenya After Escaping Nigerian Custody
16.4.2024
Nadeem Anjarwalla, the executive from Binance who escaped custody in Nigeria, has reportedly been found in Kenya. Law enforcement agencies in Nigeria, spearheaded by the Economic and Financial Crimes Commission (EFCC), are in talks with their Kenyan counterparts about Anjarwalla’s extradition....
Detained Binance Executive Pleads Not Guilty; Nigerian Judge Sends Him to Prison
8.4.2024
The Binance executive detained by Nigerian authorities for nearly six weeks has pleaded not guilty to charges of money laundering. Binance expressed deep disappointment that Tigran Gambaryan, who holds no decision-making power within the company, remains in detention. Judge Dismisses Tigran...
Nigerian Court Postpones Detained Binance Executive’s Tax Evasion Case to April 19
6.4.2024
A Nigerian court has postponed the tax evasion case of the detained Binance executive to April 19, while the hearing for the cryptocurrency exchange itself is scheduled for April 8. The court also ordered that the executive Tigran Gambaryan be held in the custody of the Economic and Financial...
Binance: Detained Executive Lacks Decision-Making Authority, Must Be Released
4.4.2024
Tigran Gambaryan, the Binance employee detained by Nigerian authorities, is a stringent law enforcement professional with no decision-making authority, according to the crypto exchange. Through his Financial Crime Compliance (FCC) team, Gambaryan has responded to more than 600 information requests...
Detained Binance Executive Sues Nigerian Anti-Graft Agency for ‘Fundamental Rights’ Violation
31.3.2024
The Binance executive who is being held by Nigerian law enforcement has sued the country’s anti-corruption agency for violating his fundamental rights. The executive also wants the local court to declare the seizure of his passport “a violation of his fundamental right to personal...
Nigerian Central Bank Not in Charge of Crypto Regulation, Says Governor
28.3.2024
According to the governor of the Central Bank of Nigeria, the Securities and Exchange Commission is responsible for regulating cryptocurrencies. However, the governor said the central bank will collaborate with law enforcement agencies and regulators overseeing the Nigerian crypto sector....
Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities
20.3.2024
A Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data relating to all Nigerian traders on its platform. The EFCC alleges it has discovered instances of price discovery, confirmation, and market manipulation on the Binance...
Nigeria Proposes Rule Requiring Foreign Crypto Exchanges to Incorporate in the Country
17.3.2024
The Nigerian Securities Regulator has proposed a rule requiring virtual asset service providers to be incorporated and maintain an office within Nigeria. The regulator has also suggested a fivefold increase in the registration fee, which must be submitted alongside license applications from...
Nigeria’s Binance Impasse: Senior Executives Detained at Government ‘Guesthouse’ for 14 Days
14.3.2024
Tigran Gambaryan, a former U.S. federal agent, is one of two Binance executives being held without charge by Nigerian authorities. A local court approved the executives’ 14-day detention. Recent media reports suggest that Nigerian officials have requested Binance to disclose the identities...
Blockchain Advocacy Group Says Nigerian Government’s Actions Could Drive Crypto Activities Underground
5.3.2024
Nigerian blockchain lobby group has said the government’s decision to block access to crypto trading like Binance, Kraken and Coinbase will not “help Nigeria build the much-needed trust and confidence in the financial system.” The advocacy group also said the Nigerian...
Binance Nigeria Standoff: Crypto Exchange’s Top Executives Summoned by House of Representatives Committee
4.3.2024
Top executives from Binance have been summoned to appear before the Nigerian House of Representatives Financial Crimes Committee no later than March 4. Ginger Onwusibe, the committee’s chairperson, has warned of possible repercussions should Binance executives fail to comply with the request....
Binance Claims Ignorance of $10 Billion Fine Imposed by Nigerian Government
4.3.2024
Binance, a leading cryptocurrency exchange, has denied allegations made by a Nigerian government official that it is facing a $10 billion fine. While Binance maintains its commitment to fostering a positive relationship with the Nigerian government, it firmly states that it will not succumb...
Nigeria Detains Binance Executives as It Investigates the Crypto Exchange: Reports
29.2.2024
Binance executives were intercepted by Nigerian officials and their passports seized after they landed in the country
Nigeria Detains Two Binance Executives, Crypto Platform Accused of Exchange Rate Manipulation
28.2.2024
Nigerian authorities have reportedly detained two senior executives from Binance who had recently arrived in the country. The Central Bank of Nigeria’s governor stated that in 2023 alone, $26 billion flowed through the cryptocurrency exchange from sources and users that the bank could...
Coinbase CEO Says No Access Block in Nigeria, Platform Operating Normally
24.2.2024
Coinbase CEO Brian Armstrong has dismissed reports of his cryptocurrency exchange being blocked by Nigerian authorities. He emphasized that Coinbase products are fully operational in Nigeria without any interruptions. “We have not received any outreach or communication from officials...
Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes
12.2.2024
Nigeria must fully regulate crypto activities if it wants to curb financial crimes associated with digital assets, a forensic expert has said. The co-founder of A&D Forensics also called on Nigeria to enact laws that would mandate banks to vet service providers before granting them account...
Bitcoin ETF Mania and Nigeria’s New Stance on Crypto to Drive the Industry’s Revival in Africa — Experts
30.12.2023
The U.S. Securities and Exchange Commission’s expected approval of bitcoin exchange-traded funds and Nigeria’s lifting of a directive which excluded the crypto industry from the banking ecosystem are expected to help revive African users’ interest in crypto. The Bitcoin halving...