Search
Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown
1.3.2024
The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation's local currency.
The post Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown appeared first on Cryptonews
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 Execs Amid Exchange Probe
29.2.2024
Authorities in Nigeria have reportedly detained two senior Binance executives and confiscated their passports as the country cracks down on crypto exchanges.
The post Nigeria Detains Two Binance Execs Amid Exchange Probe appeared first on Cryptonews
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...
Crypto Exchanges in Nigeria Cease Naira Purchases of USDT and USDC Amid Central Bank Scrutiny: Report
28.2.2024
Several crypto companies in Nigeria have made the decision to disallow users from buying the USDT and USDC stablecoins with Naira in light of renewed scrutiny from the Central Bank of Nigeria (CBN).
The post Crypto Exchanges in Nigeria Cease Naira Purchases of USDT and USDC Amid Central Bank...
Binance Nigeria Moved $26B Worth of Untraceable Funds in 2023, Central Bank Chief Says: Reports
28.2.2024
The country's facing a crippling foreign exchange crisis and looking for ways to limit capital outflows, including via crypto
Bitcoin-Focused Payments App Strike Rolls Out Services to Africa
27.2.2024
Bitcoin-focused payments firm Strike is expanding its services to African countries including Nigeria, South Africa and Zambia, the company announced in a blog post Tuesday
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...
Nigeria’s Crypto Community Criticizes Government Stance on Exchanges
23.2.2024
Nigeria’s crypto community has slammed the recent anti-industry stance of a government that previously lifted the ban on crypto trading.
The post Nigeria’s Crypto Community Criticizes Government Stance on Exchanges appeared first on Cryptonews
Coinbase Pushes Back on Reports It's Blocked in Nigeria
22.2.2024
Multiple outlets have reported other platforms such as Kraken and Binance have also been blocked under government orders
Nigeria Asks Telcom Firms to Restrict Access to Binance, Coinbase Websites – Here’s Why
22.2.2024
Crypto exchange behemoths are facing serious scrutiny in Nigeria, as the country aims to clampdown crypto transactions. The government has directed telcoms to prevent access to crypto websites such as Binance, Coinbase and OctaFX.
The post Nigeria Asks Telcom Firms to Restrict Access to Binance...
Binance Implements Price Cap for USDT on Nigerian P2P Platform to Comply with Local Regulations
21.2.2024
Binance has introduced a price cap for Tether (USDT) tokens on its peer-to-peer (P2P) platform in Nigeria in order to comply with local regulatory requirements.
The post Binance Implements Price Cap for USDT on Nigerian P2P Platform to Comply with Local Regulations appeared first on Cryptonews
Nigeria’s Headline Inflation Increases as Central Bank Intensifies Foreign Exchange Controls
17.2.2024
In the first month of 2024, Nigeria’s headline inflation rose from nearly one percent to 29.9%. However, on a year-on-year basis, the January 2024 headline inflation rate was 8.08 percentage points higher than the January 2023 rate. Many commentators identify foreign exchange shortages as...
Bitcoin Soars Above $52K, Yet Public Interest Shows Decline, Google Trends Data Reveals
15.2.2024
As bitcoin’s value surged to $52,545 this week, the fascination with it appears subdued, with Google Trends indicating a low level of interest. Currently, global metrics from the last 90 days reveal the search term “bitcoin” holds a score of 36 out of 100, significantly less...
Nigeria Faces Pressure to Tighten Crypto Regulations for Financial Crime Prevention
12.2.2024
Nigeria faces calls to go further in its efforts to clarify crypto regulation after a blockchain firm successfully finished training its fifth cohort of crypto compliance specialists last weekend. Blockchain intelligence service provider A&D Forensics teaches a course on curbing financial...
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...
Nigeria Forex Crisis: Central Bank Removes Cap on Exchange Rate for International Money Transfer Operators
4.2.2024
The Central Bank of Nigeria announced on Jan. 31 that it had removed caps on naira payout rates that international money transfer operators are allowed to quote. The central bank said the policy change is an effort aimed at further liberalizing the foreign exchange market. The naira’s Feb.1...
Nigerian Stablecoin Consortium Seeks Central Bank Approval After Making a U-Turn on Stablecoin Launch
11.1.2024
The Nigerian stablecoin consortium has said it will not be launching a stablecoin in late February as previously advised. Instead, the consortium, which is comprised of banks and fintech startups, said it plans to launch the stablecoin only after it gets the green light from the central bank....
Consortium of Nigerian Banks and Fintechs Cleared to Pilot Stablecoin
7.1.2024
The Nigerian central bank has given its go-ahead for the Africa Stablecoin Consortium (ASC) to pilot its cNGN stablecoin initiative in the financial regulator’s regulatory sandbox. The ASC asserts that the cNGN stablecoin can prove to be vital not only for the country’s payment rails but...
Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer
7.1.2024
Nigerian fintech lawyer Senator Ihenyen said the new central bank guidelines which bar the withdrawal of cash from accounts operated by virtual asset service providers (VASPs) seem “reasonable and understandable.” The lawyer however believes an “outright” prohibition of cash...