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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...
Nigeria Lifting Ban on Bank Accounts for Crypto Firms Could Lead to Usage 'Surge'
27.12.2023
Pan-African exchange Yellow Card has said it will seek licensing in the country
Nigerian Bank Reportedly Freezes Accounts Belonging to 500 USDT Traders
24.10.2023
A Nigerian bank has reportedly blocked bank accounts belonging to some 500 digital asset traders. The affected accounts are said to have received a portion of the more than $10 million that was stolen from Access Bank by hackers between May and June this year. A prominent Nigerian crypto enthusiast...
Report: Hacked Nigerian Crypto Exchange Raises Capital for User Reimbursements
1.10.2023
The recently hacked Nigerian gift card and crypto exchange platform Patricia said on Sept. 29 that it had raised money to refund users. Some users have reportedly grown impatient with the crypto exchange and are weighing their legal options. Unilateral Conversion of Users’ Funds The Nigeria...
Opera Launches Blockchain-Based Wallet Enabling Rapid P2P Stablecoin Transfers for African Users
21.9.2023
The creator of the Opera Mini web browser recently announced the launch of a blockchain-based wallet which makes it possible for African users to rapidly transfer stablecoins. Integration of the stablecoin wallet into the Opera Mini browser is expected to expose users to decentralized apps (dapps)...
Nigeria Tops Global Crypto Data With 99% Awareness: ConsenSys Report
4.9.2023
A recent survey shows Nigeria as the most crypto-savvy nation ahead of the United States and European countries.
According to a new report from YouGov and ConsenSys, Nigeria’s crypto awareness stands at 99% as the country leads in digital asset knowledge and perceived investment drive....
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Nigerian Regulator Labels Binance Affiliate’s Local Operations Illegal
11.6.2023
The Nigerian Securities and Exchange Commission has said crypto exchange Binance’s local affiliate “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.” The regulator has also said anyone who continues to deal with Binance...
Nigeria's SEC Mulls Allowing Tokenized Equity, Property But Not Crypto: Bloomberg
1.5.2023
The regulator is considering applications for digital asset exchanges on a trial basis
Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’
15.4.2023
The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations. Co-founder and CEO Njoku Emmanuel said the decision to cease operations was made after Lazerpay failed to successfully close a funding round. The CEO also said he is ready to listen to offers from...
Report: Kenyan and Nigerian Central Bankers Attack Cryptocurrencies but Endorse CBDCs
13.6.2022
Cryptocurrencies are very unstable for them to become a widely used method of payment, the Nigerian and Kenyan central bankers have reportedly said. In addition, the bankers claim that cryptocurrencies also pose a risk to financial stability. Narrowing the Financial Exclusion Gap The Nigerian...