Nigerian Court fines two crypto firms over illegal USDT to naira transaction

Nigerian authorities have fined two crypto firms $30,000 for conducting USDT to naira transactions without a license. According to local Nigerian media outlet Nairametrics, the Federal High Court in Abuja convicted two crypto companies, Egomsinachi Road Autos Limited and Chimera…

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Nigeria Threatens Crypto Knockout: P2P Ban Looms In Fintech Feud

Nigeria’s once-tepid stance on cryptocurrency has taken a sharp turn towards prohibition. The Nigerian government, citing concerns over Naira manipulation, is proposing a ban on P2P (Peer-to-Peer) trading platforms that utilize the local currency.

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Nigerian officials sought secret crypto settlement, Binance CEO says

Binance CEO Richard Teng claims officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of this shocking development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan.

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Nigeria to Ban P2P Crypto Trades Amid Economic Turmoil

The Nigerian SEC moves to ban P2P crypto trading to protect the naira.

The post Nigeria to Ban P2P Crypto Trades Amid Economic Turmoil appeared first on BeInCrypto.

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Nigerian BICCoN calls for crypto exchanges round table with SEC chief amid crackdown

Recently, crypto exchanges like Binance have found themselves under serious scrutiny in Nigeria The BICCoN-led initiative for a meeting between the SEC chief and crypto exchanges reflects a commitment to fostering a conducive crypto environment.

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Crypto exchanges to meet Nigerian SEC chief for regulatory talks

The meeting is expected to ignite positive changes that benefit all crypto stakeholders in Nigeria and internationally.

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Nigerian fintechs crack down on crypto, users face account blocks

The Nigerian central bank’s attitude to crypto has been inconsistent in recent years, and the crackdown contradicts a decision taken in 2021 to facilitate crypto account opening.

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CEO of Nigerian exchange Patricia debunks rumors of company’s shutdown

Fejiro Hanu, CEO of Nigerian crypto exchange platform Patricia, recently took to his X account to refute rumors circulating about the exchange’s imminent closure amid its battle to scale customer fund loss.

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Nigerian Central Bank halts fintech new accounts to curb crypto trading

The Nigerian Central Bank has requested four fintech companies to pause creating new accounts in a bid to block crypto traders from accessing them. As per a report from Nigerian news outlet Techcabal, the Central Bank of Nigeria (CBN) has directed four key players in…

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Nigeria restricts fintech onboarding to stop KYC-evading crypto investors

Nigerian fintech firms OPay, Kuda Bank, Moniepoint and PalmPay were directed to pause the creation of new accounts amid an ongoing audit of their KYC processes.

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Nigerian Crackdown Fake News? CBN Denies Crypto Accounts Freezing Circular

Recent reports informed of an alleged circular released by the Central Bank of Nigeria (CBN). The document warned financial institutions that engaging with cryptocurrencies and facilitating operations for crypto exchanges was prohibited.

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Nigeria denies freezing over 300 P2P accounts on more crypto exchanges amid forex concerns

Nigerian authorities are gearing up for the next phase of their crackdown on crypto trading, targeting peer-to-peer (P2P) platforms like OKX, Binance, KuCoin, and Bybit, according to a trending circular on social media platform X.

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Binance executive remains detained as Nigerian court postpones case

Crypto exchange Binance, currently facing criminal charges in Nigeria, notably lacked legal representation at its April 4 court hearing in the African nation. Instead, the hearing was only attended by its compliance chief, Tigran Gambaryan, who the Nigerian government has detained since the end of February.

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Crypto Houdini? Binance Exec Escapes From Nigerian Custody Amid Tax Evasion Charges – Report

One of the two senior executives from crypto exchange Binance has escaped from the Nigerian authorities as criminal charges were pressed against him. The executive was first detained on February 26 as part of Nigeria’s actions against the exchange.

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Kenya and US crypto groups unite in demand for release of detained Binance execs in Nigeria

Notable pro-crypto pressure groups in Kenya and the United States have demanded the release of Binance executives held by the Nigerian government since Feb. 26. Last month, two Binance executives—Tigran Gambaryan and Nadeem Anjarwalla—traveled to Nigeria to address the ongoing issues surrounding the exchange’s operations in the African country.

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Detained Binance Executives to Remain in Nigerian Custody Until Hearing: WSJ

The two men were arrested on Feb. 26 after arriving in Abuja to meet with Nigerian leaders who accused the crypto exchange of crashing the country’s currency, the naira.

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Nigeria’s Crackdown On Binance Escalates: Authorities Demand For Top 100 User Details

Nigeria has initiated a bold request to Binance, the world’s leading crypto exchange. The Nigerian government has called upon the exchange to provide comprehensive data on its top 100 users based in the country, alongside a detailed transaction history spanning the last six months.

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Nigeria Detains Binance’s Key Crypto Crime Investigator, Details Inside

Two senior executives from cryptocurrency exchange Binance, Tigran Gambaryan and Nadeem Anjarwalla, have been detained against their will by Nigerian authorities, according to a recent report by Wired.

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Nigeria reportedly detained Binance execs after inviting them to discuss issues with crypto

Nigerian officials have reportedly detained a former U.S. federal agent and a regional manager for Africa who both work for Binance. Nigeria has reportedly detained Binance’s top crypto crime investigator as well as a regional manager shortly after they both…

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Nigeria’s SEC proposes guidelines for crypto firms to fight criminals

The Nigerian securities regulatory authority has introduced new guidelines for crypto service providers.

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Nigeria to tighten crypto regulation in wake of Binance disputes

The Nigerian Securities and Exchange Commission (SEC) has disclosed plans to introduce new regulations for crypto operators following recent challenges with Binance. New regulations The planned regulation would include licensing, registration, and screening guidelines for digital and virtual asset services providers (VASPs).

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Binance ends Nigerian Naira services amid government crackdown

Crypto exchange Binance said it would discontinue all services associated with the Nigerian local fiat currency, Naira (NGN), in a phased approach this week, according to a Mar. 5 statement. The Richard Teng-led crypto platform stated that its Nigerian users would not enjoy several NGN-related services, including deposits, withdrawals, conversions, spot trading, P2P, Auto-invest, and […] The post Binance ends Nigerian Naira services amid government crackdown appeared first on CryptoSlate.

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Nigeria Detains Binance Executives as It Investigates the Crypto Exchange: Reports

Binance executives were intercepted by Nigerian officials and their passports seized after they landed in the country.

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Binance drops Nigerian naira from P2P platform amid forex manipulation concerns

Crypto exchange Binance has removed Nigeria’s fiat currency, Naira, from the national currencies it supports on its peer-to-peer platform, according to CryptoSlate sources. Meanwhile, the Financial Times reported that two Binance executives have been detained in the country, with their passports seized.

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Coinbase CEO Dispels Rumours: No Government Ban On Nigerians From The Crypto Exchange

Coinbase, a prominent crypto exchange headquartered in the United States, has debunked allegations that it was instructed by the Nigerian government to prevent its citizens from using its crypto trading services.

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Coinbase challenges Nigeria’s governmental restriction claim

The Nigerian government has mandated telecom and internet service providers to restrict access to various crypto exchanges, including Binance, Coinbase, and Kraken. 

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Nigeria reportedly plans to ban Binance, other crypto firms over their ties to forex

The Nigerian government is said to be considering blocking Binance and other crypto firms to prevent forex market manipulation and illicit fund movement. Crypto exchange Binance and other digital asset trading platforms are risking being banned in Nigeria, as the…

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Nigeria and Developing Africa Group ink deal to launch a crypto project on Algorand

The Nigerian government has entered a three-year Intellectual Property Right (IPR) partnership with Developing Africa Group to launch a country-wide wallet and an IP exchange marketplace. The post Nigeria and Developing Africa Group ink deal to launch a crypto project on Algorand appeared first on CryptoSlate.

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Nigeria Rethinks Crypto Ban, Stakeholders Hold Talks

After Nigeria had instituted a crypto ban for months, the Nigerian Communications Commission (NCC), as well as academics, government officials, and technology enthusiasts, have discussed the advantages of emerging technologies such as Blockchain in boosting the economy.

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Despite CBN ban, Nigeria’s Bitcoin P2P trades rose by 16%

Last year, the Nigerian Central bank prohibited banks from facilitating crypto transactions citing the need to protect the economy and investors. The post Despite CBN ban, Nigeria’s Bitcoin P2P trades rose by 16% appeared first on CryptoSlate.

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Nigerian Crypto Adoption Grows Despite Official Disapproval

Despite official disapproval from financial authorities, Nigerians are increasingly turning to cryptocurrency use. The post Nigerian Crypto Adoption Grows Despite Official Disapproval appeared first on BeInCrypto.

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Nigeria moved $40 million via peer-to-peer Bitcoin (BTC) trades last month

Data on Bitcoin peer-to-peer trading has shown that nearly $40 million worth of the leading digital asset was moved in the last 30 days by Nigerian Bitcoin users This figure is in line with those the African country had recorded since her government banned financial institutions from providing their services for crypto transactions.

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Nigeria’s June P2P Bitcoin Trade Volumes Surged Again Despite Central Bank’s Crypto Restrictions

Nigeria’s peer-to-peer bitcoin trade volumes went up to just under $38 million in June 2021, the latest data shows. This surge becomes only the second time Nigerian P2P traded volumes have breached the $35 million mark in 2021.

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Nigerian Twitter Suspension Has Unintended Effects on Country’s Crypto Community

On the surface, it looks like Nigeria’s suspension of Twitter operations on June 4 may have been triggered by the microblogging company’s decision to take down a controversial tweet — from President Mohammed Buhari.

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Nigerian Learning Institution Says It Now Accepts Crypto as Payment for School Fees

A learning institution in Nigeria’s Kano state, the New Oxford Science Academy, recently announced it will be accepting cryptocurrency as payment for school fees. According to the school’s proprietor, Sabi’u Musa Haruna, the institution arrived at this decision after consulting parents and guardians of the students.

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Nigerian High School Defies Regulatory Bodies By Accelerating Bitcoin Adoption

Countries like Nigeria, which are classified as emerging markets with weak economies, are seeing a huge surge in crypto activities. As with the case in Nigeria, these activities are usually related to crypto companies and exchanges opening operations in the country and recording significant growth in trading volume. This time though, the news is coming […]

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Nigerian school now accepts crypto payments despite regulatory concerns

Oxford Science Academy, a private school in northern Nigeria city of Kano now accepts cryptocurrency as a payment method for school fees. But the school says payment using cryptocurrency is optional, and that the conventional payment methods are still available to parents.

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Nigerian secondary school will accept crypto payments despite regulatory uncertainty

"We believe one day digital money will gain more acceptance than paper money,” said school director Sabi’u Musa Haruna.

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Fleeing Lynchpin of Nigerian Crypto Ponzi Scheme Inksnation Captured

The lynchpin of Inksnation, one of Nigeria’s biggest crypto Ponzi Schemes, Omotade-Sparks Amos Sewanu, has been captured. According to Nigeria’s Economic and Financial Crime Commission (EFCC), Sewanu, who was on the run, was nabbed in Sokoto, a city located in the northwest part of the country.

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Crypto will ‘come to life’ in Nigeria, central bank governor says

Emefiele said the Nigerian government will do its best to prevent crypto from being used to finance illicit activities.

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Nigeria Stopping the Rejection of Old or Torn USD Notes Underlines Why Crypto Is a Better Reserve Currency

In early April 2021, the Central Bank of Nigeria (CBN) issued a circular warning Nigerian institutions to stop the practice of rejecting old or lower denomination USD notes. The CBN issued the warning after it became “inundated with complaints from members of the public on the rejection of such notes by banks and other authorized […]

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Nigerian Regulator Issues ‘Extreme Caution’ Crypto Investments Warning

Nigeria’s Economic and Financial Crimes Commission (EFCC) has become the latest body to warn of risks associated with cryptocurrency investments. In a public warning, the law enforcement agency argues that investing in cryptos “is a high-risk activity as the terrain is largely unregulated and prone to fraud.

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Nigerian Blockchain Educator Says Uncertain Regulations and Scams Slow Adoption of Cryptocurrencies

With a population of over 200 million, Nigeria is widely regarded as one the biggest crypto markets in the world. Some in the crypto world believe Nigeria is one of the few countries better placed to see a greater acceptance of digital currencies.

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Nigerian Vice President Yemi Osinbajo Contradicts Central Bank, Says Cryptocurrencies Must Be Regulated and Not Prohibited

In an apparent rebuke of the Central Bank of Nigeria (CBN), the Vice President of Nigeria Yemi Osinbajo says the country’s monetary authorities must consider regulating crypto assets. He adds that instead of “killing the goose that might lay the golden egg”, Nigerian monetary authorities must consider providing a “robust regulatory regime” that addresses their […]

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Central Bank of Nigeria Governor Defends Decision to Exclude Crypto Players, Says the Order Is ‘in the Best Interests of Nigerians’

The governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has defended the apex bank’s decision to exclude cryptocurrency transactions from the banking ecosystem. In his testimony before the Nigerian Senate, Emefiele claimed that the February 5 directive is “in the best interests of Nigerians.

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Authorities to regulate one of the world’s biggest Bitcoin markets

Two Nigerian regulatory bodies, the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC), have agreed to conduct research to regulate and govern the sector’s booming Bitcoin and crypto market.

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Nigerian Crypto Shut-Out Won’t Depress New Defi And Digital Asset Banking

It’s an aggressive strategy, but one that many Nigerians believe will ultimately end up failing. The Central Bank of Nigeria has announced a ban on using traditional banking structures to buy, sell or trade cryptocurrencies within the country.

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More harm than good? Nigerian crypto users in disbelief over CBN ban

Crypto and blockchain stakeholders in Nigeria have criticized the central bank’s decision to ban banks from servicing crypto firms.

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Nigerian Senate Invites Financial Regulators To Discuss Crypto Ban

An Outright Ban Won’t Solve Much Nigerian lawmakers have summoned the country's Central Bank Governor and the head of the Securities and Exchange Commission, Nigerian Tribune reports. The decision came following a session concerning the recent crypto ban that was announced by the Central Bank last week.

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