Binance executive Tigran Gambaryan remained entangled in a legal battle with Nigeria’s Economic and Financial Crimes Commission (EFCC) with his bail application hearing being postponed yet again. The Federal High Court in Abuja adjourned his case after the EFCC’s lawyer requested more time to respond to new issues Gambaryan’s defense team raised. Gambaryan’s Appeal Adjourned...Read More
Binance executive Nadeem Anjarwalla is facing extradition from Kenya following his escape from custody in Nigeria. He was spotted after a manhunt was launched from Nigeria that led the authorities to Kenya, where his whereabouts were discovered. Binance Executive Set to Be Extradited According to a local report, the Nigerian government is working on extraditing...Read More
Tigran Gambaryan, a top executive at Binance, has taken legal action against the Office of the National Security Adviser (NSA) and the Economic and Financial Crimes Commission (EFCC) in Nigeria. According to a Reuters report, Gambaryan, an American citizen, has filed a Fundamental Rights suit alleging wrongful detention by Nigerian authorities. Unjust Detention and Court...Read More
The Nigerian government has slammed the world’s largest cryptocurrency exchange, Binance, with four counts of tax evasion charges as the saga between the entities deepens. According to a report from local media Premium Times, the Federal Inland Revenue Service (FIRS) filed the charges at a Federal High Court in the nation’s capital, Abuja, on March...Read More
A Federal High Court in Nigeria has ordered the world’s largest cryptocurrency exchange, Binance, to release comprehensive data of all local users trading on its platform to the Economic and Financial Crimes Commission (EFCC) as the clampdown on the firm for its alleged role in the devaluation of the naira continues. According to a report...Read More
Nigerian authorities are urging Binance to provide details about its most prominent 100 users within the nation amidst a continued clampdown on the platform. The request is a focal point in discussions between Binance and Nigeria, with the government perceiving the exchange as a key obstacle hindering its attempts to strengthen the national currency, the...Read More
Binance has announced its plans to halt its services involving the Nigerian Naira (NGN) due to heightened regulatory attention from authorities in Nigeria. The crypto exchange said that it will remove all current NGN pairs by Thursday, and any remaining NGN balances will be transformed into USDT by Friday. According to the official blog post,...Read More
In a recent press release addressing its Nigerian customers, major crypto exchange Binance distanced itself from the rumored currency speculation that is putting downward pressure on the already weak naira. The development comes amid reports of the cryptocurrency exchange earlier placing a cap on USDT sales on its peer-to-peer (P2P) marketplace. Binance Reportedly Under Scrutiny...Read More
The Central Bank of Nigeria (CBN) has lifted a ban preventing banks from operating accounts for cryptocurrency service providers in the country. According to a December 22 circular sent to banks, the affected financial institutions can now open accounts for Virtual Assets Service Providers (VASPs) registered with the Securities and Exchange Commission (SEC) in line with...Read More
Bitcoin is trading at a premium in several countries facing extreme currency devaluation and political uncertainty, including Nigeria and Turkey. As of Friday morning, the leading cryptocurrency is hitting new all-time highs (ATH) in Nigeria, Turkey, and Argentina as residents turn to the safe haven asset amid soaring inflation rates. Bitcoin Hits New High in...Read More
Sub-Saharan Africa is the region with the smallest cryptocurrency economy, representing only 2.3% of the global transaction volume from July 2022 to June 2023. During this period, the region accumulated an estimated $117.1 billion in on-chain value. No country exemplifies this better than Nigeria, according to blockchain Chainalysis, which ranks second overall on the blockchain...Read More
A recent study by blockchain and Web3 software company Consensys has found Nigeria to be leading in cryptocurrency awareness across all continents, with 99% having heard of the asset class and 91% willing to invest. The survey was taken by 15,158 people online across 15 countries, including the U.S., the U.K., Argentina, France, India, Japan,...Read More
A joint research conducted by Consensys and YouGov estimated that 92% of the participants are aware of cryptocurrencies. 37% see the asset class as the future money, whereas 26% are on the opposite corner, viewing it as a scam. Residents of the United States and the United Kingdom are more likely to associate digital currencies...Read More
While Binance is busy fighting a pitched legal battle in the U.S., its alleged woes in another part of the world seem to have been unfounded. Entity Previously Unknown to Binance Recently, the Nigerian SEC declared an entity known as Binance Nigeria Limited illegal, forbidding it from doing any business within the African nation. According...Read More
Nigeria’s Federal Ministry of Communications and Digital Economy (FMCDE) has approved the National Blockchain Policy as the country doubles down on creating a blockchain-powered economy. The adoption of the policy by the government will pave the way for the formal utilization of the technology in the country, which has seen significant crypto adoption in recent...Read More
MetaMask is integrating with crypto fintech platform MoonPay to expand its offering in Nigeria. According to MetaMask developer ConsenSys, Nigeria happens to be one of the major markets for the crypto wallet service globally, ranking third in active mobile users. The latest move to gain a stronger foothold in the country comes in response to...Read More
The cash withdrawal restrictions imposed by the Central Bank of Nigeria (CBN) have made a strong case for Bitcoin as a solid store of value and a censorship-resistant currency. Nigeria is currently facing a shortage of physical cash after the CBN redesigned its banknotes, causing the old bills of the local naira currency to become...Read More
The price of bitcoin (BTC) in Nigeria has significantly increased beyond the global market valuation amid growing demand for the asset among citizens in the West African country. At the time of writing, BTC was trading at 17.5 million naira (approx. $38,005) on the leading Nigerian cryptocurrency exchange NairaEX. This means that Nigerians have to...Read More
Nigeria is planning to push a law to legalize the usage of bitcoin and cryptocurrencies, backpedaling its stance on the industry. According to a local newspaper, Babangida Ibrahim, chairman of the House of Representatives Committee on Capital Markets and Institutions of Nigeria, disclosed details about the new law that seeks to amend the existing “Investment...Read More
Nigerian authorities are in talks to develop a digital economic zone focused on crypto and blockchain-related businesses in partnership with Binance. The Nigeria Export Processing Zones Authority, in its latest blog post, revealed that the proposed digital hub will be similar to Dubai’s virtual free zone. As such, the crypto exchange is holding talks preliminary...Read More
The cryptocurrency price tracker CoinGecko estimated that this year’s decline in the digital asset market had changed the trends in the industry. According to the company’s research, Nigeria has emerged as the most crypto-curious nation across the globe. Other recent reports revealed that Nigerians’ interest in digital currencies is prompted by their limited access to...Read More
The crash of Nigeria’s national currency (naira) reportedly pushed many residents to turn to alternative assets such as bitcoin and stablecoins to preserve their wealth. The peer-to-peer exchange LocalBitcoins marked a 258% increase in BTC purchases compared to last week’s figures. Nigerians View Crypto as a Lifeboat Nigeria’s official currency – the naira – is...Read More
A study conducted by the United Nations (UN) determined that 8.5% of Kenya’s population own digital assets, which makes up around 4.25 million people. This makes the country a leader in cryptocurrency adoption across Africa, while globally, Ukraine ranks first, with 12.7% of its residents being HODLers. Kenyans’ Surging Appetite for Crypto Kenya – an...Read More
The largest stock exchange in Nigeria – Nigerian Exchange Ltd. – will reportedly roll out a blockchain-enabled trading platform next year to facilitate the capital market and attract young investors. The main application of the distributed-ledger technology will be in trade settlements, the company revealed. According to Bloomberg, the exchange will partner up with a...Read More
The Nigerian entity – Stakeholders in Blockchain Technology Association of Nigeria (SiBAN) – reminded that cryptocurrencies and all related activities are still legal within the African country’s borders. As such, public and law enforcement agencies should stop their “demonization and discrimination” towards the sector. Crypto is not Unlawful in Nigeria Dealing with cryptocurrencies is not...Read More
According to research conducted by KuCoin, the growing number of Nigerians investing in crypto is propelled by the lack of proper fiat-based opportunities. The study revealed that over 30 million of Nigeria’s population had traded digital assets in the past six months. The Reasons Behind the Adoption KuCoin’s latest “Into the Cryptoverse Report” found out...Read More
The sanctions are a part of CBN’s efforts to discourage cryptocurrency usage and to firmly establish commercial restrictions on cryptocurrency trading. The Central Bank of Nigeria (CBN) has penalized three commercial banks in the country for failing to follow a directive from the regulation that prohibits consumers from transacting in cryptocurrencies. CBN’s Sanctions According to...Read More
While the talks of central bank digital currencies have been on the table for a few years now, few countries actually took the steps to issue one. Nigeria, in turn, following extensive research and development, is finally ready to unveil the eNaira. ‘Same Naira, More Possibilities’ In a press release syndicated through mass media but...Read More
According to a recent poll, most cryptocurrency investors from Kenya, Nigeria, and South Africa have entered the digital asset market with long-term goals such as securing their families’ wellbeing. Crypto to Fund Children’s Education The London-based company – Luno – conducted a survey with nearly 7,000 participants from Nigeria, Kenya, South Africa, the UK, Australia,...Read More
Eight months after Nigeria’s central bank banned banks from serving crypto entities and investors, the country’s Securities and Exchange Commission (SEC Nigeria) has established a fintech unit that will help formulate regulations for the digital asset industry. SEC Sets up Fintech Unit for Crypto Research The financial watchdog announced that the new division will research...Read More
