Nigeria - Tag Archives - Cryptonews (Page 5)

Nigeria Targets Binance for User Data in Crypto Crackdown

Nigerian authorities have reportedly requested Binance, the largest cryptocurrency exchange, to provide information on its top 100 users in Nigeria, along with its entire transaction history for the past six months, according to a report by the Financial Times on Tuesday.Nigeria may seek a $10...

, by Hassan Shittu

Binance Executives Stripped of Passports, Held in Confinement by Nigerian Authorities for Two Weeks

Two senior executives from cryptocurrency exchange Binance have been detained against their will by Nigerian authorities for the past two weeks. Tigran Gambaryan, who leads Binance's criminal investigations team, and Nadeem Anjarwalla, Binance's regional manager for Africa based in Kenya, have...

, by Ruholamin Haqshanas

Binance to Exit Nigerian Market, Discontinues All NGN Services

Binance has revealed plans to exit the Nigerian market, discontinuing all services involving the local fiat currency, the Nigerian naira (NGN). In a Tuesday announcement, the world's largest cryptocurrency exchange said it would suspend NGN withdrawals after March 8. Any remaining...

, by Ruholamin Haqshanas

Nigeria’s Financial Watchdog Summons Binance CEO Over Crime Concerns

New Binance CEO Richard Teng must appear before Nigeria's House of Representatives Committee on Financial Crimes to answer questions about his company's lax KYC and AML policies, which may have played a part in terrorism financing and money laundering. Committee Chairman Ginger Onwusibe issued...

, by Tim Hakki

Binance Removes Nigerian Naira from P2P Service Amid Devaluation Concerns

Cryptocurrency trading platform Binance has made the decision to remove the Nigerian currency, the naira, from its peer-to-peer (P2P) service, prompting discontent and concern among Binance users in Nigeria. This development coincides with reports that two Binance executives have been detained...

, by Hassan Shittu

Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown

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. Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the fine in an interview...

, by Ruholamin Haqshanas

Nigeria Detains Two Binance Execs Amid Exchange Probe

Authorities in Nigeria have detained two senior Binance executives and confiscated their passports as the country cracks down on crypto exchanges. The Financial Times reported Wednesday that the two executives traveled to Nigeria after the country decided to prohibit multiple crypto websites....

, by Shalini Nagarajan

Crypto Exchanges in Nigeria Cease Naira Purchases of USDT and USDC Amid Central Bank Scrutiny: Report

Several crypto companies in Nigeria have made the decision to disallow users from buying the Tether (USDT) and USD Coin (USDC) stablecoins with Naira in light of renewed scrutiny from the Central Bank of Nigeria (CBN).The move comes as regulators intensify their focus on crypto platforms, citing...

, by Ruholamin Haqshanas

Nigeria’s Crypto Community Criticizes Government Stance on Exchanges

Nigeria’s crypto community has slammed the recent anti-industry stance of a government that previously lifted the ban on crypto trading. The majority of the country’s digital asset users and policy watchers have deemed the government has “misplaced priorities” adding that...

, by David Pokima

Nigeria Asks Telcom Firms to Restrict Access to Binance, Coinbase Websites – Here’s Why

Crypto exchange behemoths are facing serious scrutiny in Nigeria, as the country aims to clampdown crypto transactions. Though Nigeria is sought to be the most crypto-savvy nation ahead of the United States and European countries per a ConsenSys data last year, the country has been recently...

, by Sujha Sundararajan

Binance Implements Price Cap for USDT on Nigerian P2P Platform to Comply with Local Regulations

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. Traders on Binance's P2P platform are currently restricted from selling USDT above the set cap of 1,802 naira per USDT.In...

, by Ruholamin Haqshanas

Nigeria Faces Pressure to Tighten Crypto Regulations for Financial Crime Prevention

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...

, by Tim Hakki

Central Bank of Nigeria Approves Africa Stablecoin Consortium to Pilot cNGN Stablecoin in Regulatory Sandbox

The Central Bank of Nigeria (CBN) has granted approval to the Africa Stablecoin Consortium (ASC) to launch the cNGN stablecoin in its regulatory sandbox. The stablecoin is set to be introduced on February 27, 2024, the Africa Stablecoin Consortium, a collaborative effort between...

, by Ruholamin Haqshanas

Nigeria’s Central Bank Rolls Out Regulations For Financial Institutions Dealing with VASPs

The Central Bank of Nigeria (CBN) has issued new regulations to guide banks and other financial institutions that offer domestic accounts for virtual assets service providers (VASPs). In an official circular released on its website on Jan 3, the country’s leading banking...

, by David Pokima

Crypto Exchange Yellow Card Financial Set to Apply for Nigerian License Following Cryptocurrency Ban Lift

Pan-African cryptocurrency exchange Yellow Card Financial has announced plans to apply for a license in Nigeria following the recent lifting of the country's cryptocurrency ban. The ban, which was imposed in 2021, prohibited financial institutions from transacting or operating cryptocurrency...

, by Ruholamin Haqshanas

Central Bank of Nigeria Lifts Crypto Ban Following New SEC Regulation

The Central Bank of Nigeria (CBN) has reversed its ban on dealing with companies involved in digital tokens. According to a report by BusinessDay, the CBN has now instructed lenders to open accounts for crypto firms, marking a reversal of the ban it imposed in 2021. The...

, by Ruholamin Haqshanas

# Nigeria (Page 5)

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