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Report: Nigerian Government Imposes $10 Billion Fine on Binance

[Mar 2 7:30 AM] The Nigerian government has reportedly slapped the cryptocurrency exchange Binance with a $10 billion fine. According to a Nigerian government official, Binance is being punished for causing the local currency’s recent plunge against major…

Nigerian Presidential Adviser Assails Binance, Calls for Measures Against the Crypto Exchange

[Mar 2 3:30 AM] Bayo Onanuga, a special adviser to the Nigerian president, has leveled accusations against Binance, blaming it for exacerbating the local currency’s depreciation against major currencies. Onanuga called for immediate action against Binance, warning…

Expert Calls for Full Cryptocurrency Regulation in Nigeria to Mitigate Digital Asset-Related Financial Crimes

[Feb 12 5:30 AM] 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…

Consortium of Nigerian Banks and Fintechs Cleared to Pilot Stablecoin

[Jan 7 4:30 AM] 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…

Prohibition of Cash Withdrawals From VASPs Operated Accounts May Contradict Central Bank’s Cashless Policy — Nigerian Lawyer

[Jan 7 12:30 AM] 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…

Nigerian Crypto Exchange Describes Deposit Suspension as ‘Industry-Standard Precautionary Measure’

[Dec 19, 2023 6:30 AM] The Nigerian cryptocurrency exchange platform Bitmama recently said it has temporarily suspended deposits due to “ongoing third-party maintenance.” Bitmama said that while earlier media reports about its suspension of deposits are…

Report: 47% of Nigerians Engaged in Crypto-Related Activities

[Dec 10, 2023 4:30 PM] A new study has found that as much as 47% of Nigerians are actively engaged in crypto trading which is now increasingly incorporated in their financial lives. The analysis also showed that crypto ownership in the country grew by 15% between 2020…

Nigeria Law Enforcement Nab Politician Who Laundered Funds Stolen From Crypto Exchange

[Nov 26, 2023 4:30 AM] Nigerian law enforcement recently arrested a politician who is accused of laundering digital funds that were stolen from Patricia Technologies in May. CEO Hanu Fejiro praised the politician’s arrest and said the recovered funds will “go…

Nigerian Fintech Startup Vella Finance Drops Crypto-Related Services

[Oct 31, 2023 5:30 AM] The Nigerian fintech Vella Finance recently informed users and subscribers that it would stop offering crypto related services starting on Oct. 30. According to co-founder Tolu Adedayo, offering crypto and banking services at the same time is not…

Nigerian Bank Reportedly Freezes Accounts Belonging to 500 USDT Traders

[Oct 24, 2023 3:30 PM] 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…

Report: Africa-Focused Crypto Trading App Shut Down — Co-Founder Says Only Nigerian Users Affected

[Oct 22, 2023 3:30 AM] The Africa-focused crypto trading app Vibra has reportedly stopped working in Ghana, Kenya, and Nigeria. Reports that the app is not working in the three countries contradict the co-founder’s claim that only users from Nigeria are affected…

Nigerian Court Convicts P2P Crypto Trader Accused of Operating a Pig Butchering Scam

[Oct 13, 2023 5:30 AM] A Nigerian court recently convicted and fined a peer-to-peer (P2P) crypto trader accused of running a pig butchering scam. According to the Economic and Financial Crimes Commission, the crypto trader’s activities were “contrary to and…

Nigerian Central Bank Refutes Media Reports Suggesting Its CBDC Poses a Threat to Financial Stability

[Oct 11, 2023 1:00 AM] The Nigerian central bank has disputed media reports suggesting its Sept. 11, 2023 document implies that its e-naira currency poses a threat to financial stability. The central bank said it felt compelled “to clarify the reports to ensure…

Report: Hacked Nigerian Crypto Exchange Raises Capital for User Reimbursements

[Oct 1, 2023 2:00 AM] 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…

Opera Launches Blockchain-Based Wallet Enabling Rapid P2P Stablecoin Transfers for African Users

[Sep 21, 2023 5:30 AM] 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…