The Economic and Financial Crimes Commission (EFCC) is gearing up for a significant legal showdown as it prepares to formally charge Tigran Gambaryan and Nadeem Anjarwalla, two high-ranking officials of Binance, one of the world’s largest cryptocurrency trading platforms. This impending legal action stems from allegations of money laundering, totalling over $35.4 million, a staggering […]

APEX, a leading player in Africa’s financial landscape, has unveiled a bespoke service aimed at enhancing the ease, accessibility, and rewards associated with cryptocurrency trading and digital exchange for individuals and businesses across the continent. The company, well-known for its user-friendly digital exchange platform, prides itself on delivering a seamless experience for users engaging in […]

Binance founder Changpeng Zhao has witnessed a remarkable surge in his net worth, climbing to nearly $50 billion with gains of $8.42 billion. This surge has propelled his year-to-date gains by $13.9 billion. Binance’s Influence on Zhao’s Fortune Zhao’s wealth spike is intricately linked to Binance’s performance, with the company’s share price rising from $549.19 […]

Binance, the global cryptocurrency exchange, is endeavouring to mend its relationship with Nigerian authorities in light of recent regulatory strains.  In a statement released on Thursday, Binance reaffirmed its commitment to compliance and collaboration with Nigerian regulatory bodies. Extensive Cooperation with Nigerian Authorities Highlighting its proactive engagement, Binance disclosed its robust cooperation with Nigerian law […]

A Federal High Court in Abuja has ruled in favour of the Economic and Financial Crimes Commission (EFCC), ordering Binance Holdings Limited to furnish comprehensive information regarding Nigerian traders on its platform. The court’s decision, delivered through an ex-parte motion, underscores the intensifying efforts to address concerns surrounding illicit financial activities linked to cryptocurrency exchanges. […]

The Securities and Exchange Commission of Nigeria (SEC) has put forth amendments to the regulations governing platforms offering crypto services, suggesting a significant rise in registration fees for crypto exchanges.  The proposed changes include a substantial increase in filing/application fees and processing fees for digital asset exchanges and custodians. Amendments Aimed at Clarity and Stakeholder […]

The BRICS alliance, comprising Brazil, Russia, India, China, and South Africa, unveils plans to develop an independent payment system fueled by blockchain technology and digital currencies. The plan is part of strides to strengthen financial autonomy and reduce reliance on the US Dollar. This initiative, set to roll out in 2024, aims to revolutionise international […]

In Africa, the nexus of health, economic disparities, and overall well-being underscores the urgent need for transformative solutions.  Recognizing the pivotal role of financial services in driving change, the International Monetary Fund highlights the potential of financial inclusion to uplift families, catalyse business growth, and bridge the gap between economic aspirations and tangible progress. Read […]

The Binance exchange is a leading cryptocurrency exchange founded in 2017, featuring a strong focus on altcoin trading. It offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB. CBN’s claim on $26bn suspicious flows through Binance Governor of the Central Bank of Nigeria, […]

Cryptocurrency giant Binance has announced the cessation of services related to the Nigerian naira (NGN) on its platform, citing regulatory pressure and accusations of currency manipulation. The move came after Nigerian authorities detained two Binance officials and imposed a hefty fine on the exchange. Service Disruption and Balance Conversions Effective 8:00 UTC on March 8, […]

Pi Network, a rising crypto platform, has achieved a major breakthrough by securing official recognition as a payment method by two industry titans, Tesla and Amazon.  This development signifies a pivotal moment for the cryptocurrency sector, which has historically been perceived as experimental and volatile. Pi Network: A Brief Overview Pi Network, established in 2019 […]

The Special Adviser to Nigerian President Bola Ahmed Tinubu on information and strategy, Mr Bayo Onanuga, has clarified statements regarding a purported $10 billion fine on the crypto exchange platform, Binance.  Reports circulating, particularly by the BBC on Friday, suggested that Binance faced a hefty penalty, but Onanuga insists that his words were misrepresented. He […]

The Intergovernmental Fintech Working Group (IFWG) in South Africa is poised to publish an updated position paper that will categorise stablecoins as a distinct form of crypto asset.  This development follows the IFWG’s initial 2021 position paper, which proposed 25 recommendations for regulating crypto assets in South Africa. Stablecoin Use Cases Under Scrutiny In addition […]

Floww Financial has made its foray into the African cryptocurrency market with the launch of its operations in Nigeria.  The company now offers fiat-to-crypto and crypto-to-fiat services on leading exchanges, including Binance, where it operates as a peer-to-peer merchant. Local Talent Empowerment and Expansion Daryl Teo, the Chief Investment Officer and Founder of Floww Financial […]

John Gospel is a crypto expert, copywriter and social media manager for brands in Blockchain and Web3. He also has a track record of building online communities from zero to thousands in months while working as a Growth Marketing Strategist for Communities & Start-ups. He shares his insights on Nigeria’s path to responsible crypto adoption, […]

Nigeria’s cryptocurrency market is very vibrant and complicated. Nigeria as a global leader in Bitcoin trading, has also reflected a lack of confidence in the established system and a need for alternate revenue streams and forms of money. This was evident as the Nigerian government outlawed cryptocurrency trading and ordered banks to suspend any accounts […]

The Financial Sector Conduct Authority (FSCA) of South Africa has raised alarm on the public involvement in MMM Krypto, a mutual aid fund, citing potential risks.  The FSCA reveals that MMM Krypto might be offering financial services to the South African public through social media platforms like YouTube, TikTok, and Facebook, accompanied by enticing promises […]

South Africa’s Financial Sector Conduct Authority (FSCA) will officially decide 1on 50 crypto businesses’ licence applications in the coming weeks. According to South African press sources, FSCA head of enforcement Gerhard van Deventer indicated in a podcast that 20 of the 90-plus applications have withdrawn. In December, the FSCA reported 128 cryptocurrency asset service provides […]

In a strategic leap forward, the Nigerian government has unveiled plans to roll out the cNGN stablecoin on February 27, 2024. Backed by the Central Bank of Nigeria (CBN), this digital currency is aimed at bringing stability to the unpredictable naira, currently grappling with the unenviable title of Africa’s weakest currency and the third weakest […]

The Blockchain Association of Kenya (BAK) is taking the lead in drafting Kenya’s first blockchain legislation. The association has engaged with the National Assembly Committee on Finance and National Planning to discuss how to regulate digital assets effectively in the country. This move comes in response to recent developments in the blockchain and cryptocurrency sector. […]