Tax agencies across Africa are targeting cryptocurrency holders in a bid to identify tax evaders using digital assets. These digital currencies’ borderless nature and minimal regulation have made them appealing to users but challenging for authorities to monitor. With the rise of crypto transactions on the continent, tax bodies see an opportunity for additional revenue. […]

The Abuja Division of the Federal High Court has freed Binance executive Tigran Gambaryan from a case of money-laundering instituted by the Economic and Financial Crimes Commission (EFCC). The Nigerian government on Wednesday withdrew all charges levelled against Mr Gambaryan stating he was only a staff of Binance Holdings and could not be held liable […]

On October 4, Lego’s website displayed an unexpected message urging users to purchase a “Lego coin,” promising exclusive rewards for those who did. However, Lego had no plans to launch its cryptocurrency, making it clear this was a scam. The message redirected users to a site offering Ethereum-based “LEGO Tokens,” signalling a cyberattack, as reported […]

The Economic and Financial Crimes Commission (EFCC) has obtained court orders freezing accounts linked to cryptocurrency services ByBit and KuCoin, totalling N548.6 million, or around $670,000. The platforms’ alleged contribution to the further depreciation of the naira is the subject of this motion, dated September 3, 2024. Read also: Clampdown on crypto exchange continues as […]

The Economic and Financial Crimes Commission (EFCC), Nigeria’s anti-graft agency, has obtained an order from the Federal High Court of Nigeria to freeze N548.6 million in bank accounts of suspected cryptocurrency users on ByBit, KuCoin, and other platforms due to their alleged involvement in naira fluctuations. The court froze the cash based on a September […]

According to SiBAN President Obinna Iwuno, Nigeria leads cryptocurrency regulation in Africa. This happened after the Nigerian SEC legalised Quidax and Busha crypto exchanges. Iwuno shared his thoughts on this development during a conversation with a media report, highlighting that the SEC’s actions not only enhance Nigeria’s reputation but also pave the way for more […]

The Head of the apex bank’s Legal Services Department and the Governor of the Central Bank of Nigeria (CBN) have been summoned by a Federal High Court in Abuja, Nigeria, to appear before it on Monday, September 2, with specific documents. This is the new date for the trial to continue in the money laundering […]

The Nigerian Securities and Exchange Commission (SEC) has recently granted an Approval-in-Principle (AIP) to two prominent cryptocurrency exchanges, Quidax and Busha. This approval marks a significant milestone in the country’s formalisation and regulation of digital assets. This approval is part of the SEC’s Accelerated Regulatory Incubation Program (ARIP), a new initiative to bring digital asset […]

Binance, a leading global cryptocurrency exchange, is expanding its footprint in Africa with a new feature that allows users in Ghana, Tanzania, Uganda, and Zambia to trade crypto assets using mobile money. This latest move is part of Binance’s ongoing efforts to make cryptocurrency accessible across the continent, particularly to the unbanked and underbanked populations. […]

In the second quarter of 2024, 503 deals brought in $2.7 billion in funding for crypto startups. This was a slight rise in capital raised despite a clear drop in deals. A report from PitchBook says that overall investment increased 2.5% compared to the previous quarter, even though there were 12.5% fewer deals. Even though […]

With reference to “recent changes in local laws and regulations,” OKX, a worldwide cryptocurrency exchange and provider of web3 services, has stated that it will stop operating in Nigeria on August 16, 2024. Users received this notice via email from the exchange, which explained that the action was taken in response to its continuous evaluation […]

On Tuesday, the Nigeria Police Force announced that Linus Williams, a self-described cryptocurrency billionaire, had been taken into custody on charges of fraud, financing of terrorism, and failure to comply with national regulations. Williams, the CEO of the Blord Group of enterprises, will be the subject of due diligence during the inquiry, according to Force […]

At the height of the crypto excitement in 2021, Africa’s involvement in the expanding crypto economy attracted a lot of calls. Experts desperately urged the continent to engage and create creative goods and educate its young population about possible Web3 prospects. The desire came true as Mara (CoinMara Inc.), a pan-African exchange meant to “build […]

Zimbabwe has announced its intention to initiate consultation regarding the operation of crypto assets in a news release issued by Reuters. This action occurs in response to the government’s implementation of regulations for this industry. A statement released in the state-owned newspaper invites all participants in the cryptocurrency sector to contribute their insights, including entities […]

The Nigerian Senate Committee on Capital Markets has called for the regulation of cryptocurrency. This move is in a bid to protect investors and stabilise the Nigerian economy,  Committee chairman Osita Izunaso emphasised that regulation is essential since authorities have failed to stop Nigerians from trading digital assets. Izunaso’s comments followed a session with Emomotimi […]

Solana, a well-known blockchain platform known for its fast transactions and low costs, recently made headlines when it announced the start of $DAVIDO, a new cryptocurrency backed by Nigerian superstar Davido.  This launch was a big step into the world of digital assets backed by celebrities. The goal was to combine Davido’s huge fan base […]

Kenyan cybersecurity company Kristel has broadened its reach into Ethiopia, Rwanda, and Uganda as a reaction to the growing number of companies in in need of its services in the region. Kristel as a firm helps organisations to invest in their various cyber hygiene, giving strength to their defences and protecting themselves against cyber threats […]

The price of Ethereum (ETH) surged over 16% on Monday, driven by growing speculation about the approval of a spot Ethereum ETF.  This speculation was sparked by a statement from Bloomberg’s senior ETF analyst, Eric Balchunas, who raised his odds of spot ETF approval from 25% to 75% on his X handle.  Balchunas considered a […]

Prominent cryptocurrency analyst and FX Pro trader Alex Kuptsikevich has issued a warning, stating that if Bitcoin falls below $60,000 in the next few days, there may be a big panic sell-off. Before the market is considered positive, cryptocurrency traders, based on market sentiment, are looking for a break of above $65,000. Bitcoin has been […]

The International Monetary Fund (IMF) has advised the Nigerian government to establish a robust regulatory framework for cryptocurrency trading, recommending that global crypto trading platforms be registered or licensed in Nigeria and subject to regulatory requirements.  This move aims to ensure that cryptocurrency transactions are conducted securely and transparently, minimising money laundering risks, terrorist financing, […]