Bitcoin (BTC) experienced its largest single-day gain in nearly two months on Wednesday, driven by weak U.S. economic data that has increased the likelihood of the Federal Reserve (Fed) cutting interest rates over the summer. This move aligns with similar actions anticipated from other major central banks, potentially signaling a period of monetary easing that…
In a significant development, Canada has levied a hefty fine of $4.38 million against Binance, one of the world’s largest cryptocurrency exchanges, for alleged money laundering violations. This action comes at a crucial juncture, with ongoing investigations into Binance’s operations in Nigeria. The fine, imposed by Canadian authorities, highlights growing concerns surrounding the regulatory compliance…
In recent times, regulatory shifts by the Central Bank of Nigeria (CBN) have reshaped the cryptocurrency trading scene in Nigeria, impacting how individuals can legally convert their digital assets into Naira. Here’s your go-to guide on navigating these changes and ensuring compliance while selling your cryptocurrencies and other crypto assets in Nigeria. Selling Cryptocurrencies in…
A Binance executive who escaped Nigerian custody has been arrested in Kenya and faces extradition to Nigeria this week, according to unnamed Nigerian government sources. Nadeem Anjarwalla, Binance’s regional manager, was detained in Kenya and is set to be extradited. Discussions are ongoing between Nigerian authorities, the International Criminal Police, the Nigeria Police Force, and…
In a bold move aimed at addressing Nigeria’s ongoing forex crisis, the Federal Government has levied a staggering $10 billion fine on Binance, one of the world’s largest cryptocurrency trading platforms. The announcement came through Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, in an exclusive interview with the BBC…
Binance, one of the world’s leading cryptocurrency exchanges, has recently implemented a price cap on Tether (USDT) tokens in its peer-to-peer (P2P) platform operating in Nigeria. This move aims to align with local regulations and foster collaboration with Nigerian authorities. However, the imposition of this cap has not been without consequences, as some traders sought…
The year is 2024, and Bitcoin, the cryptocurrency king, has just reclaimed its $50,000 throne. For the first time since November 2021, investors have been swept up in a wave of optimism, pushing the digital asset’s price above this key psychological barrier. This comeback isn’t a mere blip – it’s a 25% surge since January,…
In a groundbreaking move, the Central Bank of Nigeria (CBN) recently lifted the ban on transactions between banks and crypto exchanges, signaling a new era of possibilities for the country’s crypto enthusiasts. After nearly three years of regulatory uncertainties, Nigerians can now seamlessly buy and sell crypto using their bank accounts. This development has sparked…
Nigerian cryptocurrency exchange, Bitmama, has successfully resumed fiat deposits on its platform after a temporary suspension earlier this month. The decision to halt deposits was attributed to essential maintenance activities carried out by the exchange’s partners, with Bitmama emphasizing that this measure was taken to safeguard the interests of its users. In a statement posted…
Nigeria’s Central Bank has recently reversed the two-year prohibition on cryptocurrency transactions, marking a significant shift towards a more favorable stance on digital assets. The initial restriction in 2021 was attributed to concerns related to money laundering and terrorism financing. In its latest move, the Central Bank of Nigeria (CBN) has not only reversed the…