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The only recognized Binance arm on the African continent is Binance Africa. Binance CEO Changpeng ‘CZ‘ Zhao recently took to Twitter to express his dissatisfaction with Binance Nigeria Limited, claiming that the company is a scam. CZ added that Binance has, therefore, issued a cease and desist notice to the alleged
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Binance operates an independent entity dubbed Binance Nigeria Limited similar to the United States entity that was also deemed illegal earlier last week. Cryptocurrency exchanges around the world have found themselves at loggerheads with several global regulators for offering digital assets without proper registrations. In the latest developments, both the Nigerian
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It has been a tough week for cryptocurrency exchange Binance. On June 9, Nigeria's securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the U.S. Securities and Exchange Commission. "Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever," Nigeria's
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Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied The Securities and Exchange Commission (SEC) of Nigeria has officially deemed the operations of Binance Nigeria, a subsidiary of the world’s largest crypto trading platform Binance, illegal. According to a statement released on the SEC’s website on July
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Nigeria's order follows a lawsuit by the U.S. securities watchdog last Monday against the largest global crypto exchange by market capitalization, alleging it failed to register as a broker or exchange, and that it sold offered unregistered securities the general public. Source
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On the eve of his departure from office on May 28, former Nigerian President Muhammadu Buhari signed the Finance Act, 2023, into law. The act introduces a series of tax reforms aimed at modernizing the country’s fiscal framework. Among its provisions was the introduction of a 10% tax on gains from the
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Nigerian human rights activist and lawyer, Femi Falana, has accused the International Monetary Fund (IMF) and the World Bank (WB) of sabotaging the currency swap arrangement between China and Nigeria. Falana said the Nigerian central bank and the two global financial institutions are helping to perpetuate “the dominance of the
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The Nigerian Federal government said on May 3 it had passed what it called the “national blockchain policy.” The Nigerian minister of communications and digital economy, Isa Pantami, said the new policy is a product of consultations with 56 institutions and personalities. Lucky Uwakwe, the founder of the technology service
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"The vision of the Policy is to create a Blockchain-powered economy that supports secure transactions, data sharing, and value exchange between people, businesses, and Government, thereby enhancing innovation, trust, growth, and prosperity for all," the statement said. Source
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Nigeria, one of the world’s most curious nations about cryptocurrencies like Bitcoin (BTC), is preparing new industry regulations for digital asset platforms.The Securities and Exchange Commission (SEC) of Nigeria is considering allowing licensed digital exchanges to list tokens backed by certain assets, Bloomberg reported on May 1.According to SEC head
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