Fun

Nigeria to ban peer-to-peer crypto trading in naira

News Feed - 2024-05-07 06:05:55

Helen Partz14 hours agoNigeria to ban peer-to-peer crypto trading in nairaNigeria’s SEC is set to launch a new regulatory framework for crypto exchanges and custodians “in the coming days.”6236 Total views8 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe government of Nigeria is preparing to introduce new regulations to ban peer-to-peer (P2P) cryptocurrency exchange using the national currency, the Nigerian naira.


Nigeria’s Securities and Exchange Commission (SEC) is set to launch a new regulatory framework for crypto exchanges, custodians and other industry firms “in the coming days,” Bloomberg reported on May 7.


According to SEC Director General Emomotimi Agama, the new regulations aim to delist the naira from P2P exchanges in order to protect the local currency from manipulation. He stated:“Recent concerns regarding crypto P2P traders and their perceived impact on the exchange rate of the naira has underscored the need for collective action.”


The news follows a local ban issued to the global cryptocurrency exchange Binance and the arrests of its executives, Tigran Gambaryan and Nadeem Anjarwalla, in Nigeria in February 2024.


Gambaryan, who has been jailed at the Kuje correctional center in Nigeria’s capital, Abuja, will go on trial on May 17, facing charges of tax evasion, currency speculation and money laundering.


Major CEX platforms like Binance have their own P2P marketplaces, allowing users to switch between CEX and P2P when needed. However, Binance removed the naira from its P2P service as of March 2024 amid the Nigerian government launching a major crackdown on the exchange.


Related:Ex-Binance CEO Changpeng Zhao sentenced to four months in prison


Even after removing the naira from its P2P service, Binance and its executives continued to face pressure from regulators in Nigeria, keeping Gambaryan arrested and jailed.


On May 7, Binance CEO Richard Teng released detailed records of Gambaryan’s detention, condemning the Nigerian government for “setting a dangerous new precedent for all companies worldwide” after detaining two of its employees.


Binance’s regulatory precedent in Nigeria and the planned P2P ban do not mean that P2P crypto trading will be gone for good in the country.


Nigerians would apparently still be able to trade on P2P marketplaces using the U.S. dollar. According to some industry advocates, banning P2P is also not easy, if not impossible.


Magazine:CZ gets jail sentence, Gensler viewed Ether as security, and FBI targets mixers: Hodler’s Digest, April 28 – May 4# Bitcoin# P2P# Nigeria# Binance# Trading# RegulationAdd reaction

News Feed

Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals
Laos to Study Digital Currency With Help From Japanese Fintech, Report Reveals The central bank of Laos intends to explore issuing its own digital currency, according to a media re
Bitcoin Price Trading Within Dense Supply Cluster — What Lies Beyond $100K?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Twitter Changes Bird Logo to Picture of Doge, Dogecoin Price Surges 23% After the Change
Twitter Changes Bird Logo to Picture of Doge, Dogecoin Price Surges 23% After the Change On Monday, Twitter users noticed that the traditional blue bird logo had been replaced by a
Venezuelans Made Lightning-Savvy Hardware to Use Bitcoin During Blackouts
On March 7, 2019, all the lights went out in Venezuela. Total blackout. While the electricity crisis was already part of everyday life, the blackout still crippled communications ac
Tristan Greene15 hours agoGoogle launches Digital Futures Project with $20M in grants to support ‘responsible AI’The launch comes ahead of a series of AI forums to be hosted by U.S. Senate Majority Leader Chuck Schum
SEC and CFTC Lawsuits Against Former FTX CEO Paused Until Criminal Proceedings Conclude
SEC and CFTC Lawsuits Against Former FTX CEO Paused Until Criminal Proceedings Conclude Two civil lawsuits, stemming from the U.S. Securities and Exchange Commission (SEC) and the
Spanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives
Spanish Soccer League Laliga Partners With Globant to Support New Web3 and Metaverse Initiatives Laliga, the premier soccer league organization in Spain, has announced a partnershi
Turner Wright8 hours agoTether freezes $225M in USDT linked to romance scammers amid DOJ investigationThe stablecoin issuer reported the illicit funds had been used by a Southeast Asia-based crime syndicate responsible f
Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations
Peter Schiff Admits Bitcoin Could Reach $100K After BTC Price Soars Past His Expectations Gold bug Peter Schiff has revised his bitcoin prediction after the pric
Announcing the Launch of the Lao Crypto and DeFi Product – Welnance Finance
Announcing the Launch of the Lao Crypto and DeFi Product - Welnance Finance press release PRESS RELEASE. Welnance, a DeFi protocol built on Binance Smart Chain, is set to launch the
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month
Mike Novogratz Says Bitcoin Could Return to $30,000 Next Month Galaxy Digital CEO Mike Novogratz says he wouldn’t be surprised if the price of bitcoin returns to $30,000 nex
Oaktree Capital Chairman Warms up to Crypto — Thankful His Son Owns Enough Bitcoin for the Family
Oaktree Capital Chairman Warms up to Crypto — Thankful His Son Owns Enough Bitcoin for the Family Oaktree Capital co-founder Howard Marks is warming up to cryp