News with the tag "Nigerian SEC"

In June, the SEC updated its regulations to better oversee cryptocurrency platforms and exchanges and improve monitoring of digital asset trading.

By treating Bitcoin and Ether as commodities, Nigerian regulators can establish a more tailored regulatory framework that reflects the unique characteristics of these digital assets.

The requirement also states that applicants must report customer complaints and emergent risks and be subject to SEC inspections, audits, and monitoring.

The ongoing legal battle between Nigerian authorities and the crypto exchange Binance has significantly affected the country’s blockchain industry. The Blockchain Industry Coordinating Committee of Nigeria (BICCoN) recently expressed its concerns about the negative impact of the current dispute and ...

The Nigerian Securities and Exchange Commission (SEC) has launched a new initiative targeted at hastening the registration process of virtual asset service providers (VASP). According to the securities market regulators in the West African nation, this new program which serves as an amendment to exi...

While this application process is intended to improve compliance, VASPs are directed to complete it no later than 30 days from the circular date.

Due to the rapid decline of the naira and the resulting almost three-decade-high inflation rate of 29.9%, the government turned its focus to platforms providing cryptocurrency services.

Changpeng Zhao, the CEO of Binance, said the recently banned Binance Nigeria Limited has been issued with “a cease and desist notice.” Zhao, who has since branded the Nigeria-registered company a “scammer entity,” told his followers not to believe everything they read in the news. Binance Disassocia...