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The Nigerian Correctional Service recently faced accusations of failing to bring Tigran Gambaryan, a jailed Binance executive, to a court hearing on May 22. A lawyer representing the Nigerian revenue collection agency subsequently requested the court to adjourn proceedings. This would allow him to investigate the reasons behind Gambaryan’s absence. Gambaryan Key to Nigeria’s Tax … Read more
South African prosecutors are reportedly investigating co-conspirators of Mirror Trading International and may charge them with fraud or forgery. The declaration of the scheme as unlawful may have strengthened the National Prosecuting Authority’s case against the masterminds of Mirror Trading International. MTI Directors May Face Charges Under the Prevention of Organized Crime Act South Africa’s … Read more
The Nigerian Securities Regulator has stated that cryptocurrency exchanges have complied with a directive to remove the local currency from peer-to-peer platforms. The acting director-general of the Nigerian Securities and Exchange Commission has called on platforms engaged in practices that undermine the national interest to cease such activities. Kucoin’s Delisting of Naira Receives Praise The … Read more
The Nigerian naira continued with a downward which recently saw it being named the worst-performing currency when it slid by just over five per cent to erase the previous day’s gains. The naira’s depreciation is said to have occurred just a day after the central bank intervened by injecting between $80 million and $100 million. … Read more
The Binance executive, Tigran Gambaryan, who is currently in jail, has been deemed eligible by a Nigerian court to represent the cryptocurrency exchange in its ongoing tax evasion trial. A spokesperson for Binance stated that the charges against Gambaryan are entirely without merit, and he should be released. Tigran Gambaryan Qualifies to Represent Binance A … Read more
The Nigerian fintech firm Flutterwave claimed on May 16 that it had foiled an attempt to breach its payments platform. Flutterwave asserted that the “unauthorized activities inconsistent with usual customer behavior” did not compromise users’ funds or data confidentiality. According to one report, over $7 million was siphoned from Flutterwave following a cyberattack in April. … Read more
The Nigerian currency, which has been depreciating against the U.S. dollar in the past few weeks, has completely erased its gains from early April, making it the worst-performing currency in the world. The decline of the naira is attributed to Nigeria’s ongoing foreign exchange shortages. One economist expects the pressure on the currency to peak … Read more
Stakeholders in Nigeria’s cryptocurrency sector argue that the Central Bank of Nigeria’s previous decision to exclude cryptocurrency entities from the banking ecosystem has fueled the growth of peer-to-peer crypto trading. Nigerian authorities are reportedly seeking to ban peer-to-peer crypto trading. One stakeholder has urged participants in the Nigerian crypto space to ‘identify the bad actors … Read more
Zambia’s worsening shortage of foreign exchange as well as one of its worst droughts in recent memory saw the local currency drop to a record low of K27.3 to the dollar. As explained in the report, the kwacha has lost as much as 17% in the past six months. Forex Shortages: The Impact of Drought … Read more
The Nigerian government has dismissed allegations from Binance CEO Richard Teng that representatives of the cryptocurrency exchange were solicited for a $150 million bribe by members of the House Committee on Financial Crimes (HCFC). A special assistant to the Nigerian Information Minister characterized Teng’s bribery claim as part of a coordinated international campaign by Binance … Read more
