Crypto Nigeria – DIGIT INFO

Nigerian Entrepreneur: Recent Regulatory Moves Signal Support for Crypto

DIGIT — Sun, 22 Sep 2024 11:30:00 +0000

While Nigerian authorities have generally been perceived as having an anti-crypto stance, recent developments on the regulatory front suggest a shift toward supporting crypto businesses. Buchi Okoro, CEO of the digital asset exchange Quidax, which recently obtained an operating license, believes these developments could lead to broader adoption of crypto assets in Nigeria. Quidax Wins […]

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Nigerian Blockchain Group Ousts President, Who Remains Defiant

DIGIT — Sat, 14 Sep 2024 11:46:13 +0000

The Stakeholders in Blockchain Association of Nigeria (SIBAN) expelled its president, Obinna Iwuno, for allegedly registering an illegal body and misusing his position. Iwuno denied these allegations and accused the SIBAN board of trustees of acting unlawfully. Despite the expulsion, Iwuno claimed to remain SIBAN’s president. The SIBAN board warned others to avoid dealing with […]

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Nigerian Agency Gets Nod to Freeze $330,000 in Crypto Users’ Bank Accounts

DIGIT — Wed, 11 Sep 2024 22:46:10 +0000

A Nigerian anti-corruption agency froze bank accounts (over $330,000) belonging to suspected cryptocurrency users on global platforms like Kucoin and Bybit. The agency believes these users manipulated the Nigerian currency (naira) through their trading activity. The exchanges are also accused of failing to adhere to anti-money laundering and terrorist financing regulations. Bank Account Holders Accused […]

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Nigerian Regulator Threatens Crackdown on Unlicensed Crypto Entities

DIGIT — Tue, 10 Sep 2024 03:30:06 +0000

The Nigerian Securities and Exchange Commission (SEC) has vowed to crack down on unlicensed cryptocurrency businesses targeting Nigerians. This comes just two weeks after approving two crypto exchanges and promising to consider similar applications. The SEC aims to protect investors without hindering innovation. To achieve this balance, Emomotimi Agama believes Nigeria needs a clear regulatory […]

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Mansa Partners With Nigerian Blockchain Platform Bitmama to Boost Cross-Border Payments

DIGIT — Sun, 08 Sep 2024 21:46:08 +0000

The Nigerian blockchain payment platform Bitmama has partnered with the decentralized finance platform Mansa to improve cross-border payment accessibility in Africa. This partnership aims to enhance consumer payment capabilities and support trade across borders. Mansa’s liquidity solution has reportedly already helped foster financial inclusion in other regions. Bridging the Funding Gap The Nigerian blockchain payment […]

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Nigerian Civil Society Groups Praise Crypto Tax Proposal

DIGIT — Thu, 29 Aug 2024 03:30:45 +0000

A coalition of Nigerian civil society organizations has applauded the plan by Zacch Adedeji, head of the Federal Inland Revenue Service, to include cryptocurrencies in the tax system. The CSOs believe this move will boost confidence in the crypto market and attract foreign investors. The CSOs believe a regulatory framework specifically designed for cryptocurrency trading […]

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Nigeria Aims to Include Cryptocurrencies in Tax System Overhaul

DIGIT — Tue, 20 Aug 2024 00:46:05 +0000

The Nigerian government is looking to impose taxes on the cryptocurrency industry. The Federal Inland Revenue Service (FIRS) plans to introduce a new tax law to achieve this. Despite being a major crypto market, Nigeria currently receives minimal tax income from crypto-related activities. The FIRS is seeking support from the Nigerian National Assembly to implement […]

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Nigeria’s Self-Proclaimed Crypto Billionaire Released From Police Custody

DIGIT — Sun, 21 Jul 2024 06:30:17 +0000

The recently detained Nigerian self-proclaimed cryptocurrency billionaire, Linus Williams, has been released on bail. According to a controversial Instagram celebrity, Verydarkman, the crypto billionaire begged for release but is expected to answer for his alleged crimes soon. Self-Proclaimed Billionaire Begged to Be Released Nigeria’s self-proclaimed cryptocurrency billionaire, Linus Williams, recently arrested on charges of fraud […]

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Nigeria Police Arrest Self-Proclaimed Crypto Billionaire on Charges of Cryptocurrency Fraud and Terrorism Funding

DIGIT — Wed, 17 Jul 2024 04:20:46 +0000

On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. According to a police spokesman, some of Williams’ alleged crimes involve the use of cryptocurrency […]

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Nigerian Witness Says Binance Users Operate Under False Identities

DIGIT — Mon, 08 Jul 2024 21:11:54 +0000

A witness in the ongoing Nigerian money laundering trial against Binance has alleged that many local users of the cryptocurrency exchange platform are operating under false identities. The witness further claimed that by allowing users to withdraw Nigerian naira (NGN), a regulated activity, Binance is in violation of local laws. Money Laundering Charges A deputy […]

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