Nigeria crypto – DIGIT INFO

OKX’s exit From Nigeria sparks criticism from crypto analysts

DIGIT — Thu, 18 Jul 2024 13:13:54 +0000

OKX stopped Naira withdrawals in May 2024 due to regulatory issues after Binance was accused of manipulating Nigeria’s currency and laundering money.

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Nigeria’s SEC-Crypto License

DIGIT — Tue, 21 May 2024 05:20:30 +0000

In May 2022, Nigeria’s Securities and Exchange Commission introduced a robust regulatory framework for virtual asset service providers, including digital asset exchanges. The framework required compliance with various laws and regulations to foster market integrity, safeguard investors, and deter financial crimes. The rules mandated digital asset exchanges to register, adhere to anti-money laundering (AML) practices, […]

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Coinbase CEO Says No Access Block in Nigeria, Platform Operating Normally

DIGIT — Sat, 24 Feb 2024 05:00:31 +0000

Coinbase CEO Brian Armstrong has dismissed reports of his cryptocurrency exchange being blocked by Nigerian authorities. He emphasized that Coinbase products are fully operational in Nigeria without any interruptions. “We have not received any outreach or communication from officials in Nigeria,” the Coinbase executive affirmed. Meanwhile, Binance has reportedly admitted that some users in Nigeria […]

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Nigerian Crypto and Web3 Startup Lazerpay Shuts Down After Failing to ‘Close a Successful Funding Round’

DIGIT — Sat, 15 Apr 2023 03:45:04 +0000

The Nigerian crypto and Web3 startup Lazerpay announced on April 13 that it will cease operations. Co-founder and CEO Njoku Emmanuel said the decision to cease operations was made after Lazerpay failed to successfully close a funding round. The CEO also said he is ready to listen to offers from companies that may want to […]

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Nigerian Crypto and Blockchain Advocacy Group: Freezing or Closure of Bank Accounts Not Supported by Law

DIGIT — Tue, 23 Nov 2021 12:00:31 +0000

The Blockchain Industry Coordinating Committee of Nigeria (BICCON), has said it is not lawful for Nigerian financial institutions to arbitrarily freeze or close bank accounts belonging to individuals or entities accused of trading cryptocurrency. Affected Crypto Entities Told to Seek Legal Advice In a public statement issued on November 22, BICCON — a coalition of […]

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Nigerian Pop Artist Shills Meme Coin and Price Briefly Doubles — Followers Question Artist’s Motives

DIGIT — Thu, 22 Jul 2021 01:30:00 +0000

The Nigerian pop artist and celebrity, Davido, recently posted several tweets endorsing ‘rapdoge,’ the so-called “first deflationary meme token fully supported by celebrities & rappers.” In one of the tweets, Davido tells his 9.5 million followers to “buy $20, $100 or $1000 worth of rap doge tokens and be ready to make some money.” Pump […]

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Report: Nigerian NFT Artists Thrive Despite Bubble Fears and Ongoing Central Bank Anti-Crypto Restrictions

DIGIT — Fri, 25 Jun 2021 10:30:25 +0000

Nigerian artists are now increasing their net worth by leveraging the art world’s lucrative pivot to non-fungible tokens (NFT). According to reports, this move to NFTs is happening despite the Nigerian central bank’s renewed anti-crypto stance. NFT Bubble Concerns As a recent CNN report explains, growing interest in NFTs from Nigerian artists comes alongside warnings […]

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Official Remittances to Nigeria Plummet by Almost 40% in a Year When Crypto Use Surged

DIGIT — Fri, 14 May 2021 07:00:00 +0000

According to the latest data from the World Bank, international money transfers into Nigeria dropped by nearly 40% from $23.8 billion recorded in 2019 to $17.2 billion in the past year. Yet despite this fall, remittances, which account for 4% of the country’s GDP, still remain an important source of foreign exchange for the oil-rich […]

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