In a significant policy shift, Nigeria’s central bank has released updated guidelines for banks handling cryptocurrency accounts, signaling a change in the country’s stance towards digital assets. The move comes after the central bank recently lifted its ban on banks operating accounts for digital currency service providers, overturning a prohibition that had been in effect.Nigeria […]
Nigeria’s central bank has issued new guidelines for banks dealing with cryptocurrency accounts, signaling a shift in the country’s approach to digital assets. The guidelines, detailed on the central bank’s official website, impose strict rules on banks when it comes to dealing with cryptocurrencies. Banks are prohibited from holding or trading virtual assets on behalf […]
In 2023, the cryptocurrency industry experienced a mix of challenges and opportunities. Regulatory crackdowns and financial collapses shook the market, while new trends emerged.Several major banks, including Silicon Valley Bank, Signature Bank, and Silvergate, faced collapse, causing panic among customers and impacting crypto companies. Silvergate Bank’s closure led to the shutdown of its instant settlement […]
A Nigerian crypto exchange, Yellow Card, sees the recent guidelines from the Central Bank of Nigeria (CBN) as an opportunity for increased legitimacy and integration with the traditional financial system. The CBN’s decision to lift the ban on crypto transactions is expected to expand Yellow Card’s user base and foster competition and innovation in the […]
Africa has emerged as a continent with significant interest in cryptocurrency, with countries like South Africa, Nigeria, Zimbabwe, Kenya, and Ghana leading the way in adoption. In 2023, these countries made significant progress in cryptocurrency regulation and adoption.South Africa has been at the forefront of cryptocurrency regulation, implementing measures such as taxing cryptocurrencies and recognizing […]
The Central Bank of Nigeria (CBN) has lifted restrictions on Nigerian banks facilitating cryptocurrency transactions, according to a circular sent on Dec. 22. This move is expected to intensify competition between crypto-fiat exchanges and peer-to-peer (P2P) merchants. The initial ban by the CBN on banks aiding crypto transactions had led to the dominance of P2P […]
The Central Bank of Nigeria (CBN) has lifted the ban on cryptocurrency transactions in the country, allowing Nigerian banks and financial institutions to resume operations with cryptocurrency service providers. The initial ban, imposed in February 2021, was due to concerns over money laundering and terrorism financing risks associated with crypto assets.Under the new guidelines, financial […]
KuCoin, one of the leading cryptocurrency exchanges, has agreed to pay $22 million and halt trading activities in New York to settle a lawsuit brought against it by the state. As part of the settlement, KuCoin will refund $16.7 million to approximately 177,800 New York investors and pay a $5.3 million fine to the state. […]
Poloniex, a cryptocurrency exchange owned by businessman Justin Sun, has been added to the Financial Conduct Authority’s (FCA) warning list of unapproved businesses in the UK. The FCA stated that companies and individuals cannot market financial services in the UK without the necessary authority or approval. The FCA also reminded the public that they cannot […]
Poloniex, a cryptocurrency exchange owned by businessman Justin Sun, has been added to the Financial Conduct Authority’s (FCA) warning list of unapproved businesses in the UK. The FCA stated that companies and individuals cannot market financial services in the UK without the necessary authority or approval. The FCA also reminded the public that they cannot […]
