Cryptocurrency

Binance has refuted the Nigerian government’s claim that it made $26 billion in revenue from the country in 2023, noting that Nigeria has never been a major market for the company.

Binance has announced the expansion of its services with a new feature enabling users in Ghana, Tanzania, Uganda, and Zambia to trade crypto assets using mobile money. This comes amid challenges with its operations in Nigeria.

Frozen crypto wallets concerning #EndBadGovernance protests are still active. The wallets, which are owned by KuCoin and MEXC, are still sending and receiving thousands of dollars as of press time.

OKX, a crypto exchange, will cease operations in Nigeria from August 16, 2024, due to regulations. Users can only withdraw funds until August 30, 2024, after which they must contact customer service for account-related actions.

Members of the United States Congress have submitted a resolution urging the Nigerian government to immediately release Tigran Gambaryan, a detained Binance executive, from imprisonment.

The National Information Technology Development Agency (NITDA) has announced plans to consider developing an indigenous blockchain, Nigerium, to enhance data security in Nigeria.

KuCoin has announced that it will start charging Nigerians a 7.5% VAT on all crypto transactions. The exchange said the new update is in a bid to keep up with regulatory changes.

Chinyere Nnadi, Co-founder and CEO of Mara, has launched a new crypto company named Jara to replace Mara Wallet after facing financial difficulties, despite raising $23 million from notable investors like Coinbase and FTX.

Worldcoin plans to resume operations after Kenyan authorities dropped their investigation into claims of illegal data collection and transfer. This comes ten months after the East African country suspended the cryptocurrency project.

Detained Binance executive Tigran Gambaryan has requested that the Federal High Court in Abuja order the office of the National Security Adviser and the Economic and Financial Crimes Commission to award “costs” for prolonging his detention in Nigeria.

Two members of the US Congress have come to Nigeria, calling for the release of Tigran Gambaryan, a Binance employee and US citizen. The congress members say Gambaryan is being held hostage and denied access to medical attention.

The Nigeria Securities and Exchange Commission (SEC) has warned Nigerians about investing in memecoins like $DAVIDO, which burned investors after it was launched in May. The Commission said investing in memecoins, including $DAVIDO, is highly risky.

The cryptocurrency exchange KuCoin is temporarily suspending all peer-to-peer (P2P) naira services and Fast Buy services using naira cards on its platform. Meanwhile, Binance, another exchange already stopped naira services on its platform.

Binance CEO has requested the release of its detained executive, saying that after a meeting in January with the House Committee on Financial Crimes, payment in cryptocurrency was demanded to settle the allegations, however, it declined. This comes before Binance’s employees were detained in February.