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Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency Loans

Nigerian Central Bank Prohibits Use of Foreign Exchange as Collateral for Local Currency LoansThe Central Bank of Nigeria has barred the use of foreign exchange as collateral for local currency loans. In its April 8 letter addressed to banks, the CBN warned of severe consequences for banks that fail to comply with the latest directive. Halting the Slide of the Naira Hamstrung by ongoing shortages of U.S. dollars, […]

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Ghanaian Fintech Startup Zeepay Secures $3 Million Equity Investment

Ghanaian Fintech Startup Zeepay Secures  Million Equity InvestmentThe Ghanaian fintech startup Zeepay recently secured a $3 million equity investment from the venture capital firm, Verdant Capital Hybrid Fund. Zeepay plans to use the raised funds to bolster its standing as it prepares for significant growth in 2024. Solidifying Zeepay’s Position in Africa The Ghanaian fintech startup, Zeepay, recently secured a $3 million […]

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Detained Binance Executive Pleads Not Guilty; Nigerian Judge Sends Him to Prison

Detained Binance Executive Pleads Not Guilty; Nigerian Judge Sends Him to PrisonThe Binance executive detained by Nigerian authorities for nearly six weeks has pleaded not guilty to charges of money laundering. Binance expressed deep disappointment that Tigran Gambaryan, who holds no decision-making power within the company, remains in detention. Judge Dismisses Tigran Gambaryan’s Arguments Tigran Gambaryan, a detained executive from Binance, pleaded not guilty to money […]

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Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’

Zimbabwe’s Central Bank Launches Gold-and Forex-Backed ‘Structured Currency’The Reserve Bank of Zimbabwe has introduced a foreign exchange and gold-backed “structured currency” to replace the struggling local currency. The structured currency banknotes will be “fully convertible into the reserve currency on demand.” The central bank has also reduced the annual interest rate from 130% to 20%. Structured Currency Supported by Solid Fundamentals The […]

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Nigerian Court Postpones Detained Binance Executive’s Tax Evasion Case to April 19

Nigerian Court Postpones Detained Binance Executive’s Tax Evasion Case to April 19A Nigerian court has postponed the tax evasion case of the detained Binance executive to April 19, while the hearing for the cryptocurrency exchange itself is scheduled for April 8. The court also ordered that the executive Tigran Gambaryan be held in the custody of the Economic and Financial Crimes Commission. Tigran Gambaryan Accused of […]

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Binance: Detained Executive Lacks Decision-Making Authority, Must Be Released

Binance: Detained Executive Lacks Decision-Making Authority, Must Be ReleasedTigran Gambaryan, the Binance employee detained by Nigerian authorities, is a stringent law enforcement professional with no decision-making authority, according to the crypto exchange. Through his Financial Crime Compliance (FCC) team, Gambaryan has responded to more than 600 information requests from Nigerian authorities. Gambaryan Hired to Assist Binance with Past Compliance Issues Tigran Gambaryan, an […]

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Detained Binance Executive Sues Nigerian Anti-Graft Agency for ‘Fundamental Rights’ Violation

Detained Binance Executive Sues Nigerian Anti-Graft Agency for ‘Fundamental Rights’ ViolationThe Binance executive who is being held by Nigerian law enforcement has sued the country’s anti-corruption agency for violating his fundamental rights. The executive also wants the local court to declare the seizure of his passport “a violation of his fundamental right to personal liberty.” Violation of the Right to Personal Liberty The detained Binance […]

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Nigerian Central Bank Not in Charge of Crypto Regulation, Says Governor

Nigerian Central Bank Not in Charge of Crypto Regulation, Says GovernorAccording to the governor of the Central Bank of Nigeria, the Securities and Exchange Commission is responsible for regulating cryptocurrencies. However, the governor said the central bank will collaborate with law enforcement agencies and regulators overseeing the Nigerian crypto sector. The Central Bank’s Change of Heart In a surprise announcement, Yemi Cardoso, governor of the […]

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Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian Authorities

Court Orders Binance to Hand Over ‘Comprehensive’ User Data to Nigerian AuthoritiesA Nigerian high court has ordered Binance to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data relating to all Nigerian traders on its platform. The EFCC alleges it has discovered instances of price discovery, confirmation, and market manipulation on the Binance platform. Binance Violates Nigerian Anti-Money Laundering Laws In a fresh development […]

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Real-World Assets Platform Gluwa Considers Developing Liberia’s CBDC

Real-World Assets Platform Gluwa Considers Developing Liberia’s CBDCThe real-world assets platform, Gluwa, is exploring the potential to assist in the development and launch of Liberia’s central bank digital currency. To increase the likelihood of the digital currency’s success, Gluwa is also considering the launch of a satellite-based internet service. Making the Digital Currency Compatible with Liberia’s Mobile Money System Gluwa, a real-world […]

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