Binance Places Price Cap on USDT for Nigerian Traders
To ensure conformance with local authorities in Nigeria, Binance has imposed a price cap on the sale of Tether tokens on its peer-to-peer (P2P) platform. A USDT price of 1,802 Naira prevents Binance traders from selling USDT now. Announcing to its Nigerian clientele, the cryptocurrency exchange emphasized its dedication to collaborating closely with local authorities, […]
Binance Aims for Regulatory Compliance in Nigeria
Amid concerns about currency manipulation, Binance takes proactive measures to ensure regulatory compliance in Nigeria. In response to the increasing scrutiny of cryptocurrency activities in Nigeria, Binance, a prominent digital asset platform, has taken steps to ensure regulatory compliance. However, in the context of the Nigerian government’s deliberations on potential strategies to combat currency manipulation and […]
Nigeria’s Central Bank Approves cNGN Stablecoin Launch
The Central Bank of Nigeria (CBN) has granted the Africa Stablecoin Consortium (ASC) permission to test its cNGN stablecoin in the regulatory sandbox. The launch is slated for February 27, 2024. The CBN, the Nigerian Securities and Exchange Commission , and the Nigerian Financial Intelligence Unit have set regulatory standards and requirements, and the cNGN […]
Nigeria to Launch Compliant Naira Stablecoin in 2024
A group of banks, fintechs, and blockchain startups in Nigeria are creating cNGN, the first regulated Naira stablecoin. The new Naira stablecoin, cNGN , will be regulated and consortium-based. Unlike other stablecoin drafts, cNGN would be owned by Nigerian banks and be legal money, with a 1:1 peg to NGN. Sources close to Forbes claim […]
Yellow Card Exchange Expects Crypto Usage Surge in Nigeria by 2024
Yellow Card, a Nigeria-based cryptocurrency exchange, anticipates a significant surge in cryptocurrency utilization within the nation in 2024 following the central bank’s circular that lifted crypto restrictions. The CBN’s decision would affect the public’s and traditional financial institutions’ perception of cryptocurrencies, according to Yellow Card’s Chief Data Protection Officer and Vice President of Legal, Commercial, […]