Nigerian Agencies Told to Stop ‘Demonizing’ Crypto Industry Players
Nigerian public and law enforcement agencies have been urged to “stop the demonization” of the blockchain and cryptocurrency industry. According to an association that advocates for the risk-based regulation of the crypto industry, financial institutions should not use a Nigerian central bank directive as basis for denying service to industry players. Risk-Based Regulation of Crypto Activities A blockchain and crypto industry association has told Nigerian public and law enforcement agencies to stop demonizing and discriminating against blockchain and crypto....
Related News
A Nigerian court has rescheduled the hearing of a tax evasion lawsuit against Binance and some of its executives to May 17. This adjournment represents the latest development in the ongoing regulatory saga between various agencies of the Nigerian government and the Malta-based cryptocurrency exchange. Related Reading: Impending Extradition? Nigerian Authorities Trace Fleeing Binance Exec […]
The leader of the Nigerian blockchain association, Senator Ihenyen, has implored the country’s lawmakers — currently pushing for the securities law to be revamped — to consider crafting laws that regulate the crypto industry.
Proposed Law Does Not Expressly Mention Cryptocurrencies
As Nigerian lawmakers debate a bill that proposes a ten-year jail term for operators of Ponzi schemes, a leader of a Nigerian blockchain lobby group, Senator Ihenyen, has urged the country’s lawmakers to consider crafting a law to govern the cryptocurrency industry. He....
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 Nigeria’s foremost cryptocurrency and blockchain advocacy groups — advises affected individuals and companies to seek legal advice and redress in courts where appropriate. The body also insists that no....
The Nigerian blockchain and crypto advocacy group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) recently announced the introduction of a code of conduct for Nigerian virtual assets service providers. The code of conduct, which was initiated by the office of the President of Nigeria, applies to all Nigerian VASPs.
Making the Nigerian Blockchain Industry a Safe Space
The Nigerian blockchain group, the Stakeholders in Blockchain Technology Association in Nigeria (SIBAN) has introduced what it called a code of conduct for virtual asset service providers....
The U.S. Department of Justice (DOJ) has requested federal agencies stop signing appreciation letters for Binance. The exchange used these letters as proof they are actively helping these agencies in criminal probes. However, this behavior seems to have bothered agents of these state organizations, who argue the exchange is bound to cooperate with these investigations by law. DOJ, Says ‘No Thanks’ to Binance Binance, the leading cryptocurrency exchange, seems to have fallen from grace with U.S. government agencies. The exchange normally requested appreciation notes regarding....