Category: Nigeria
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Nigeria Eyes Digital Assets for Revenue Boost
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Nigeria’s governance of digital assets has advanced with her age Digital currency tax policy Transactions, as mentioned. The goal of the government is to improve the collection of revenues and integrate digital assets into its financial system by imposing a 10 % tax on capital gains from encrypted currency transactions.…
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Nigeria Unmasks Global Scam, 53 Charged
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Nigerian law enforcement has revealed advanced Global encryption fraud in Lagos During a general electronic crime raid. One of the most coordinated activities against encryption fraud in West Africa this year, the last raid led to 53 people were arrested Of different nationalities. Among those arrested 29 Chinese citizens, they…
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Nigeria Unmasks Global Scam, 53 Charged
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Nigerian law enforcement has revealed advanced Global encryption fraud in Lagos During a general electronic crime raid. One of the most coordinated activities against encryption fraud in West Africa this year, the last raid led to 53 people were arrested Of different nationalities. Among those arrested 29 Chinese citizens, they…
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US Attorney Generals Ask Biden To Act On Binance Exec’s Detention In Nigeria
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US prosecutors in several states have asked US President Joe Biden to intervene in the detention by Nigerian authorities of Binance CEO Tigran Gembrayan. This development comes months after a similar approach was taken by some US lawmakers who cited concerns about the deteriorating health of the former IRS officer.…
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US Attorney Generals Ask Biden To Act On Binance Exec’s Detention In Nigeria
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US prosecutors in several states have asked US President Joe Biden to intervene in the detention by Nigerian authorities of Binance CEO Tigran Gembrayan. This development comes months after a similar approach was taken by some US lawmakers who cited concerns about the deteriorating health of the former IRS officer.…
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REGULATING BITCOIN AND CRYPTO IN NIGERIA: CROSSROADS BETWEEN CAPITAL CONTROL AND FINANCIAL FREEDOM
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The rise of Bitcoin and digital assets has sparked a classic battle, with governments acting as watchful hawks, trying to control a fast and elusive technology like a deer darting across a decentralized savanna. In Nigeria, this struggle is as tangled as the dense foliage of a forest, with regulators…
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REGULATING BITCOIN AND CRYPTO IN NIGERIA: CROSSROADS BETWEEN CAPITAL CONTROL AND FINANCIAL FREEDOM
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The rise of Bitcoin and digital assets has sparked a classic battle, with governments acting as watchful hawks, trying to control a fast and elusive technology like a deer darting across a decentralized savanna. In Nigeria, this struggle is as tangled as the dense foliage of a forest, with regulators…
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Nigeria arrests seven Polish nationals for raising Russian flags at protests By Reuters
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Written by Obi Adetayo ABUJA (Reuters) – Seven Poles have been arrested in Nigeria for waving Russian flags during anti-government protests this week in the northern state of Kano, state security spokesman Peter Afunanya said on Wednesday. Hundreds of thousands of Nigerians have been protesting since August 1 against painful…
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OKX to Discontinue Services in Nigeria, Here’s What Users Need to Know
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Leading cryptocurrency exchange OKX has announced the shutdown of its services in Nigeria, citing recent regulatory changes. According to emails sent to Nigerian OKX users, clients have until August 30 to withdraw their assets from the exchange, after which any remaining balances on the platform will be subject to restrictions.…
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Shikun & Binui selling Nigeria operations for $100m
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The Israeli infrastructure and construction company suffered huge losses in Nigeria due to the sharp devaluation of the Nigerian naira last year. Israeli construction company Shikon and Benoy SKPN (TASE: SKBN) has pulled out of Nigeria after suffering heavy losses due to the sharp depreciation of the naira against the…
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Central Bank Official Criticizes Binance Operations In Nigeria
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A Nigerian central bank official has said that Binance is operating illegally in multiple ways in the West African country. The development comes amid the ongoing legal proceedings against the prominent cryptocurrency exchange in Nigeria. Central Bank of Nigeria Official: Binance Violated Nigerian Currency Trading Policy In April 2024, the…
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Nigeria to focus on Blockchain and emerging tech with plans to deploy research centers
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Nigeria’s National Information Technology Development Agency (NITDA) is looking to roll out research centers geared towards emerging technologies like Blockchain. The initiative was Advertise By the Director General of the National Technology Development Agency, Kashifu Eno, at the West Africa Internet of Things Conference in Lagos. According to the Director…
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Nigeria gives VASPs 30-day ultimatum to comply with new rules
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Nigerian regulators are mandating that Virtual Asset Service Providers (VASPs) update their applications within 30 days to comply with new rules on digital asset issuance, platform offering, exchange and custody. Nigeria updates crypto regulations The Nigerian Securities and Exchange Commission (SEC) has announced plans to formally update regulations for important…
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Nigeria gives VASPs 30-day ultimatum to comply with new rules
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Nigerian regulators are mandating that Virtual Asset Service Providers (VASPs) update their applications within 30 days to comply with new rules on digital asset issuance, platform offering, exchange and custody. Nigeria updates crypto regulations The Nigerian Securities and Exchange Commission (SEC) has announced plans to formally update regulations for important…
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Nigeria Drops Tax Evasion Charges Against Binance Executives
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Events in the Nigeria-Binance saga continue to unfold. This time, the country dropped tax charges against the stock exchange executives. according to tweet By Nigerian journalist Alexander Onukwe Nigeria’s Federal Inland Revenue Service (FIRS) has withdrawn tax evasion charges against Tigran Gambaryan, Head of Financial Crimes Compliance at Binance, and…
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Binance Leaders Off the Hook in Nigeria Tax Evasion Case after Legal Shuffle
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Today (Friday), Nigeria dropped tax evasion charges against two Binance executives after a local representative was appointed by the cryptocurrency exchange to handle the legal proceedings. Tigran Gambaryan, a US citizen and head of financial crimes compliance, and Nadeem Angarwala, the British-Kenyan regional director for Africa, have denied the accusations.…
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US Lawmakers Urge Biden to Secure Release of Detained Binance Exec in Nigeria
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A group of US lawmakers have called on President Joe Biden to intervene in the detention of Tigran Gambaryan, a high-ranking Binance executive, who has been held by Nigerian authorities for nearly three months. The appeal, led by House Foreign Affairs Committee Chairman Michael McCaul (R-Texas) and supported by 11…
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US Legislators Rally Behind Binance’s Executive Detained in Nigeria
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US lawmakers have accused Nigeria of holding a Binance executive hostage. Bloomberg reported that lawmakers called on President Joe Biden to intervene and secure the executive’s release. In a recent letter, sixteen Republican members of Congress, led by Michael McCaul, Chairman of the House Foreign Affairs Committee, urged President Biden…
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Binance doesn’t see a clear roadmap for getting exec out of Nigeria
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Noah Perlman, Chief Compliance Officer at Binance, discussed the latest developments in the legal battle involving Nigeria and Binance CEO Tigran Gambaryan. Perelman commented on the ongoing saga involving two Binance executives and the Nigerian government without giving much hope of a resolution anytime soon. “We don’t really see a…