Richard Teng, the CEO of Binance, a leading cryptocurrency trading platform, has alleged that unidentified individuals demanded cryptocurrency as a bribe from its executives, Tigran Gambaryan and Nadeem Anjarwalla, prior to their detention on February 28, 2024. In a blog post released on Tuesday on Binance’s website, Teng outlined the sequence of events, including a January 8 meeting in Abuja with Nigerian authorities, where the executives were accused of criminal activities. Despite the seriousness of the meeting, which involved around 30 government agencies, it was revealed that the committee lacked the authority to issue arrest warrants. Following this, Gambaryan received…

The Central Bank of Nigeria (CBN) has mandated all financial institutions in the country to commence deductions for a cybersecurity levy on electronic transactions, effective May 20, 2024, following a directive issued six years after its initial issuance. The levy, to be remitted to the National Security Fund administered by the Office of the National Security Adviser (ONSA), will be deducted from all electronic transactions conducted through various financial channels, including commercial banks, merchant banks, non-interest banks, payment system banks, mobile money operators, and payment service providers. Non-compliance with the directive and failure to remit the levy within the stipulated…

The Central Bank of Nigeria (CBN) has reactivated fees for cash deposits exceeding N500,000 for both individual and corporate account holders, marking a resurgence in processing charges after a suspension period. The decision, effective May 1, comes after over four months of the apex bank's suspension of processing fees on cash deposits surpassing N500,000, which was set to expire on April 30, 2024. In a circular addressed to customers, First Bank Nigeria (FBN) notified of the revised processing fee structure, where individuals face a 2 percent charge on deposits above N500,000, while corporate account holders encounter a 3 percent fee…

The Securities and Exchange Commission (SEC) has unveiled plans to remove the naira from all peer-to-peer (P2P) platforms, as announced by Emomotimi Agama, SEC's acting director general, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the collective body of major blockchain and cryptocurrency associations in the country. P2P platforms facilitate direct financial transactions between two parties without traditional financial institution involvement. SEC's decision aims to mitigate perceived manipulation within the cryptocurrency domain. Agama emphasized the importance of collective action and dialogue within the financial ecosystem, citing concerns over the impact of crypto P2P traders on…