Recently, crypto exchange OKX made a significant announcement to its Nigerian clients, informing them that they have until Aug. 16 to close their positions as the platform would be ceasing operations in the African country due to local regulations. This decision has raised concerns among Nigerian crypto users and has sparked conversations on social media
Exchanges
Recently, Russia’s Ministry of Finance put forward a proposal that traditional exchanges should be allowed to handle digital asset trading for a specific group of investors. This proposal, outlined in response to two regulations, suggests the creation of special regulations for organized trading in digital currencies as commodities based on exchange or trading system licenses.
Judge Katherine Polk Failla recently criticized Coinbase’s attempts to subpoena SEC chair Gary Gensler in the SEC’s ongoing case against the firm. Failla expressed her concern over Coinbase’s request for Gensler’s statements before he became SEC chair in 2021, deeming the arguments put forth by Coinbase’s lawyer as “speculative” and lacking persuasiveness. Despite acknowledging Coinbase’s
In an effort to enhance security within the crypto sector, Kraken recently co-founded the Blockchain Security Standards Council (BSSC) alongside several other major industry players. The nonprofit organization, which includes companies like Anchorage Digital, Coinbase, and Fireblocks, aims to create uniform security standards across the crypto industry to address pressing security threats such as fraud,
The recent plea deal involving Paxful Inc. co-founder and former CTO Artur Schaback has shed light on the company’s failure to uphold an effective anti-money laundering (AML) program. According to the Department of Justice, Schaback’s negligence allowed criminal activities such as money laundering, fraud, romance scams, and prostitution to flourish unchecked on the platform. This
Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), recently made allegations against Binance, a popular cryptocurrency exchange platform. Akinwumi claimed that Binance was conducting transactions that should only be reserved for authorized banks and financial institutions, going against the rules set by the CBN. Akinwumi’s accusations were part of his testimony
The European Banking Authority (EBA) has recently made significant updates to its Travel Rule guidelines that now include crypto service providers and intermediaries. This move, announced in a statement on July 4, sets a deadline of December 30, 2024, for crypto exchanges in the European Union to adhere to the new guidelines referred to as
Taiwan Mobile, the second-largest telecom operator in Taiwan, has taken a bold step by applying for a license to operate as a Virtual Asset Service Provider (VASP). The company’s General Manager, Lin Zhichen, has been named as the person in charge, solidifying Taiwan Mobile’s position in the crypto market. This move signifies the company’s commitment
Recently, crypto exchange KuCoin made an announcement that they would be implementing a 7.5% value-added tax on trading fees for their Nigerian users starting on July 8th. This news has sparked discussion and debate within the crypto community in Nigeria and beyond. The decision by KuCoin to collect a VAT on trading fees has raised
Binance.US, the American subsidiary of the world’s largest cryptocurrency exchange, Binance, is gearing up for the next phase of its legal battle with the Securities and Exchange Commission (SEC). In a statement released on July 1st, the company expressed its readiness to proceed with the case after the Court’s decision to allow the SEC’s allegations