Nigeria Set to Ban P2P Crypto Exchanges, Unveils New Crypto Regulation Framework
Summary:
Nigeria's government plans to implement new regulations to ban P2P cryptocurrency exchanges in Nigerian naira. This move, informed by the Nigerian Securities and Exchange Commission, aims to protect the local currency from potential manipulation. This development follows the local ban on international cryptocurrency exchange Binance and the arrest of its executives on charges of tax evasion, currency speculation, and money laundering earlier this year.
Nigeria's government is gearing up to enact new rules to prohibit peer-to-peer (P2P) cryptocurrency exchanges using the Nigerian naira (NGN). A fresh set of rules for crypto exchanges, custodians, and other related firms is on the verge of being unveiled by Nigeria’s Securities and Exchange Commission (SEC), as per a Bloomberg report from May 7. The upcoming regulations, outlined by SEC Director General Emomotimi Agama, hope to remove the naira from P2P exchange to shield the domestic currency from potential manipulation, establishing: “The recent apprehensions around crypto P2P traders and their alleged influence on the naira's exchange rate underscore the necessity for a united response.”
This news comes in the wake of a previous local prohibition put on the international cryptocurrency exchange Binance, and the arrests of its executives, Tigran Gambaryan and Nadeem Anjarwalla, in February 2024. Gambaryan is currently detained at the Kuje correctional facility in Abuja and faces a court hearing this month where he will answer to accusations of tax evasion, currency speculation, and money laundering. More details will be included in this evolving story as and when they emerge.
Published At
5/7/2024 12:20:55 PM
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