2024

The Nigerian securities regulatory authority has introduced new guidelines for crypto service providers.
According to <a href="https://punchng.com/sec-to-tighten-rules-for-digital-assets-operations/" target="_blank" rel="noopener noreferrer nofollow">local reports,</a> Nigeria’s <a href="https://crypto.news/tag/sec/" target="_blank" rel="noopener noreferrer nofollow">SEC</a> is moving to block criminals from interacting with the capital markets. New SEC guidance will ensure that criminals are not registered as operators in the capital markets, although it is unclear how criminality will be investigated.
The guidance, which includes anti-money laundering (<a href="https://crypto.news/tag/aml/" target="_blank" rel="noopener noreferrer nofollow">AML</a>) and counter-terrorism financing (CFT) regulations, aims to prevent criminals from accessing the country’s capital market.
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 “The SEC has also developed a new AML/CFT/CPF onboarding manual for licensing/registration and ongoing screening of Digital and VASP Beneficial Owners to ensure that criminals are not registered as operators in the capital market.” <cite>SEC statement</cite>
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The restrictions come amid an ongoing investigation by Nigerian authorities into <a href="https://crypto.news/tag/binance/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, which <a href="https://crypto.news/nigeria-reportedly-plans-to-ban-binance-other-crypto-firms-over-their-ties-to-forex/" target="_blank" rel="noopener noreferrer nofollow">is accused</a> of illegal activities in the country and manipulation of the naira exchange rate.
Users in Nigeria began reporting about this the day before. Representatives of the largest crypto exchange sent emails to Nigerian users. They noted that they know the current situation and actively interact with Nigerian regulatory authorities.
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 ⚠️🚨⚠️🚨⚠️🚨🇳🇬 The Nigeria Binance ban has just been put into effect! Nigeria has cut off access to Binance, Coinbase &amp; other crypto exchanges to help their struggling currency. Users turn to VPN to circumvent (one of the big issues cited in the Binance indictment). <a href="https://t.co/AWgKjhEv1R" target="_blank" rel="noopener noreferrer nofollow">https://t.co/AWgKjhEv1R</a> <a href="https://t.co/DL0HS6lwQr" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/DL0HS6lwQr</a>— Rho Rider (@RhoRider) <a href="https://twitter.com/RhoRider/status/1760448421620748581?ref_src=twsrc%5Etfw" target="_blank" rel="noopener noreferrer nofollow">February 21, 2024</a>
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Nigerian security agencies also <a href="https://crypto.news/nigeria-arrests-binance-executives-amid-naira-speculation-crackdown/" target="_blank" rel="noopener noreferrer nofollow">detained</a> two exchange employees. The Binance employees could face charges of currency manipulation, tax evasion, and illegal transactions.
Binance later <a href="https://crypto.news/binance-leaves-nigeria-suspending-all-naira-services/" target="_blank" rel="noopener noreferrer nofollow">stopped</a> all Nigerian naira services.
You might also like: <a href="https://crypto.news/binance-nigeria-fine-manipulation/" rel="noopener noreferrer nofollow"> Nigeria fines Binance $10b in forex-rate manipulation probe </a>

Nigeria’s SEC proposes guidelines for crypto firms to fight criminals

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