Rally

when

Read

Daily

Nigeria’s SEC has released new guidelines to better regulate the working of crypto firms. The new guidelines are aimed at curbing money laundering cases and fraud related to digital currencies, according to The <a rel="noopener noreferrer nofollow" href="https://dailypost.ng/2024/03/07/sec-establishes-new-anti-laundering-guidelines-in-digital-asset/" target="_blank">Daily Post</a>. The update in working guidelines also comes at a time when one of the biggest crypto exchanges, Binance is facing scrutiny in the country.
<h2 id="nigeria-sec-put-new-rules-for-crypto-firms">Nigeria SEC Put New Rules for Crypto Firms</h2>
According to the Daily Post, new rules have been created by the Securities and Exchange Commission (SEC) to license, register, and inspect virtual asset service providers (VASPs). The initiative has been aimed at better regulating financial markets and ensuring that&nbsp; the capital market would be protected from “criminals being registered as operators.”
The report also highlights that the acronym for the new guidelines is AML/CFT/CPF, which stands for Anti-Money Laundering/Counter-Financing of Proliferation/Combating the Financing of Terrorism.
Read Also: <a href="https://coingape.com/bitcoin-elon-musks-tesla-spacex-holds-1-3b-btc-a-price-rally-ahead/" target="_blank" rel="noopener noreferrer nofollow">Bitcoin: Elon Musk’s Tesla &amp; SpaceX Holds $1.3B BTC, A Price Rally Ahead?</a>
<h2 id="nigeria-s-new-crypto-laws-coincide-with-binance-feud">Nigeria’s New Crypto Laws Coincide with Binance Feud</h2>
Nigeria’s new measures come at a time when the country is already tightening its grip on the digital asset market. One of the biggest cryptocurrency exchanges in the world, <a href="https://coingape.com/binance-faces-no-confirmed-fine-nigeria-clarifies-after-mix-up/" target="_blank" rel="noopener noreferrer nofollow">Binance</a>, made headlines lately when it revealed that it intended to stop offering Nigerian Naira (NGN) services in response to increased scrutiny by the country’s CEX. Given its prior legal history in the country, Binance seemed to have come under more scrutiny amidst the recent crackdown on cryptocurrency exchanges in that West African nation.
In keeping with Nigeria’s recent crypto crackdown, Binance also tried to help its users keep their assets safe. The company demonstrated its efforts to guarantee regulatory compliance across the country, reiterating its dedication to collaborating with local authorities. But it quickly faced a setback when the executives of its Nigerian affiliate were arrested during the aforementioned regulatory sweep. Even if there were tidings that Binance would face a $10 billion fine, Nigeria’s authorities denied any such comments, which fueled concerns about the country’s impending crackdown on cryptocurrencies.
In addition, Nigeria made fun of well-known exchanges like Coinbase and Kraken, matching Binance’s criticism.
&nbsp;
The post <a href="https://coingape.com/nigerias-sec-releases-new-guidelines-for-crypto-firms-amid-binance-feud/" rel="noopener noreferrer nofollow">Nigeria’s SEC Releases New Guidelines for Crypto Firms Amid Binance Feud</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Nigeria’s SEC Releases New Guidelines for Crypto Firms Amid Binance Feud

목차

Coingape News Media

2024년 3월 7일에 게재된 다른 기사

Satoshi-Era DOGE Wallet Movements Detected After Being Inactive for 10.2 Years

Only Few Ethereum L2-Altcoins Will Survive the Next 5 Years: Kenny Li

Altcoin Libas Bitcoin Saat Dana US$800 Milyar Masuk ke Pasar Kripto

KAVA, EGLD, and QNT Cryptos: Top Picks To Watch For This Week

A Tale Of 2 Highs: Bitcoin And Gold’s Record-Breaking Milestones Create Market Dissonance

Nomura’s Laser Digital partners with Pyth Network as a data provider

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!