Nigeria’s SEC has signaled support for stablecoin innovation, provided it complies with the country’s digital asset regulations. Speaking at the Nigeria Stablecoin Summit, SEC Director-General Emomotimi Agama highlighted stablecoins’ importance in Africa’s digital economy, where volatile local currencies drive demand for dollar-backed assets. Nigeria ranks second globally in crypto adoption, with stablecoins like USDT and USDC addressing foreign currency shortages and inflation. The SEC’s stance offers regulatory clarity, encouraging foreign investment while ensuring market protection. This follows Nigeria’s earlier crypto crackdown, including the arrest of a Binance executive, as the country moves toward structured crypto taxation and regulation.
about Nigeria SEC Backs Stablecoins Under Regulatory ComplianceTigran Gambaryan
0 posts last weekBinance Compliance Chief Exits After Nigeria Ordeal
Tigran Gambaryan, a key figure in Binance’s compliance efforts, has resigned to seek new challenges in the public or private sector. During his tenure, he built a 100-strong team of law enforcement experts and handled over 57,000 regulatory requests. His exit adds to a wave of leadership changes at Binance, including founder CZ’s 2023 departure amid legal troubles. Gambaryan gained global attention in 2024 when Nigerian authorities detained him for months before his eventual release. The former IRS agent now aims to bridge gaps between technology and compliance in his next role.
about Binance Compliance Chief Exits After Nigeria OrdealEx-Binance Exec Gambaryan Resigns After Nigeria Detention
Tigran Gambaryan, the Binance executive detained in Nigeria for eight months before his release in October 2024, has formally resigned from the company as of June 6. In a public statement, Gambaryan expressed his intention to stay in the crypto sector, emphasizing his commitment to aiding law enforcement efforts globally. He hinted at future roles in either public service or mission-driven private institutions, signaling a continued focus on regulatory and security challenges within the industry. His resignation marks the end of a tumultuous chapter following his high-profile detention in Nigeria.
about Ex-Binance Exec Gambaryan Resigns After Nigeria DetentionNigeria Court Orders Arrest in $620K Crypto Fraud Case
A Nigerian high court has granted the Economic and Financial Crimes Commission (EFCC) authority to arrest six individuals linked to a $620,000 crypto investment scam involving Crypto Bridge Exchange (CBEX). The suspects allegedly used deceptive ads to attract investors before halting withdrawals, leading to public outrage and even violent protests. This follows Nigeria’s broader regulatory scrutiny of crypto exchanges, including the high-profile detention of Binance executives earlier in 2024. The case underscores the risks of unregulated crypto platforms and Nigeria’s aggressive stance against financial fraud in the digital asset space.
about Nigeria Court Orders Arrest in $620K Crypto Fraud CaseNigeria Adjourns Binance Tax Case to April 30
A court in Abuja has postponed Nigeria’s tax evasion case against Binance to April 30, following legal disputes over service of documents. Binance, incorporated in the Cayman Islands, argues Nigeria’s Federal Inland Revenue Service (FIRS) lacked proper authorization to serve legal papers internationally. The Nigerian government claims Binance’s operations caused economic harm, including Naira devaluation, and seeks $2 billion in back taxes and $79.5 billion in damages. Authorities allege the platform facilitated capital flight via P2P trading during currency volatility. The case is part of Nigeria’s broader crypto crackdown, which previously led to the detention of two Binance executives—one released after bribery allegations, the other escaping custody.
about Nigeria Adjourns Binance Tax Case to April 30Binance Faces Investigation in France for Money Laundering and Tax Fraud
Binance is under investigation in France for money laundering and tax fraud, with authorities probing allegations linked to drug trafficking. The exchange, which denies the charges, claims these issues are “several years old.” This follows a series of regulatory challenges, including the resignation of founder Changpeng Zhao as CEO after guilty pleas related to anti-money laundering violations.
about Binance Faces Investigation in France for Money Laundering and Tax FraudBinance Maintains Dominance Amid Challenges and Memecoin Surge
Binance continues to thrive despite challenges, maintaining its position as the leading exchange by trade volume, with $9 billion in daily transactions. The platform has effectively dominated the memecoin market, controlling 44% of the volume on centralized exchanges, while listing a selective range of coins to ensure user safety. New CEO Richard Teng emphasized the stringent listing criteria, which allows Binance to remain competitive amid increasing market pressures.
about Binance Maintains Dominance Amid Challenges and Memecoin SurgeBinance Receives Broker-Dealer License in Brazil After Acquiring Simpaul
Binance has received a broker-dealer license from Brazil’s Central Bank following its acquisition of licensed financial services firm Sim;paul. This approval positions Binance as the first crypto exchange with such a license in Brazil, enhancing its compliance capabilities amid ongoing regulatory developments globally. The move comes after significant legal challenges faced by the exchange’s founder and other executives, while Binance continues to expand its compliance team to support responsible growth in the crypto ecosystem.
about Binance Receives Broker-Dealer License in Brazil After Acquiring SimpaulMan Dies by Suicide After NFT Rug Pull Conviction and Guilty Verdict
Berman Jerry Nowlin, 21, died by apparent suicide while awaiting sentencing for his role in a $400,000 NFT “rug pull” involving wire fraud and money laundering. His family claims he was an unaware accessory, with his co-defendant, Devin Alan Rhoden, primarily responsible for the scheme. Despite his attorney’s defense, the Department of Justice found evidence linking Nowlin directly to the fraudulent activities.
about Man Dies by Suicide After NFT Rug Pull Conviction and Guilty Verdict