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Nigeria to ban p2p crypto trading in naira

The government of Nigeria is preparing to introduce new regulations to ban peer-to-peer (P2P) cryptocurrency exchange using the national currency, the Nigerian naira.

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The government of Nigeria is preparing to introduce new regulations to ban peer-to-peer (P2P) cryptocurrency exchange using the national currency, the Nigerian naira.

Nigeria’s Securities and Exchange Commission (SEC) is set to launch a new regulatory framework for crypto exchanges, custodians and other industry firms “in the coming days,” Bloomberg reported on May 7.

According to SEC Director General Emomotimi Agama, the new regulations aim to delist the naira from P2P exchanges in order to protect the local currency from manipulation.

The news follows a local ban issued to the global cryptocurrency exchange Binance and the arrests of its executives, Tigran Gambaryan and Nadeem Anjarwalla, in Nigeria in February 2024.

Gambaryan, who has been jailed at the Kuje correctional center in Nigeria’s capital, Abuja, will go on trial on May 17, facing charges of tax evasion, currency speculation and money laundering.

Even after removing the naira from its P2P service, Binance and its executives continued to face pressure from regulators in Nigeria, keeping Gambaryan arrested and jailed.

On May 7, Binance CEO Richard Teng released detailed records of Gambaryan’s detention, condemning the Nigerian government for “setting a dangerous new precedent for all companies worldwide” after detaining two of its employees.

Binance’s regulatory precedent in Nigeria and the planned P2P ban do not mean that P2P crypto trading will be gone for good in the country.

Nigerians would apparently still be able to trade on P2P marketplaces using the U.S. dollar. According to some industry advocates, banning P2P is also not easy, if not impossible.

Blockchain gaming accounted for 35% of the total decentralized application activity, with over 2.2 million daily unique active wallets, according to DappRadar data.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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