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Nigeria’s SEC to crack down on unregulated crypto exchanges

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Nigeria’s Securities and Exchange Commission (SEC) has announced a crackdown on unregulated cryptocurrency transactions as part of its latest regulatory measures. The new regulations aim to bring greater oversight and transparency to the country’s rapidly growing digital asset market.

In a move designed to curb illegal and unregulated crypto activities, the SEC has introduced stringent rules requiring all cryptocurrency transactions to be conducted through licensed platforms. These regulations mandate that all digital asset exchanges, wallet providers, and other crypto-related businesses must obtain official licenses to operate within Nigeria.

The SEC’s new guidelines are part of a broader effort to protect investors and ensure market integrity amid increasing concerns over fraud and market manipulation in the cryptocurrency space. The regulations also include enhanced reporting requirements for crypto transactions and stricter anti-money laundering (AML) and combating the financing of terrorism (CFT) measures.

“The implementation of these regulations is crucial for safeguarding investors and ensuring that cryptocurrency activities are conducted in a transparent and regulated manner,” said Lamido Yuguda, the Director-General of the SEC. “Our aim is to create a safer and more structured environment for digital asset trading while addressing the risks associated with unregulated transactions.”

The SEC’s actions follow a series of high-profile incidents involving fraudulent crypto schemes and unlicensed trading platforms in Nigeria. By enforcing these new rules, the SEC seeks to mitigate risks and enhance consumer confidence in the cryptocurrency market.

Industry stakeholders have reacted positively to the SEC’s move, noting that clearer regulations could lead to increased legitimacy and stability in the sector. However, some crypto advocates have expressed concerns that the new rules could stifle innovation and limit access to digital asset trading for smaller investors.

The Nigerian government has been actively working to integrate cryptocurrencies into the formal financial system while addressing regulatory challenges. The SEC’s latest enforcement action is seen as a significant step toward achieving a balanced approach that promotes both innovation and regulatory compliance.

As the cryptocurrency market continues to evolve, the SEC’s regulations are expected to set a precedent for other countries grappling with similar issues related to digital asset oversight. The effectiveness of these measures will likely be closely monitored by global regulators and industry participants.

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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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