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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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7-Eleven South Korea to accept CBDC payments in national pilot program

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7-Eleven is set to participate in the testing phase of a central bank digital currency (CBDC) initiative, running from April to June. The retail giant’s involvement highlights the growing push for digital currency integration in everyday transactions.

The pilot program will assess the feasibility of CBDC payments at 7-Eleven stores, allowing customers to make purchases using the digital currency. The initiative is part of a broader effort to explore the real-world application of CBDCs in retail environments, potentially shaping future payment systems.

As central banks worldwide accelerate their digital currency research, private sector collaboration is seen as crucial for widespread adoption. If successful, 7-Eleven’s participation could pave the way for broader CBDC usage across retail and commercial sectors.

The outcome of the testing phase will provide valuable insights into consumer adoption, transaction efficiency, and potential regulatory considerations, influencing how CBDCs are integrated into mainstream financial systems.

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SEC and Gemini ask to pause lawsuit to explore ‘potential resolution’

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The U.S. Securities and Exchange Commission (SEC) and crypto exchange Gemini have agreed to pause legal proceedings as both sides explore a potential resolution to their ongoing lawsuit. The move signals a possible settlement in the high-profile case, which centers around Gemini’s now-defunct Earn program.

The SEC initially sued Gemini, alleging that the Earn program—designed to offer users yield on crypto deposits—operated as an unregistered securities offering. Gemini has pushed back against the claims, arguing that its operations complied with regulatory standards.

By pausing litigation, both parties may be looking for a compromise that could set a precedent for crypto lending products in the U.S. A settlement could also provide regulatory clarity for similar platforms navigating SEC scrutiny.

While the outcome remains uncertain, the crypto industry is closely watching the case, as its resolution could impact future enforcement actions and the broader regulatory approach toward digital asset lending services.

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GameStop finishes $1.5B raise to add Bitcoin to its balance sheet

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GameStop has successfully completed a debt offering, raising capital that may be used to acquire Bitcoin, signaling the company’s deeper foray into digital assets. The move aligns with its broader strategy to diversify beyond traditional retail operations and into emerging financial technologies.

While GameStop has not confirmed the exact allocation of the funds, market speculation suggests that a portion could be used to buy Bitcoin, following in the footsteps of companies like MicroStrategy. The potential investment would reinforce GameStop’s ongoing pivot toward blockchain and digital assets, an effort that began with its NFT marketplace and crypto-related initiatives.

Analysts see this development as part of a growing trend of corporations exploring Bitcoin as a reserve asset amid concerns over inflation and monetary policy. If GameStop proceeds with the acquisition, it could further validate Bitcoin’s role as a strategic investment for publicly traded companies.

The company’s board will ultimately decide how the newly raised capital is deployed. Investors and the broader crypto market are watching closely for any official announcements regarding GameStop’s Bitcoin strategy.

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