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Nigerian court orders Binance to disclose all user data

A Nigerian High Court has directed the operators of Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information relating to all persons from Nigeria who are trading on its platform.

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A Nigerian High Court has directed the operators of Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information relating to all persons from Nigeria who are trading on its platform.

According to local news outlet Sahara Reporters, the directive was given in an interim ruling delivered by Justice Emeka Nwite on Feb. 29 following an ex parte motion filed against the cryptocurrency exchange platform Binance by the EFCC.

An ex parte motion is one in which only one party is present, and the defense is not given prior notice of the motion, preventing them from presenting an argument.

In the motion, the lawyer representing the anti-graft agency, Ekele Iheanacho, contended that Binance’s activities in Nigeria contain elements of criminality.

This assertion contravenes Sections 38 of the EFCC Act, 2004, and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), which mandates reporting suspicious transactions to authorities, with penalties for non-compliance.

In an affidavit, EFCC operative Hamma Bello stated the need for the Commission to conclude its ongoing probe after receiving intelligence on alleged money laundering and terrorism financing involving the Binance crypto exchange platform.

Bello stated that on receipt of the intelligence, the EFCC team discovered users using the cryptocurrency platform for illegal activities such as price discovery, confirmation and market manipulation, all of which had resulted in significant distortions in the foreign exchange market and further devalued the naira against other currencies.

The commission maintained that the adverse effects of these activities on the Nigerian economy were communicated to Binance operators, leading to the request to delist the naira from Binance’s trading platform.

Bayo Onanuga, presidential adviser on information and strategy, argued that Binance and other crypto platforms manipulated the naira and triggered a massive decline in the local fiat currency. The official also suggested banning platforms like Binance in the country.

Nigeria has emerged as one of the fastest-growing crypto economies in the world in the past few years. It is also the second-biggest economy in the world in terms of crypto adoption in 2023.

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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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