Connect with us

Business

Nigeria’s SEC to crack down on unregulated crypto exchanges

Published

on

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.

Business

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

Published

on

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.

Continue Reading

Business

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

Published

on

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.

Continue Reading

Business

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

Published

on

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.

Continue Reading

Trending

Copyright © 2025 cryptonews.lk