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Troubles for Binance continue to mount as the crypto exchange and related firms face challenges after the US Securities and Exchange Commission lawsuit. Nigeria SEC Bans Binance In the Country Nigeria’s Securities and Exchange Commission has declared Binance’s subsidiary Binance Nigeria Limited as “illegal” and asked the exchange to cease its operations in the country. According to the statement issued by Nigeria SEC, Binance is neither registered nor regulated by the agency and its operations are “illegal” in the country. In addition, the agency ordered Binance to stop Nigeria ns from investing on the platform and warned of regulatory action against crypto exchanges. “ Binance Nigeria Limited is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal. Any member of the investing public dealing with the entity is doing so at his/her own risk.” Recommended Articles ...

The acute cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. Nearly 18 months after launching its in-house central bank digital currency (CBDC), eNaira, Nigeria witnessed its massive adoption as national fiat reverses face severe shortages.  The acute Cash shortage in Nigeria was due to the central bank’s decision to replace older bank notes with bigger denominations amid rising inflation. While developing nations were among the first to acknowledge the importance of a CBDC in revamping fiat capabilities, the idea is yet to materialize. However, in the case of Nigeria, the lack of physical cash forced citizens to opt for the eNaira. In a country where cash accounts for about 90% of transactions, the value of eNaira transactions increased 63% to $47.7 million (22 billion naira), revealed a Bloomberg report. Moreover, according to Godwin Emefiele, governor of the Central Bank of Nigeria, the total...