Nigeria Lifts Moratorium on Crypto Investments
During the previous summer, Nigerian authorities had instructed the Binance cryptocurrency exchange to cease catering to local traders.
Simultaneously, the Securities and Exchange Commission urged residents of the African state to discontinue using the trading platform, alleging deceitful practices and extortion by Binance.
In a recent development, the Central Bank lifted the moratorium on Bitcoin and other virtual currency transactions. The Central Bank’s press service underscored the requirement for companies offering cryptocurrency storage and exchange services to secure the status of a virtual services operator and obtain a license from the regulator. However, the ban on digital asset transactions within the banking sector remains in place indefinitely.
Nigeria has maintained a ban on cryptocurrency investments since February 2021, citing concerns about their use in money laundering and terrorist financing, according to the country’s authorities.
