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Nigerian Central Bank Intensifies Fight Against Cryptocurrency Traders

Just a few days after the launch of the e-naira cryptocurrency, the Central Bank of Nigeria is now increasing the pressure on cryptocurrency traders.

Bank Employees Are Warned

In a memo sent to staff by Bitcoin.com News FCMB, Nigeria’s largest bank, warned its employees not to help cryptocurrency traders. The bank reveals that any account that is found to be in violation of the CBN directive will be closed.

FCMB also stated that employees who willfully conceal the existence of a cryptocurrency trading account will be punished. The memo states that all FCMB employees will now be required to monitor accounts, transactions and customers to ensure compliance with the CBN directive.

Meanwhile, in order to help employees easily identify accounts that are used by cryptocurrency traders, FCMB has produced and shared a list of 20 red flags to look out for. These red flags include accounts that receive large daily inflows from many payees and accounts that operate as bureaux de changer without a license from CBN.

CBN Increases the Pressure

A letter purportedly authored by the CBN directs all banks that accounts belonging to Nnamdi Francis Okereke or Nwaorgu Kingley Chibuzor should be closed. This is another indication of the CBN’s increasing pressure. The letter circulated on social media only a week after e-naira launched. It claims that the accounts were being used to trade in cryptocurrency, violating the February 5 directive.

The same letter asks banks to close TVS Hallmark Service accounts and to transfer funds to a suspension account.

Nigerian Central Bank Intensifying Fight Against Cryptocurrency Traders

Reacting to these reports in a tweet, Senator Inhenyen, who is the president of the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), called the CBN’s action “unduly discriminatory and unconstitutional.” Inhenyen argues that only the Nigerian legislature has the authority to act against cryptocurrencies. He explained:

” This is not regulation, but oppression. Where is the National Assembly of Nigeria, you ask? The central bank’s actions are ultra vires. This must stop. This is not a lawless nation. Only the National Assembly can illegalize cryptocurrency.”

What do you think is behind the CBN’s renewed efforts to block cryptocurrency traders? Let us know your thoughts in the comments below.

Image Credits: Shutterstock, Pixabay, Wiki Commons, Red Confidential

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The Open Network (TON) to launch teleport Bitcoin bridge

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain, The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem. The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for…

The Open Network announces plans to launch a bridge to get Bitcoin onto the TON blockchain,
The bridge will allow Bitcoin to be used for DefI purposes in the TON ecosystem.

The TON Foundation announced that the Open Network will launch a trustless bridge to allow people to bridge Bitcoin into the TON ecosystem for DeFi purposes. The bridged Bitcoin, called Teleport BTC, will maintain the original Bitcoin’s security while allowing holders to take advantage of the growing opportunities on TON.

According to the Foundation, each Teleport BTC will be backed 1:1 by native Bitcoin via a trustless, transparent process chiefly executed by verifiable smart contracts and validators.

This new development aims to “enhance Bitcoin’s utility, transforming it into a powerful tool for generating additional rewards on TON.”

TON’s Growth in 2024

The Open Network, closely linked with the popular Telegram messaging app, has been on an upward climb in 2024 both in price and network development. The network was initially created by the Telegram team for internal use but was abandoned and eventually picked up by the community.

TON made major waves after Telegram re-established contact by using the network to power its ad reward system, which pays channel owners in TON (the network’s native cryptocurrency) for traffic and views.

Outside of Telegram, TON is making a name for itself as a social gaming chain with tap-based casual projects like Notcoin and Hamster Kombat garnering attention.

TON’s Growing DeFi Ecosystem

While TON is not primarily known as a network for decentralised finance, its DeFi ecosystem has witnessed a boom in recent months. According to Defillama, a leading on-chain finance data provider, the total value locked on TON currently stands at $745.96 million as of writing after rising significantly from $22 million at the end of February 2024.

The Open Network plans to launch the Teleport BTC bridge later this year.

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First ETP for Near Protocol’s NEAR token unveiled on Sweden’s Spotlight Stock Market

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market. Valour currently operates one of the largest Solana ETPs. The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs. Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR. This groundbreaking ETP will be…

Valour’s NEAR ETP will be available on Sweden’s Spotlight Stock Market.
Valour currently operates one of the largest Solana ETPs.
The crypto fund issuer also operates Bitcoin, Ether, and Internet Computer ETPs.

Crypto fund issuer Valour today announced the launch of an exchange-traded product (ETP) for Near Protocol’s native token, NEAR.

This groundbreaking ETP will be available on Sweden’s Spotlight Stock Market, offering retail and institutional investors the opportunity to gain exposure to the decentralized application development platform.

NEAR ETP joins Valour’s diverse portfolio of ETPs

Valour already operates one of the largest Solana ETPs, Valour Solana, and offers a suite of staking products, including ETPs for Bitcoin, Ether, and Internet Computer.

Valour’s head of product, Elaine Buehler, emphasized the significance of this new fund, highlighting its potential to grant investors access to an asset renowned for its transformative impact on decentralized finance (DeFi) and non-fungible tokens (NFTs).

Near Protocol, designed to tackle common blockchain development challenges such as user onboarding and multi-chain operations, boasts a market capitalization of approximately $6.8 billion. This positions NEAR among the top 20 digital assets globally, according to CoinMarketCap.

The launch of NEAR ETP comes amid a wave of regulatory approvals in the United States, where investment managers BlackRock, Franklin Templeton, and VanEck recently received preliminary approval to list the first exchange-traded ETH products. Analysts predict this move will pave the way for more crypto exchange-traded products in the US, including potential Solana-based ETFs.

Valour’s parent company, DeFi Technologies, currently manages around $600 million in assets across various crypto-native strategies.

On July 16, DeFi Technologies expanded its footprint by acquiring trading desk Stillman Digital in an all-stock deal. This acquisition is expected to significantly enhance the Canadian crypto platform’s capabilities, potentially positioning it as a formidable competitor to larger entities like Galaxy Digital.

Valour’s new NEAR ETP represents a significant advancement for investors seeking exposure to innovative blockchain technologies, reinforcing the firm’s position at the forefront of digital asset investment products.