Africa

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South African Exchange Luno Leverages Fireblocks’ Enterprise-Grade Digital Asset Platform

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South African crypto exchange Luno has announced that it is integrating its platform with Fireblock’s enterprise-grade digital asset transfer platform. Aleks Andjelopolj suggested that leveraging Fireblocks means Luno users will experience the same immediate transaction settlement enjoyed by customers of the same bank. The Allure of Fireblocks Integration The South African cryptocurrency trading platform Luno … Read more

Nigeria Police Arrest Self-Proclaimed Crypto Billionaire on Charges of Cryptocurrency Fraud and Terrorism Funding

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On July 16, the Nigeria Police Force confirmed the arrest of Linus Williams, a self-proclaimed crypto billionaire also known as Blord. Williams faces charges related to internet fraud, terrorism funding, and violations of the Central Bank of Nigeria (CBN) Act. According to a police spokesman, some of Williams’ alleged crimes involve the use of cryptocurrency … Read more

Uganda Presents Purchase Plan to Return to the Gold Standard

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Uganda is aiming to return to the gold standard at some extent with a purchase proposal that seeks to amass more gold to back its fiat currency, the Ugandan shilling. The Central Bank of Uganda will purchase gold from artisanal miners to support their activities and reduce raw gold imports. Uganda Eyes Gold Standard Backing … Read more

Nigerian Witness Says Binance Users Operate Under False Identities

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A witness in the ongoing Nigerian money laundering trial against Binance has alleged that many local users of the cryptocurrency exchange platform are operating under false identities. The witness further claimed that by allowing users to withdraw Nigerian naira (NGN), a regulated activity, Binance is in violation of local laws. Money Laundering Charges A deputy … Read more

Zambia to Outlaw Use of Foreign Currency, Criminals Could Face Jail Time for up to 10 Years

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The Bank of Zambia has proposed a new series of guidelines that seek to outlaw the use of foreign currency, including the U.S. dollar, for local transactions. If finally approved, the document would establish harsh penalties for infringement, including jail time for up to ten years and hefty fines. Zambia to Punish Illegal Use of … Read more

Kucoin to Implement 7.5% VAT on Transaction Fees for Nigerian Users

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Nigeria-based KuCoin users will begin being levied a 7.5% value-added tax (VAT) on transaction fees starting on July 8. Some observers believe that Kucoin’s decision to implement this tax is intended to enhance its chances of securing an operating license. A Lagos-based crypto industry player stated that implementing the tax will likely harm the industry. … Read more

South Africa Approves 63 Crypto Asset Service Provider License Applications

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South Africa’s financial services industry regulator announced on July 2 that it had approved an additional 63 crypto asset service provider license applications. The Financial Sector Conduct Authority (FSCA) has received a total of 383 applications, with only five being declined. Notably, the approvals do not mean crypto assets are recognized as a legal form … Read more

Mara Collapse: African Crypto Exchange Burns $16 Million for Salaries and Bonuses

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Pan-African crypto exchange Mara reportedly lost approximately $16 million out of the $23 million raised from investors. Following the exchange’s collapse, founder and CEO Chinyere Nnadi is said to have launched a new entity called Jara. Nnadi reportedly argued that the exchange depleted its raised capital by paying high salaries to attract talent. CEO Avoids … Read more