US-Nigeria Binance beef, SiBAN Crisis

In this week’s Crypto Africa Week in Review, Nigeria takes center stage from its sustained executive tussle with the biggest CEX to leadership turbulence in a top blockchain association; however, hot on the heels, take a glance at the latest South Africa crypto regulatory update.

TD Markets Obtains Approval For Crypto License 

South African brokerage firm TD Markets has obtained a Crypto Asset Service Provider from the country’s Financial Sector Conduct Authority. TD Markets obtained this license to provide a secure and regulated platform for trading cryptocurrencies within South Africa. 

The South African regulator is ahead of most similar government agencies across Africa. Such a licensing regime is necessary for establishing standards for brokerage firms and protecting consumers. 

Leadership Crisis At Nigeria’s SiBAN

Mr. Obinna Iwuno, President, Stakeholders In Blockchain Technology Association of Nigeria (SiBAN), paid a courtesy visit to @NigComSat1R’s Chief Executive, @nk_amadi. This meeting underscores the efforts to enhance blockchain technology’s integration in Nigeria’s satcom sector. pic.twitter.com/ZJtcsAEs5h

— NIGCOMSAT (@NigComSat1R) June 6, 2024

In Nigeria, there is leadership turbulence at SiBAN, a blockchain association.  

According to the latest reports, the Board of Trustees (BoT) is pointing an accusing finger at former President Obinna Iwuno, alleging misconduct. 

They have since expelled him. Even so, the former president denies any wrongdoing, saying the expulsion was a move to seize control of the association’s leadership illegally. 

All the same, an independent panel found Iwuno guilty, and there is now a caretaker committee to oversee SiBAN. Iwuon is not going down without a fight and is now threatening legal action. 

CryptoFest 2024 Preparations Ramp Up

Preparations for CryptoFest 2024 are in the home stretch. The event organizers bill it as a celebration of Web3 innovation on the continent. CryptoFest is in its sixth year of running and looks to become a notable global crypto forum.

It will take place in the iconic DHL stadium in Cape Town.

The festival kicks off in just under a month. It features crypto speakers on stablecoins, crypto payments, regulatory approach, cultural integration, etc. 

Plenty of work must be done to boost adoption in South Africa and continent-wide. CryptoFest 2024 looks to be the hub that fosters networking and concerted action from the various stakeholders. 

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Will Nigeria Release This Binance Executive? Mansa and Bitmama Join Hands

Other trending Africa Crypto news include:

Tigran Gambaryan, a Binance executive, has been in a Nigerian prison since February 2024. It is emerging that the United States government is urging Nigeria to release Gambaryan on humanitarian grounds. The Binance employee is reportedly ill, and his health has deteriorated in recent weeks. Several diplomats, including Secretary of State Antony Blinken, are intervening. Nigerian authorities accuse the employee and Binance, the crypto exchange, of, among other charges, tax evasion, money laundering, and manipulating the Naira.
Bitmama, a blockchain platform from Nigeria, is joining hands with the DeFi platform Mansa. According to a press release, the objective will be to improve cross-border payment in more than 18 African countries. In this arrangement, Mansa will provide liquidity to all pre-fund accounts. The decision will align with their mission of, most crucially, narrowing down liquidity gaps in emerging markets in which they have a presence. On the other hand, Bitmama will issue virtual crypto cards and fas-tracking cross-border payments. 

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.