Gate News message, April 14 — Emomotimi Agama, Director General of Nigeria’s Securities and Exchange Commission (SEC), announced the regulator will use all its powers and resources to prosecute naira manipulators in the crypto and fintech sectors. Speaking at a session with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), Agama stated the commission will remove the naira from all peer-to-peer platforms in the coming days to combat foreign exchange manipulation.
The move follows a series of enforcement actions in 2024, when Nigeria’s P2P crypto market was blamed for the naira’s decline against the U.S. dollar. Authorities previously deactivated P2P markets and NGN trading pairs on major CEXs, detained exchange executives, and conducted crampdowns on other platforms. Agama emphasized that while the SEC aims to provide an enabling environment for blockchain innovation, national security and currency stability remain priorities.
Industry stakeholders called for a clear regulatory framework during the dialogue. Jude Ozinegbe and other participants proposed a unified policy direction from the SEC and Central Bank of Nigeria, along with a central price discovery scheme to prevent manipulation. Agama invited further input via the commission’s official email address.
Disclaimer: The information on this page may come from third parties and does not represent the views or opinions of Gate. The content displayed on this page is for reference only and does not constitute any financial, investment, or legal advice. Gate does not guarantee the accuracy or completeness of the information and shall not be liable for any losses arising from the use of this information. Virtual asset investments carry high risks and are subject to significant price volatility. You may lose all of your invested principal. Please fully understand the relevant risks and make prudent decisions based on your own financial situation and risk tolerance. For details, please refer to
Disclaimer.
Related Articles
James Baird wins Indiana primary as crypto PAC-linked group funds ads
According to NBC News on May 7, U.S. Representative James Baird secured re-election by winning more than 60% of the vote in the May 6 Republican primary for Indiana’s 4th congressional district. Based on filings with the U.S. Federal Election Commission (FEC), a political action committee (PAC) associated with Fairshake spent $514k on advertising for Baird in the primary.
MarketWhisper4m ago
Bittrex seeks to withdraw the 2023 settlement, asking the U.S. SEC to refund a $24 million fine
According to Decrypt reports and related court documents, the now-closed crypto exchange Bittrex filed a motion to dismiss this week in the U.S. Federal Court in Seattle, seeking to overturn its 2023 settlement with the U.S. Securities and Exchange Commission (SEC) and requesting that the SEC refund the $24 million civil penalty it has already paid.
MarketWhisper26m ago
U.S. Senator: The CLARITY Act could be voted on as early as before August, with moral provisions as a key prerequisite
U.S. Senator Kirsten Gillibrand said at Consensus 2026 on May 6 that if the CLARITY Act reaches consensus on consumer protection, illegal finance regulation, and ethical standards, and if the draft market structure bill can be merged with the version from the Senate Agriculture Committee, and if it ensures the inclusion of ethical standards provisions, the Senate could vote on it by August 10.
MarketWhisper38m ago
Germany plans to scrap one-year Bitcoin holding tax exemption and switch to a stock tax treatment model
According to Bitcoin News on May 7, Germany’s Finance Minister Lars Klingbeil confirmed that Germany’s government is planning to adopt “different” tax policies for Bitcoin and crypto assets, with the direction possibly being to scrap the current mechanism that exempts holdings held for more than one year from tax and align the tax treatment of Bitcoin with stock assets.
MarketWhisper1h ago
Bittrex Seeks to Void $24M SEC Settlement and Demand Full Refund This Week
According to Decrypt, Bittrex filed a motion this week to void its $24 million settlement with the SEC from 2023 and demand a full refund. Bittrex's lawyers argued that the SEC admitted its legal theory classifying the crypto tokens as unregistered securities was flawed, and the Trump
GateNews1h ago
SEC Reframes Crypto Stance, Enabling Market Growth, Nasdaq President Says at Consensus
According to CoinDesk, Nasdaq President Tal Cohen stated at the Consensus conference that the U.S. SEC's regulatory approach to crypto is shifting from treating gray areas as no-build zones to allowing builders to operate, scale, and experiment without fear of enforcement. Cohen noted that a more co
GateNews4h ago
