Nigeria

Nigeria's EFCC arrested 792 suspects in Lagos, dismantling a cybercrime ring operating out of the Big Leaf Building, which was used for romance scams and fraudulent cryptocurrency schemes. The suspects, including foreign nationals, were found using high-tech equipment to deceive victims worldwide, primarily in the US, Canada, and Europe.

Nigeria is tightening crypto regulations to tackle fraud, introducing hefty fines and jail terms while freezing over 1,100 traders’ bank accounts. These measures, though aiming to protect citizens, risk deterring investors and stifling innovation.

Tigran Gambaryan, a Binance executive, was released after Nigeria dropped money laundering charges due to his worsening health. His detention lasted over seven months, and diplomatic pressure played a key role in securing his release.

Nigerian authorities are cracking down on unlicensed cryptocurrency firms, securing nearly $100,000 from Paparaxy Global Ventures and Lemskin Technologies for unauthorized USDT transactions. The Economic and Financial Crimes Commission has revealed that both companies entered a plea agreement, highlighting the government's commitment to regulating the cryptocurrency market and combating illegal activities.

Binance's executive, Tigran Gambaryan, just suffered another setback after he was denied bail last Friday despite his ailing health.

The bail hearing for Binance executive Tigran Gambaryan has been postponed to October 11 after the presiding judge failed to appear in court. Gambaryan, who has been imprisoned for over 200 days, faces serious health issues, while critics argue he is being used as a pawn in Nigeria's broader disputes with Binance.

A disturbing video has just surfaced on the internet, exposing the inhumane situation and injustice Binance executive Tigran Gambaryan is facing in Nigeria.

Binance executive Gambayan has been detained in Nigeria since February, and the U.S. ambassador has met with the Nigerian presidential cabinet, but the country insists that this will only happen after the trial.

Binance CEO Richard Teng has condemned the inhumane treatment of Tigran Gambaryan, whose health is worsening in detention. A new video has further fuelled demands for his release as the legal battle continues.

Nigeria - Africa's largest economy - has consistently ranked high in global cryptocurrency adoption. But Nigeria's crypto story is a bit of a sad one.