Recent Developments in Crypto Africa: Binance Executive’s Arrest, Tether Partnership, and South Africa’s Regulation Push
The recent developments in the cryptocurrency world have taken an interesting turn in Africa, with a deep-dive into the Binance arrests in Kenya, the Tether partnership with Ivorypay in Nigeria, and South Africa’s push for regulation.
The arrest of Nadeem Anjarwalla, a Binance executive facing charges in Nigeria, has caused confusion as Kenyan authorities deny his arrest while acknowledging his presence in the country. The Directorate of Criminal Investigation in Kenya has confirmed that no arrest has been made, leaving the situation unclear.
In Nigeria, Tether has partnered with Ivorypay, a blockchain payments startup, to develop a solution for more efficient and cheaper payments in the African market. This partnership aims to increase user confidence and address the needs of the growing African market.
Meanwhile, South Africa has taken a step forward in regulating crypto by licensing 75 institutions as crypto asset service providers. The Financial Sector Conduct Authority clarified that this does not signify the recognition of cryptocurrencies as legal tender but rather the authorization and supervision of CASPs.
The South African Reserve Bank has also revealed a digital payments roadmap to achieve its Vision 2025 goals, including exploring the adoption of central bank digital currency (CBDC). This commitment to digitalization signals a potential impact on the crypto market in the region.
Overall, these developments highlight the growing interest and potential for cryptocurrency in Africa, as well as the need for regulation and partnerships to foster growth and efficiency in the market.
