Review of Africa Crypto Week: Ghana Moves to Regulate Cryptocurrency as Binance Implements Stricter Regulations in South Africa and Nigeria Stepping Up Crackdowns
This week in African crypto, Ghana is set to introduce regulations by 2025, while Binance fortifies its measures in South Africa, and Nigeria escalates its efforts against unregulated crypto businesses.
In this week’s African crypto summary, Ghana is establishing crypto regulations set to be in place by 2025, while Binance is tightening its operational guidelines in South Africa. Additionally, Nigeria is intensifying its oversight of unregulated crypto firms.
Ghana’s Crypto Regulatory Plans
The Central Bank of Ghana aims to implement cryptocurrency regulations by September 2025. This initiative was announced by Governor Johnson Asiama at a summit in Washington, D.C. The regulatory effort signifies Ghana’s commitment to overseeing its crypto sector amid a broader movement for standardized regulations across Africa.
Read more about Ghana’s plan here.
Binance’s New Compliance Guidelines in South Africa
Binance, a leading cryptocurrency exchange, has stated that it will enforce new compliance guidelines starting April 30, 2025. These new rules are in accordance with the Travel Rule, which mandates collecting and sharing details about crypto transactions. Clients will now need to provide personal information to complete their transactions, ensuring adherence to local regulatory standards.
Nigeria’s Crackdown on Unregulated Crypto Entities
The Economic and Financial Crimes Commission (EFCC) in Nigeria is escalating its actions against unregistered crypto firms. Recently, it charged Jesam Michael, CEO of Afriq Arbitrage System, with investment fraud involving substantial user losses. This crackdown reflects Nigeria’s efforts to bolster its regulatory framework and protect investors.
These developments mark significant steps towards a more regulated cryptocurrency landscape in Africa, as countries adapt to the increasing influence of digital assets.
