After the cryptocurrency boom and many scandals related to Binance, Nigeria has recently proposed to amend the Investment and Securities Act, introducing harsher penalties for cryptocurrency-related fraud.
Nigeria has proposed to impose a penalty of up to 20 million Naira (around $12,000) or 10 years in prison for cryptocurrency-related fraud. This is an effort by the Securities and Exchange Commission (SEC) to prevent fraud targeting investors by exploiting the popularity of cryptocurrencies in the country.
Despite being one of the fastest-growing cryptocurrency markets in the world, Nigeria has been severely affected by various scams, from Ponzi schemes to fake investment platforms. The government hopes that these tough measures will help protect investors and improve the industry's reputation.
However, the instability from legal disputes related to Binance and other strict regulations have created significant barriers to the sustainable development of cryptocurrencies in Nigeria. Investors need to be vigilant and carefully consider before participating in any financial projects.
