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Binance says it’s working with Nigerian authorities to bring home two of its execs who were detained against their will in the country two weeks ago. Inflation is running hot in Africa’s most populous country and when it banned several crypto exchanges in February as inflation hit a worrying 30%, Tigran Gambaryan and Nadeem Anjarwalla thought it would be a good idea to fly into Nigeria and deal with the situation. However, as reported by The Financial Times, upon landing, government officials seized their passports and escorted them into detention. Binance quickly responded by halting naira-denominated trading pairs for bitcoin and USDT. Still, two weeks later, the government has not released the two men . The central bank governor subsequently appeared on TV to blame crypto exchanges, including Binance by name, for facilitating flows of criminal funds. Wired reached out to the two men’s families for comment and was told that the government has not yet filed any criminal c...

Patricia clarified that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users. The announcement of Patricia Token (PTK) by Nigerian crypto exchange Patricia was greeted by users with scepticism and some suspicion, as they took to social media to question the motives behind the move. Now, in a response to that reaction, the crypto exchange company has released a white paper seeking to explain the intended function of the Patricia Token. According to the released white paper, the Patricia token is not a stable coin but a debt token , issued to customers to manage users' debt. Patricia said that it will operate similarly to an IOU (I owe you) document, serving as a means for the exchange to acknowledge its debt to its users, and promising to pay holders 1 USDT for each Patricia Token in the future. In April 2023, Nigerian crypto exchange Patricia halted withdrawals and deposits due to a breach. However, cu...

On stage at AfroBitcoin, Strike CEO Jack Mallers announced plans to improve remittance payments into Africa thanks to the Lightning Network on Bitcoin. The Lightning Network has struck Ghana, Kenya and Nigeria. During a conference in Ghana, Strike CEO Jack Mallers announced that the Bitcoin (BTC) payments company has partnered with the mobile app Bitnob to facilitate payments into Africa.  Mallers made the announcement on stage at AfroBitcoin, a Bitcoin conference in Ghana's capital city of Accra. He stood alongside Bernard Farah, the Nigerian CEO of Bitnob, following a short presentation on how it works.   Money transfers into Africa take advantage of the Lightning Network, the layer-2 payments network built atop Bitcoin. The feature is called “Send Globally,” and it enables instant, low-cost payments to Africa. Diagram of the money transfer from Alice in Nigeria to Bob in the USA. Source: Facebook The feature does not require people to use Bitcoin themselves, Bitnob CEO Bernard...