By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Daily Report NigeriaDaily Report NigeriaDaily Report Nigeria
Notification Show More
Font ResizerAa
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Reading: Binance Exit: Reps To Investigate Cryptocurrency, Others
Share
Font ResizerAa
Daily Report NigeriaDaily Report Nigeria
  • METRO
  • NEWS
  • POLITICS
  • SPECIAL REPORT
  • FACT FILE
Search
  • HOME
  • NEWS
  • POLITICS
  • METRO
  • ENTERTAINMENT
  • SPORTS
  • FACT FILE
  • SPECIAL REPORT
Have an existing account? Sign In
Follow US

Home | Binance Exit: Reps To Investigate Cryptocurrency, Others

Politics

Binance Exit: Reps To Investigate Cryptocurrency, Others

Tapre Timine
Tapre Timine
Published: June 13, 2025
Last updated: June 13, 2025
3 Min Read
Share
Binance Exit: Reps To Investigate Cryptocurrency, Others | Daily Report Nigeria
SHARE

The House of Representatives has decided to launch an investigation into various aspects of the digital landscape, including cryptocurrency.

According to it, the investigation aims to assess the current state of cryptocurrency, blockchain, digital asset transactions, online peer-to-peer (P2P) marketplaces, and utility-sharing platforms within the country.

It added that the primary objectives of the inquiry are to identify threats to national security and to address any gaps in the existing legislative framework, statutes, and regulations that may be detrimental to the nation.

The decision comes at a crucial time, coinciding with the announcement by Binance, a major cryptocurrency exchange, that it will cease providing services related to the Nigerian naira and exit the Nigerian market.

ATTENTION: Click “HERE” to join our WhatsApp group and receive News updates directly on your WhatsApp!

The investigation extends beyond Binance and encompasses other entities as well.

Others include international money transfer operators, payment gateways and platforms, cloud computing infrastructure, and networks.

Furthermore, the House of Representatives has resolved to scrutinize the e-Naira, Nigeria’s digital currency, on the global cryptocurrency platform.

The examination will delve into the costs incurred, the processes involved, and the statutory compliance associated with creating this digital currency.

To achieve its goals, the House plans to engage relevant stakeholders and initiate the necessary processes for establishing essential legislation and regulations.

Also, it sought to create profiles of sector operators, considering factors such as legal status, parent companies, and compliance with existing statutes or involvement in infractions against the host country.

The infractions encompass money laundering, illicit transactions, currency speculation, and other undesirable practices.

READ ALSO BREAKING: Binance Leaves Nigeria, Ends Naira Exchange

In a bid to enhance security and combat illicit activities, the Green Chamber also intends to oversee the involvement of the National Security Agency (NSA), other relevant agencies, cryptocurrency exchanges, and stakeholders.

Their collective efforts will focus on tracking, identifying, and recovering illicitly obtained or laundered funds and assets.

The motion, introduced by Isiaka Ibrahim (APC, Ogun), pointed out the growing global concerns surrounding the national security implications of cryptocurrency transactions.

Ibrahim explained that the concerns stem from the use of cryptocurrency exchanges by criminals and terrorists during activities such as money laundering and others.

 

For publication of Press Releases, Statements, and Advert Inquiries, send an email to info@dailyreport.ng
TAGGED:CryptocurrencyHouse of Reps
Share This Article
Facebook Whatsapp Whatsapp Telegram Email Copy Link
Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Latest Updates

2026 World Cup: Nigeria vs S’Afica – Venue, Date Revealed | Daily Report Nigeria
2026 World Cup: Nigeria vs S’Afica – Venue, Date Revealed
Sports
BBNaija Season 10: Jason Jae Claims First Head of House Title After Multi-Stage Challenge | Daily Report Nigeria
BBNaija Season 10: Jason Jae Claims First Head of House Title After Multi-Stage Challenge
Entertainment
Priscilla Ojo and Jux Allegedly Welcome Baby via Surrogacy — Kemi Olunloyo Claims | Daily Report Nigeria
Priscilla Ojo and Jux Allegedly Welcome Baby via Surrogacy — Kemi Olunloyo Claims
Entertainment
João Félix Rejoins Ronaldo at Al-Nassr After Chelsea Exit | Daily Report Nigeria
João Félix Rejoins Ronaldo at Al-Nassr After Chelsea Exit
Sports
Esther González Crowned Top Scorer at UEFA Women’s Euro 2025 | Daily Report Nigeria
Esther González Crowned Top Scorer at UEFA Women’s Euro 2025
Sports

TOPIC

2023 Elections Abuja Accident AFCON Anambra APC Arrest ASUU ASUU Strike Atiku Abubakar Bandits Bayelsa BBNaija Biafra Boko Haram Bola Ahmed Tinubu Bola Tinubu Breaking News Breaking News Nigeria Burna Boy Burutu CBN Celebrity news Chelsea Coronavirus court covid-19 Crime Daily Report Ng Daily Report Nigeria Daily Sports News Davido Delta Delta state DSS Education EFCC Elections English Premier League EPL Family federal government FG FIFA World Cup Football Fraud Godwin Emefiele Goodluck Jonathan Governor Nyesom Wike Gunmen Health Ifeanyi Okowa Imo INEC Insecurity IPOB IYC JAMB Kaduna Kidnap Labour Party Lagos Lagos State Manchester United Marriage Muhammadu buhari Music NASS NDDC NDLEA Niger Delta Nigeria NLC Nnamdi Kanu NNPC Nollywood Nyesom Wike Olusegun Obasanjo Pastor PDP Peter Obi Police Politicians President Bola Ahmed Tinubu President Muhammadu buhari Professor Yemi Osinbajo Protest Rape Reno Omokri Rivers State Senate Sheriff Oborevwori Social Media Suicide Super Eagles Tinubu Top Stories Twitter Victor Osimhen Zamfara

You Might Also Like

2023: Disqualify Candidates Visiting Churches, Mosques – Adeyanju Tells INEC
Politics

2023: Disqualify Candidates Visiting Churches, Mosques – Adeyanju Tells INEC

June 15, 2025
NOA Warns Against Fake News, Hate Speech | Daily Report Nigeria
Politics

NOA Warns Against Fake News, Hate Speech

June 14, 2025
Alex Ikwechegh: Reps Begin Probe of Lawmaker For Assualting Bolt Driver | Daily Report Nigeria
News

Alex Ikwechegh: Reps Begin Probe of Lawmaker For Assualting Bolt Driver

June 14, 2025
We Wish Tinubu Safe Landing – NNPP | Daily Report Nigeria
NewsPolitics

We Wish Tinubu Safe Landing – NNPP

June 15, 2025
© Daily Media N Publishing LTD. All Rights Reserved.
  • Home
  • About Us
  • Adverts With Us
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?