CandleFocus Nigerian Crypto Industry Players Applaud Proposal to Jail Ponzi Operators
2024-11-17
Author: Content Editor
Nigeria's proposed Investments and Securities Bill, which includes jail terms for Ponzi scheme operators, has been supported by players in the crypto industry. They believe that the bill will help clean up the sector's reputation by removing fraudulent actors who use the term "crypto" to deceive investors. The bill proposes fines of up to $12,000 or 10 years in jail for convicted offenders. The Securities and Exchange Commission (SEC) hopes that the bill's passage will enhance investor confidence, foster transparency, and modernize the country's financial markets. The crypto industry in Nigeria views the bill as a way to eliminate bad actors from the industry and create a vibrant finance and investment ecosystem. The country's reputation as a haven for scammers has hindered its growth as a crypto market.
Related News
Why is Stellar (XLM) Price up? Crypto Whale Diversifies its Portfolio by Adding $RIF and $URO, Nets $1.5M in 3 Days XRP Soars to 3-Year Peak: Is $1.96 Within Reach This Week? Ethereum Bulls Pull $780 Million ETH Off Exchanges, Eyeing $3,600 Breakout XRP price retreats 20% after hitting a multiyear high — Is the top in? EOS Eyes $1 as Breakout Ignites Bullish Momentum After Multi-Year Downtrend XRP Flips Dogecoin After Epic Rally Past $1 NEAR Seeks Breakthrough at $6.406 to Potentially Reach $8.5 Amid Bullish Indicators Ripple Should Start Preparing for IPO 'as Soon as Possible,' SBI CEO Says The ‘Infinite Money Glitch’: MicroStrategy’s Bitcoin Strategy Under Scrutiny Ethereum Classic (ETC) May Be Gaining Bullish Momentum Following Support Level Bounce Last Chance To Buy Ethereum? Analyst Expects $6,000 Once It Breaks 8-Month Accumulation CoinEasy Launches EASYWORLD Telegram dApp, A New Era of Blockchain Rewards VanEck expands crypto portfolio with Sui-based Exchange-Traded Note in Europe Price Targets Set for SOL, SNX, and NEIRO Ethereum Layer2 TVL Surges to $43.9B with Impressive 3.76% Growth Toncoin’s Bullish Breakout: Can It Surpass $6.03 and Target $8.30? Stellar (XLM) Shoots Up by 33% Daily, Bitcoin (BTC) Maintains $90K (Market Watch) XRP Still Down 69% After Recent Gains Russian Energy Ministry Proposes Periodic Crypto Mining Restrictions in Certain Regions Solana About To Target $250 If It Breaks Key Supply Level – Analyst ‘DOGE’ could increase economic freedom in US — Coinbase CEO 'More brutal than I expected' — Lyn Alden on ETH/BTC post-election low BONK Jumps 16% to Record Highs as Traders Eye Even More Gains Ahead A $9.7 Billion Boom in 14 Days—Stablecoin Market Eyes Historic Peak Nigerian Crypto Industry Players Applaud Proposal to Jail Ponzi Operators Scammer Takes Away $341k in $FET in Latest Phishing Attack Renowned Investor Jim Rogers Warns 'America First' Policy Will Trigger 'Biggest Recession Ever' AI Firm Genius Group Adopts Bitcoin as Primary Treasury Reserve Asset Kaixin plans crypto mining expansion amid Bitcoin’s new all-time high Why Ethereum’s Whale Activity and Institutional Interest Point Toward a $4,000 Finish Sologenic Top Crypto Gainers for November 16, 2024 Bitcoin ETF outflows slow down, $100k BTC still in sight Bitcoin long-term holders do not see $90K 'as an enemy' — Analyst This Altcoin Will Take Solana’s Throne as the Third Largest Cryptocurrency, Analyst Claims Tether Mints 8B USDT in 8 days, Backing Bitcoin’s Surge Crypto enforcement to take a back seat under Trump as immigration becomes priority PEPE Price Gains 117%, Sets All-Time High at $0.000025 Bonk, Mog and Brett Hit All-Time Highs as Dogecoin Spurs Meme Pump Cronos (CRO) Faces Key Resistance, Potential Correction Ahead Meme Coin Market Cap Touches All-Time High with a Revival in the Retail Interest Analyst Predicts 45% Dogecoin Rally With Bull Flag Pattern Signal Litecoin (LTC) Price Soars 15% On Meme Coin Announcement Altcoin Season Index at 35: What Does it Means for the Crypto Market?