Africa Crypto Week in Review: Binance To Empower Users, Luno Targeted By Scammers As Ghana Seeks To Regulate Crypto

It has been another fascinating week for crypto enthusiasts in Africa crypto. As traders keep an eye on markets, here are some of the salient developments in the region this week—from crypto Ghana to Binance mobile money—let’s take a quick look.

The world’s largest crypto exchange, Binance, is making bold moves on the African continent by empowering Ghana, Tanzania, Uganda, and Zambia users to trade crypto assets using mobile money.

Binance Empowering Crypto Users, Nigeria To Tax Crypto

Smartphone usage has exploded across Sub-Saharan Africa in the past decade. Binance is looking to tap into this growing Africa Crypto market. Binance’s One Click Buy and Sell (OCBS) feature allows users to trade crypto seamlessly from these countries.

The mega exchange will add these currency pairs to supported currencies to expand its reach on the continent.

Meanwhile, Nigeria’s tax agency is reportedly adding cryptocurrencies to its tax regime. The country’s Federal Inland Revenue Service (FIRS) plans to introduce legislation to ensure the agency can better tax crypto revenue.

Nigeria has one of the most vibrant crypto markets , but it largely operates as an informal sector with little government oversight. 

Scammers Strike Luno Executives

South African financial and crypto service provider app, Luno, has warned its users after an employee was targeted in a deep fake scam. The deep fake recording, purporting to be from a senior executive, intended to deceive a lower-level executive.

Such misuse of AI raises the possibility of further deep fake attempts to defraud crypto institutions. Cryptocurrencies are especially lucrative for scammers since they are outside the financial mainstream, and transactions are typically irreversible. 

AI and automation have made the world fascinating in many ways. However, the dark parts of the technology, from bot accounts to deep fake video and audio content, show the power of technology to create unprecedented safety issues for crypto platforms. 

The African market continues to show incredible potential for growth. Binance’s doubling down on continental growth indicates global players seeing the region as the next big frontier.

In the meantime, specific governments continue to enact policies that target various aspects of this industry, with more in store for the future.

Ghana Seeks To Regulate Africa Crypto

The Bank of Ghana (BOG) proposes a draft bill to create a framework for regulating crypto in the country. The goal is to, most importantly, foster financial inclusion while also protecting holders and investors. This move was out of demand: more Ghanaians are crypto holders and continue to gain access to multiple exchanges.

The bill seeks to regulate exchanges to improve access and protect holders. It requires that they register with the central bank or the main regulator, the Ghanaian Securities and Exchange Commission (SEC). Only through compliance can exchanges and other digital asset providers do business with financial institutions in the country. Ghanaians have until the end of the month to submit feedback on the draft bill. 

EXPLORE:  Aave is On the Verge of Titanic Breakout As Volumes Surge into Altcoins

Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.