Sideways sentiment continues after a red week

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The 2007 Investments and Securities Act of Nigeria will be changed if legislation is approved. The bill will specify how the Central Bank of Nigeria and the Securities Exchange and Commission (SEC) of Nigeria would conduct regulatory concerns involving virtual currency. Additionally, the eNaira, a digital currency issued by Nigeria’s central bank, has received little to no interest from the Nigerians. SEC Bill would allow the local Securities and Exchange Commission to “recognize cryptocurrency and other digital funds as capital for investment.” Crypto activities were outlawed in Nigeria in February 2021. The Central Bank of Nigeria (CBN) issued an order for all cryptocurrency exchanges and service providers in Nigeria to halt operations and directed banks to close the accounts of any people or organizations discovered to be trading.

Kunji Market update

Bitmex CEO Alexander Höptner filed a $3.4 million charge against his former employer for unfair termination. The owner of the cryptocurrency exchange claims he used corporate money improperly to pay for relocation from Hong Kong to Singapore and ultimately Germany. Bitmex had a “baseless” internal investigation against him so that they could avoid paying millions of dollars in bonuses and earnings, says Höptner in a filing to Singapore High Court. Höptner’s lawyer accused the firm “completely baseless” and says that the company owes $3.4 million to him with additional impairment charges. The General Division of the High Court of the Republic of Singapore against Three Fins Pte Ltd was where the charge was filed by Kelvin Chia Partnership, Höptner’s lawyer. Jan 25 is the date set for the hearing.

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