Regulators Crack Down on Unauthorised Trading Sites as Nigeria Proposes New FX Rules
Nigeria's central bank has proposed new rules for foreign exchange and CFD transactions in an effort to increase transparency and reduce risks. The new regulations would require banks and other financial institutions to disclose more information about their FX trading activities, including the identities of their clients.
Separately, Revolut, a UK-based fintech company, has secured conditional approval from US regulators to operate as a bank in the country. This move will allow Revolut to offer a wider range of services to its customers, including traditional banking products such as loans and credit cards.
In related news, CySEC (the Cyprus Securities and Exchange Commission) has flagged 10 websites for offering unauthorised investment or crypto services. The regulator warned investors to be cautious when dealing with these sites, which may be involved in scams or other illicit activities.