Economy

Paxful Introduces New Feature for Safer Bitcoin Marketplace

Published

6 years ago

11/04/2019

By Modupe Gbadeyanka

As part of its determination to make the Bitcoin space safer for its customers, Paxful, a peer-to-peer Bitcoin marketplace, has announced teaming up with a digital identity and address verification company known as Jumio.

This is to improve Anti-Money Laundering (AML) procedures and implement Know Your Customer (KYC) requirements onto the marketplace.

Jumio’s AI-powered Trusted Identity Service and verification process will help minimize risk and ensure all users have submitted proper documentation.

Jumio’s end-to-end identity verification and authentication technologies will be used to fight fraud and maintain compliance when onboarding users in order to continue to enrich the community that already exist on the Paxful platform.

By adding Jumio’s ID verification to the platform, Paxful has taken a stance to improve its AML procedures and compliance program in every operating country.

Paxful is constantly improving to protect honest customers in the marketplace. The company boasts a growing community of consumers in Africa; and their feedback has been vitally important in advancing security and compliance on its peer-to-peer marketplace.

Through Jumio’s AI-powered Trusted Identity Service, Paxful will now be able to verify customers’ real-world identities, with a simple ID scan and real-time biometric authentication and liveness detection which will go into full effect in April.

Paxful will now require users around the world who reach an equivalent of $1,500 in trade volume or wallet activity to verify their accounts through ID verification.

In addition, users who reach $10,000 in trade volume or wallet activity must provide ID verification as well as address verification.

Paxful has also invested in the new Compliance and Information Security team. They have hired Lana Schwartzman as Chief Compliance Officer. Lana has 14 years of experience in compliance and anti-money laundering and prior to coming on as CCO at Paxful, she was a manager in the Regulatory and Compliance Risk Group at Grant Thornton LLP. Her compliance experience included working in Deutsche Bank and Morgan Stanley. She will be enhancing the current compliance program and growing the existing compliance team to better serve the needs of Paxful’s customer base.

In addition to Lana, Dmitry Moiseev also joined the Paxful team as Information Security Manager. Dmitry has over 12 years of experience in Information Security and is an expert in high-risk personal data security in the financial sector. Prior to joining Paxful, he was an Information and Security Manager at Western Union.

“We take compliance and security very seriously here at Paxful. We’re hoping that these and other upcoming changes will help our customers understand the importance of regulation and compliance when it comes to operating on a peer-to-peer finance marketplace,” said Lana Schwartzman, Chief Compliance Officer at Paxful. “Paxful now reaches over 2 million people worldwide through our P2P trading platform. When operating at such great numbers dedication to strong security measures that align with a future goal of enhanced oversight and compliance, will provide a better customer experience by affording a greater degree of trust and transparency for all customers”.

Economy

Usoro’s Maritime Law Book to Drive Judicial, Economic Reforms

Published

3 hours ago

08/05/2025

Modupe Gbadeyanka

By Modupe Gbadeyanka

Stakeholders have projected that the maritime law book authored by Mrs Mfon Ekong Usoro will drive judicial and economic reforms in Nigeria.

At the presentation of the book titled International Trade and Carriage of Goods by Sea: Text, Cases, and Materials in Lagos on Tuesday, the piece was described as a timely intervention to strengthen the country’s judicial processes and economic development, particularly in the area of international trade.

The book, which integrates both local and international legal standards, aims to serve as a reference point for legal professionals, regulators, financial institutions and participants in the trade and shipping industries.

The Chief Justice of Nigeria (CJN), Mrs Kudirat Kekere-Ekun, who wrote the forward, said the publication would serve as a foundational text that would enhance the judiciary’s capacity to resolve disputes related to trade and shipping efficiently.

She said the book presents a practical approach to interpreting legal issues around carriage contracts, cargo liabilities and dispute resolution under both local and international frameworks.

“By simplifying complex concepts through case studies, diagrams and statutory references, the book will strengthen the quality of judicial decisions and enhance legal education in this essential sector.

“This text is exactly what our legal system needs. It commands respect for local precedents while drawing on legal judgments from other jurisdictions, guiding our courts to a uniform approach and giving our practitioners the confidence to negotiate, mitigate and arbitrate across borders,” she said.

On his part, the president of the Dangote Group, Mr Aliko Dangote, described the book as essential for businesses operating in global trade.

“This is the kind of resource that improves certainty in commercial transactions and boosts confidence among business operators,” he stated, praising the author’s contribution to trade and legal practice in Nigeria.

The book reviewer, Mr Adedolapo Akinrele (SAN), described the text as a unique, structured resource, citing over 200 cases, extensive chapters and global conventions to illustrate key concepts in maritime and international trade law.

He emphasised its practicality and relevance to both seasoned professionals and new entrants in the legal and commercial sectors.

Economy

NASD Unlisted Security Index Rises 0.10%

Published

5 hours ago

08/05/2025

Adedapo Adesanya

By Adedapo Adesanya

The NASD Over-the-Counter (OTC) Securities Exchange made a 0.10 per cent rise on Wednesday, May 7, buoyed by the N1.48 jumped posted by Afriland Properties Plc to close at N16.38 per unit compared with Tuesday’s closing price of N14.90 per unit, and the 2 Kobo price appreciation recorded by UBN Property Plc, closing at N2.00 per share versus the preceding day’s N1.98 per share.

During the trading session, the market capitalisation increased by N1.97 billion to close at N1.927 trillion from the N1.925 trillion quoted at the preceding session and the NASD Unlisted Security Index (NSI) rose by 3.36 points to 3,292.36 points from the previous session’s 3,289.00 points.

Yesterday, FrieslandCampina Wamco Nigeria Plc lost 9 Kobo to close at N38.83 per unit, in contrast to the N38.92 per unit it ended a day earlier.

A look at the activity chart showed that there was a 76.7 per cent fall in the volume of securities transacted in the session to 593,373 units from the 2.5 million units transacted in the previous trading day, there was a 48.6 per cent decline in the value of transactions to N17.9 million from N34.7 million, and there was a 35.7 per cent slump in the number of deals to 27 deals from the 42 deals recorded on Tuesday.

When the bourse ended for the trading day, Impresit Bakolori Plc remained the most active stock by volume on a year-to-date basis with the sale of 533.9 million units worth N520.9 million, trailed by Geo-Fluids Plc with a turnover of 265.7 million units valued at N469.3 million, and Okitipupa Plc with 153.6 million units sold for N4.9 billion.

Also, Okitipupa Plc remained the most active stock by value on a year-to-date basis with 153.6 million units worth N4.9 billion, followed by FrieslandCampina Wamco Nigeria Plc with a turnover of 19.2 million units sold for N738.1 million, and Impresit Bakolori Plc with 533.9 million units valued at N520.9 million.

Economy

Naira Slumps to N1,610/$1 at NAFEM, N1,620/$1 at Parallel Market

Published

5 hours ago

08/05/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira further depreciated against the United States Dollar by 0.22 per cent or N3.55 at the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, May 7.

During the trading session, the exchange rate of the domestic currency and the greenback ended at N1,610.46/$1, in contrast to the previous day’s value of N1,606.75/$1.

However, the Nigerian currency traded flat against the Pound Sterling and the Euro in the spot market at N2,137.73/£1 and N1,821.75/€1, respectively at midweek.

In the parallel market, the Naira lost N5 against the Dollar yesterday to settle at N1,20/$1 compared with the N1,615/$1 it was traded a day earlier.

Meanwhile, the cryptocurrency market was bullish on Wednesday following President’s Donald Trump’s announcement of an impending trade with a major country on Thursday, saying the deal will be first of many.

There have been speculation at which country it could be but many have predicted it could be the United Kingdom.

Easing tariffs could soften inflationary pressures and can have ripple effect in investing in crypto, tech, and other assets.

Also supporting rally, improving macroeconomic conditions including falling bond yields and the weakening Dollar.

However, the move comes amid rising political pressure on US leaders to counter China’s growing influence and revive domestic manufacturing.

The news saw Bitcoin (BTC) rising by 2.6 per cent to $99,008.57, as Dogecoin (DOGE) appreciated by 4.9 per cent to sell at $0.1806, and Cardano (ADA) gained 4.4 per cent to trade at $0.7051.

Further, Ethereum (ETH) jumped by 4.3 per cent to $1,908.90, Solana (SOL) improved its value by 3.1 per cent to close at $150.52, Ripple (XRP) expanded by 2.0 per cent to quote at $2.17, Binance Coin (BNB) went up by 1.2 per cent to ended at $611.23, and Litecoin (LTC) recorded a 0.1 per cent rise to finish at $91.66, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.