The final week of April brought several prominent code articles from Africa. African payment service provider Onafriq is leveraging USDC to strengthen cross-border settlements. Meanwhile, Nigeria is pursuing eight individuals, including four Kenyans, over the collapse of CBEX. In Ethiopia, the UAE-based Phoenix Group has allocated additional resources to its Bitcoin mining business.

Explore these headlines from the continent this week.

Africa’s Crypto News: Onafriq Partners with Circle for Continental Payments

That’s what Onafriq, a South Africa-based payment infrastructure provider Partner Sing Use USDC Issuener Circle to streamline cross-border payments across Africa. The network spans 40 countries and connects millions of users. Hottest Presale of 2025.

The partnership introduces USDC’s cross-border settlements, a stable, ridiculous settlement that combines the efficiency of the digital international payments system with the stability of the world’s de facto reserve currency.

African countries often face fragmented payment systems and currencies, leading to bureaucratic international settlements.

This blockchain-based solution offers institutions and individuals faster and more cost-effective options. Stablecoins are the basis of modern crypto trading, combining the convenience of digital currency with the relative stability of a country’s currency.

Discover: Best Meme Coin ICO to Invest Today

Nigeria’s Crypto News: Nigeria targets 8 individuals more than CBEX’s collapse

The recent collapse of Africa’s Crypto Exchange CBEX continues to make headlines as research deepens.

It is found on Nigeria’s Economic and Economic Crime Commission Release The eight suspects, four Nigerians and four Kenyan manhunts were thought to be behind the failed exchange.

CBEX is a fraudulent tactic, and its luxurious promises far outweigh the returns of standard financial markets.

Fraud and fraudulent platforms remain major challenges in the encryption space. Crypto enthusiasts, especially those who have some The best cipher to buyyou should validate the platform and have offers that you think are too good.

Ethiopia Crypto News: Phoenix Group expands Bitcoin Mining Investment

It is owned by Phoenix Group, a mining company based in the UAE. Added Increased the total electricity allocation to 50 MW for Bitcoin mining operations in Ethiopia and increased the total electricity allocation to 130 MW. This expansion cements its position as a major international Bitcoin miner.

New milestones have been achieved!
The Phoenix Group added 52MW of Bitcoin mining capabilities in Ethiopia, bringing global capabilities to over 500 MW, totaling 132MW in five countries.
Clean hydropower enables 90% powered, allowing for scalable and sustainable mining.

New achievements have been achieved! pic.twitter.com/RE7SS6K9RF

– Phoenix Group (@phoenixgroupuae) April 29, 2025

Ethiopia’s abundant hydropower allows the Phoenix Group to access affordable, environmentally sustainable energy. In particular, the company aims to rank it among the top 10 global crypto mining companies, and the investment highlights its commitment to its goals. With more miners, the Bitcoin hashrate is at the highest ever high.

(sauce)

Bitcoin mining in African countries such as Ethiopia and Zambia provides ample renewable energy and viable opportunities. These factors allow large miners to explore emerging markets and generate mutually beneficial investments across the continent.

Discover: 16 Next Cryptocurrency Explosions in 2025: Experts’ Cryptocurrency Prediction and Analysis

Africa’s Cryptography Week after review: onafriq Taps usdc, after eight suspects after Nigeria’s CBEX collapse, the Phoenix Group expanded its Ethiopia Bitcoin mining business, first appearing in 99bitcoins.

Germany’s Federal Financial Supervisory Authority (BaFin) has rejected Ethena Labs’ application to issue asset-referenced tokens under the European Union’s Markets in Crypto-Assets Regulation (MiCAR).

The regulator also raised concerns that the sUSDe may constitute an unlicensed security offering.

According to BaFin’s official notice, the application submitted by Ethena GmbH, a Frankfurt-based entity under Ethena Labs’ corporate structure, exhibited “significant deficiencies” in organizational practices and failed to meet MiCAR requirements concerning asset reserves and capital adequacy. 

BaFin immediately imposed enforceable supervisory measures, including prohibiting further public offerings of the USDe token within Germany, and ordered custodians to freeze the token’s reserve assets.

Notably, some stablecoin issuers have been facing difficulties under the MiCA regulation. Major European exchanges delisted Tether USD (USDT) because they were concerned that the token might be non-compliant. However, authorities have not yet deemed USDT non-compliant.

Ordered to stop USDe issuance

However, under a MiCAR transitional provision, Ethena GmbH continued issuing the token in Germany after applying for authorization on July 29, 2024.

Approximately 5.4 billion USDe tokens are currently circulating, most of which were issued before MiCAR’s effective enforcement and outside of Germany.

BaFin clarified that its actions do not affect USDe’s secondary market trading but temporarily restrict redemptions directly through Ethena GmbH. Since January 2025, Ethena BVI Limited, an affiliated entity based in the British Virgin Islands, has also facilitated the token’s issuance.

Moreover, the regulator appointed a special representative to monitor compliance and noted the potential for additional actions, including a ban on public offerings of associated securities.

Securities offering

Beyond operational shortcomings, BaFin expressed a “sufficiently substantiated suspicion” that the sUSDe token qualifies as a security under German law and has been offered publicly without an approved securities prospectus. 

The sUSDe is a yield-bearing stablecoin acquired by staking USDe. BaFin’s concern stems from the financial structure and alleged profit promise embedded in the sUSDe token, which may trigger regulatory classification as a security.

BaFin’s position introduces a regulatory challenge to hybrid instruments like sUSDe, which combine stablecoin mechanics with yield-generation features. The regulator is actively evaluating whether the public distribution of such instruments requires compliance with securities law, including disclosure and prospectus obligations. 

The outcome of this classification could set a precedent for similar crypto assets in the European Union.

Ethena Labs’ response

In response, Ethena Labs published a statement confirming that it had been informed of BaFin’s decision to reject Ethena GmbH’s MiCAR application.

The company acknowledged the decision in a public statement and said it is “evaluating alternative frameworks” for regulatory compliance.

Ethena added:

“Since its inception, Ethena has been exploring various options and jurisdictions when it comes to regulatory frameworks globally. A MiCAR authorization via Ethena GmbH was one of various options we have been pursuing.”

The firm emphasized that the decision does not impact USDe minting and redemption activities facilitated by Ethena BVI Limited, which services the “vast majority” of users.

The company also denied speculation of an asset freeze, asserting that all reserves remain available. It added that it plans to revise its terms of service in the coming week.

BaFin’s rejection reinforces the increasing scrutiny of stablecoins and synthetic yield instruments operating within or targeting European markets following the implementation of MiCA.

Mentioned in this article