Fun

Binance exit sparks fears and opportunities in Nigeria’s crypto community

News Feed - 2024-03-10 08:03:39

Amaka Nwaokocha12 hours agoBinance exit sparks fears and opportunities in Nigeria’s crypto communityAccording to local crypto stakeholder Nathaniel Luz, Nigeria’s crypto ecosystem will see the rise of new crypto exchanges that will fill the vacuum created by Binance’s exit.22148 Total views7 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksLocal cryptocurrency stakeholders have lamented the current ban on Binance naira operations in Nigeria, stating it will affect the livelihoods of many Nigerians and could increase youth unemployment in the country.


In separate interviews with Cointelegraph, local crypto stakeholders said the delisting of Nigerian naira-related services from Binance will lead to the rise of new crypto exchanges, which will fill the vacuum created by Binance’s exit by complying with local regulations.


Nathaniel Luz, the CEO of Flincap — a liquidity platform for crypto exchanges — said that several Nigerian traders who make a living from trading peer-to-peer on Binance are now affected. However, Luz said that some are trading on WhatsApp and Telegram groups.


According to the chief marketing officer of Flincap, Oladotun Wilfred Akangbe, the continuing uncertainty surrounding cryptocurrency regulation in Nigeria and the decision to halt Binance operations can undermine the confidence of many people in the space. He added that it could lead to massive fear, uncertainty and doubt in Nigeria’s crypto space.


In an official statement on its website, Binance said it would automatically convert naira balances to Tether (USDT) from March 8 at 8:00 am UTC and cease support for naira deposits from March 5 at 2:00 pm.


Withdrawals have not been allowed since March 8 at 6:00 am, and the conversion rate is 1 USDT for 1,515.13 naira. Binance’s peer-to-peer platform delisted all naira trading pairs in late February.


Related:Binance temporarily suspends Solana network withdrawals, citing ‘increased volume’


On Feb. 27, the governor of the Central Bank of Nigeria argued that crypto exchanges in Nigeria were suspected of handling illicit transactions, pointing to “suspicious flows” of funds at Binance.


As the suspicions of Binance’s alleged illicit operations in Nigeria intensified, the Nigerian House of Representatives Committee on Financial Crimes called Binance CEO Richard Teng to appear before the committee before March 4.


In 2023, Nigeria’s Securities and Exchange Commission stated that Binance Nigeria wasn’t registered or regulated by it, making its operations in Nigeria illegal. In December 2023, the Central Bank of Nigeria reversed its stance on crypto assets, advising banks to ignore the previous ban on crypto transactions.


Magazine:The DeFi bots pumping Solana’s stablecoin volume# Blockchain# Cryptocurrencies# Government# Nigeria# Cryptocurrency Exchange# Tokens# Binance# RegulationAdd reactionAdd reaction

News Feed

Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support
Strategist Mike McGlone Believes Bitcoin Can Jump to $60K Resistance vs. $20K Support The senior commodity strategist at Bloomberg Intelligence, Mike McGlone, ha
Swarm, Ethereum’s Storage Network, Announces Mainnet Storage Incentives and Web3PC Inception
Swarm, Ethereum’s Storage Network, Announces Mainnet Storage Incentives and Web3PC Inception press release PRESS RELEASE.Swarm, the decentralised storage and communication system
Wolfgang Rückerl10 hours agoGlobal access to Web3: Understanding cultural differencesWhile crypto was invented to provide an alternative to the traditional banking system, converting to and from fiat currency is still n
US Govt Moves 54.9 billion Shiba Inu, But SHIB Could Explode By 130%
Este artículo también está disponible en español. A wallet linked to the United States government has transferred over 54 billion Shiba Inu (SHIB) tokens to a newly creat
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report
Bitcoin, Ethereum Technical Analysis: BTC Surges Above $22,000 Ahead of NFP Report Ahead of the latest nonfarm payrolls report, bitcoin rose to a multi-week high above $22,000 on F
Bitcoin Price May Test $7,750 as Selling Pressure Grows
View Bitcoin’s bearish daily candle close (UTC) on October 16 has increased the likelihood of further price drops. The monthly chart has similarities to that of November 2018 when volumes favored a bullish outlook,
Bitcoin Price Sheds $500 Over Day, Drops Below $8,000
Bitcoin bears continue to be firmly in control as the first cryptocurrency’s price tumbled below $8,000 per coin for the second time this week. Beginning at 15:50 UTC, the
SEC reviews new rules for Bitcoin options trading
Ana Paula Pereira7 hours agoSEC reviews new rules for Bitcoin options tradingThe Securities and Exchange Commission is evaluating whether exchanges’ current surveillance and enforcement mechanisms can handle Bitcoin ex
FTX’s Gary Wang and Alameda’s Caroline Ellison Plead Guilty to Fraud, Duo Is ‘Cooperating’ With Feds
FTX"s Gary Wang and Alameda"s Caroline Ellison Plead Guilty to Fraud, Duo Is "Cooperating" With Feds On Dec. 21, 2022, U.S. attorney Damian Williams announced that the Southern Dis
KuCoin VAT charge raises concerns among Nigerian crypto community
Amaka Nwaokocha10 hours agoKuCoin VAT charge raises concerns among Nigerian crypto communityThe approving authority behind this taxation remains unclear, whether it’s the Nigerian government or an agency like the Feder
Tristan Greene6 hours agoIBM’s new AI chip offers 22x speedup with ‘mind-blowing’ energy efficiencyThe team is already years into work on the next version of the potentially revolutionary NorthPole hardware.1947 To
Bitcoin Dominance Shows Bearish Divergence – Altseason Could Be Near
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu