Bitcoin ETFs :
#ETFvsBTC
$BTC
#ETFInvestment

Pros:
1. Accessibility: ETFs provide a way for investors to gain exposure to Bitcoin without needing to understand the complexities of purchasing and storing the cryptocurrency directly.
2. Regulated Investment: ETFs are typically regulated investment products, providing a level of oversight and investor protection.
3. Convenience: Buying and selling Bitcoin through an ETF is often as simple as trading stocks on traditional exchanges.
4. Diversification: Some Bitcoin ETFs may hold a diversified portfolio of cryptocurrencies or assets related to the cryptocurrency ecosystem, providing exposure to multiple aspects of the industry.

Cons:
1. Fees: ETFs may have management fees and other expenses, which can eat into returns over time.
2. Counterparty Risk: Since investors don't directly hold the underlying Bitcoin, they are exposed to the risk of the ETF issuer or custodian.
3. Market Dependence: ETF prices are influenced by market demand and supply, which may not always accurately reflect the underlying value of Bitcoin.
4. Lack of Ownership: Investors don't actually own Bitcoin when they invest in ETFs, which means they can't use it for transactions or store it in a personal wallet.

Direct Bitcoin Purchases:

Pros:
1. Ownership:When you buy Bitcoin directly, you own the asset outright, giving you full control over how you store and use it.
2. Security: While it requires more effort, storing Bitcoin in a personal wallet gives you control over security measures, potentially reducing the risk of theft or loss compared to relying on third-party custodians.
3. Decentralization: Direct purchases align with the ethos of decentralization, as they involve

Ultimately, the choice between Bitcoin ETFs and direct purchases depends on individual preferences, risk tolerance, and investment goals. For those seeking simplicity and regulated exposure, ETFs may be the preferred option. On the other hand, investors looking for ownership, control, and potential higher returns may opt for buying a

$#CryptoWatchMay2024
OPay warns customers against crypto trading as CBN tightens noose on fintechs

One of Nigeria’s leading fintech companies, OPay, has warned its customers against trading in cryptocurrency or any virtual currency on its app.

The company, in a notice issued on Friday, said it would block any account found engaging in such trading and also forward the details of the account owner to the regulator.

This comes as the Central Bank of Nigeria (CBN) continues to beam its searchlights on fintech companies in the country. Earlier, the CBN had directed OPay, Moniepoint, Palmpay, and Kuda Bank to stop onboarding new customers.

“In compliance with the CBN directive, please note that OPay prohibits any cryptocurrency and all virtual currency trading. Any account engaging in such activities will be closed, and customer information will be shared with regulatory authorities.
“Please ensure that your account does not involve any cryptocurrency or any other virtual currency transaction,” the company warned.
Crypto as security issue
OPay’s warning comes as Nigeria’s National Security Adviser (NSA) is reported to have classified crypto trading as a national security issue. According to the CEO of Moniepoint, Tosin Eniolorunda, the classification means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works.

This also requires the fintechs to report any account discovered to be trading crypto to the NSA through their regulator, the CBN.
$crypto

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Exclusive: P2P crypto ban imminent as Nigeria calls crypto a national security issue

At least three Nigerian fintech startups—Moniepoint, Paga and Palmpay—will block the accounts of customers dealing in cryptocurrency and report those transactions to law enforcement after Nigeria’s National Security Adviser (NSA) classified crypto trading as a national security issue.

That designation means a new crypto regulation that will ban peer-to-peer trading of cryptocurrencies is in the works, said Tosin Eniolorunda, the CEO of Moniepoint.

Another person with knowledge of the conversations told TechCabal that a regulation to ban p2p trading will soon be made public.

If the ban happens, it will represent a major regulatory shift after the Bola Tinubu administration initially softened its stance on crypto. In December 2023, the Central Bank lifted a two-year ban on cryptocurrency transactions, and at least three crypto exchanges were in talks with the Securities and Exchange Commission (SEC) over a crypto license.

Yet, the early successes have been reversed and in the past two months, authorities have blamed a volatile FX regime on crypto speculators.

The rationale for a ban on p2p trading is linked to the Central Bank’s belief that crypto traders use peer-to-peer trading to manipulate the naira via a pump-and-dump strategy. In February 2024, the Central Bank Governor, Olayemi Cardoso, claimed $26 billion in untraceable transactions were processed by Binance.

It led to a crackdown on the global exchange Binance and the freezing of over 1,000 bank accounts involved in peer-to-peer transactions. Yet authorities have gone even further.

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#written2earn
NIGERIA NEWSOPay Sends Message To Customers Concerning Funds In Their Account Following CBN’s Directive

reports are that the microfinance banks include Moniepoint, PalmPay, Opay, PiggyVest, and Kuda, among others.

However, Opay has reassured its customers that their funds are safe.

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CBN bans Moniepoint, Opay, Kuda, others from taking new customers over cryptocurrency involvement
“Hello! We’ve temporarily paused new sign-ups on our platform,” Moniepoint wrote in a message on its platform for intending customers on Friday.

The Central Bank of Nigeria has barred some microfinance banks, including Moniepoint, Opay and Kuda, from opening new accounts and accepting new customers over allegations that they were being used to funnel cryptocurrency and manipulate the naira’s value, sources familiar told Peoples Gazette on Monday.

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#write2earnonbinancesquare
#written2earn
Binance Expands Support For SOL, SHIB, XRP, ADA, Prices To Recover?
The leading crypto exchange, Binance has expanded its support for SOL, SHIB, XRP, and ADA, sparking price recovery speculations amid a decline in the broader crypto market.

#$
#write2earnonbinancesquare #written2earn
Newly Created Wallet Withdraws $118M Worth Of Crypto From Binance

In a unique twist, a young wallet has bagged a staggering amount of two digital currencies from the centralized exchange, Binance. The latest update from EmberCN, an on-chain tracker, has revealed the withdrawal of over 7K ETH (Ethereum) and 9K USDT (Tether) by this new wallet in the past day, setting off a wave of discussions and speculations in the cryptocurrency space.

Here’s a closer look at this new wallet’s on-chain data, which is raising eyebrows across the broader crypto industry.

New Wallet Linked To Justin Sun?
Intriguingly, speculations about the wallet’s potential identity have already swirled in to take crypto investors and traders by storm. As seen previously, such staggering amounts of ETH and USDT have been noted to be accumulated from Binance by TRON founder Justin Sun, with crypto market participants whispering this accumulation to be his as well.

Indeed, this latest maneuver seems to align with previous patterns observed in February and April, when addresses linked to Sun Ge embarked on a similar trajectory. However, no concrete proof has been provided to confirm the same.

Meanwhile, the exact amount withdrawn by the wallet totals 7,402 ETH, worth $23.03 million and 95.67 million USDT. Further, this accumulation underscores the burgeoning adoption of cryptocurrencies globally, with digital assets gaining confidence among investors.

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#write2earnonbinancesquare #written2earn
CBN Names Two Factors That Drive Supply of Dollar as Naira Crashes Again Read more:

CBN data showed that Nigerians spend money dollar mainly on overseas medical and education The amount allocated for the two services rose from $1.76 billion in 2021 to $1.81 billion in 2022 However, the naira has continued to decline again after strengthening for some days due to CBN’s intervention.

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#write2earnonbinancesquare
#written2earn
Nigerians fear new crypto crackdown as currency drops 15% and officials blame more than Binance

Nigerian officials target peer-to-peer crypto trading for naira's fall.
The battle with crypto is getting worse in Africa's biggest nation.
Nigeria’s crypto investors are feeling a sense of déjà vu.

And it’s not good.

The country’s fiat currency, the naira, has lost 15% of its value against the US dollar in the last seven days.

The last time this happened, Nigeria’s government banned Binance, arrested two of its executives, and charged them with money laundering and tax evasion.

Lowest level
That drop has arrested a month-long effort by the Central Bank of Nigeria to prop up the naira’s value after it sunk to its lowest-ever level in the foreign exchange market.

Once again, the authorities are blaming crypto peer-to-peer trading for the fall despite Binance’s forced exit from the market last month, according to Nigerian officials close to the situation.

Nigeria’s Economic and Financial Crimes Commission, the country’s anti-corruption police, said it has discovered alleged foreign exchange racketeering that is “worse than Binance.”

Court order
“They call them P2P and all of that [and] we noticed in the last two days that dollars have started appreciating,” EFCC chairman Ola Olukoyede said in a meeting on Tuesday monitored by DL News.

It is likely Olukoyede is referring to the centralised crypto exchange platform KuCoin

— Anonymous crypto trader
The EFCC’s top cop said the commission obtained a court order on Monday to freeze 300 of such accounts. One trader allegedly facilitated $15 billion in P2P transactions last year, the EFCC said.

For Nigerian crypto investors, the situation feels eerily familiar as pro-government figures have already launched online campaigns against exchanges like KuCoin, ByBit, and OKX.

Nigeria’s central bank, on Wednesday, debunked a fake directive purporting to direct commercial lenders to freeze accounts of crypto traders

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Nigeria’s Central Bank to Freeze Bybit, KuCoin, OKX, Binance Accounts

The Central Bank of Nigeria (CBN) has directed all banks and financial institutions to identify individuals or entities involved in transactions with cryptocurrency exchanges. Per CBN’s instructions, such accounts should be placed on a Post No Debit (PND) instruction for six months.

Under the “Post No Debit instructions,” customers are prohibited from conducting certain transactions, such as withdrawing funds or making payments. In light of this, the CBN released a circular identifying Bybit, KuCoin, OKX, and Binance as crypto exchange platforms lacking operational licenses in Nigeria.

The apex bank has emphasized its determination to clamp down on individuals illicitly trading Tether USDT on the platforms mentioned, particularly through peer-to-peer (P2P).

Furthermore, the CBN asserted that regulated financial institutions are prohibited from accepting or facilitating cryptocurrency payments. This stance contradicts an earlier ban lifted in December 2023, which allowed banks to facilitate crypto exchange transactions.

Due to the swift depreciation of the naira and inflation surge reaching 29.9%, the government has shifted focus towards platforms facilitating cryptocurrency transactions.

It recently took action against crypto trading platforms, particularly those known for fixing valuations different from the CBN Naira rate. Notably, Binance has faced intensified investigations following allegations of questionable financial transactions conducted through Binance Nigeria in 2023.

CBN’s governor, Olayemi Cardoso, revealed that an estimated $26 billion flowed through Nigeria via Binance in 2023, originating from undisclosed sources and users. This development has drawn attention to potential regulatory breaches within the crypto ecosystem.

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$#Nigeria denies freezing over 300 P2P accounts on more crypto exchanges amid forex concerns
Nigeria CBN circular warned that traders "buying and selling USDT illegally" would be arrested.

Nigerian authorities are gearing up for the next phase of their crackdown on crypto trading, targeting peer-to-peer (P2P) platforms like OKX, Binance, KuCoin, and Bybit, according to a trending circular on social media platform X.

Meanwhile, the Central Bank of Nigeria (CBN) said the information contained in the circular did not originate from it, claiming it is “fake content.” People familiar with the matter stated that backtracking on unpopular policies was not uncommon in the region.

The memo
Per the trending circular, the CBN ordered financial institutions in the country to identify individuals or entities transacting with these exchanges and implement a six-month Post No Debit (PND) instruction on their accounts.

According to the bank, the mentioned platforms are not licensed to operate in Nigeria and are currently under investigation. It added that defaulters of this directive would be faced with severe regulatory sanctions.
The bank also warned that any trader “buying and selling USDT illegally” would be arrested.

The CBN further reminded regulated financial entities in the country that they were barred from dealing in cryptocurrencies or facilitating payments for crypto exchanges.

Olumide Adesina, a business journalist, explained that the CBN’s official stance was that only entities regulated by the Nigerian Securities and Exchange Commission (SEC).

Over 300 P2P accounts frozen
In a recent press briefing, Ola Olukayode, the chairman of the Economic and Financial Crimes Commission (EFFC), noted that transactions on P2P platforms like KuCoin were exacerbating the country’s foreign exchange challenges
He said the anti-graft agency had frozen about 300 suspected illegal forex accounts trading on P2P platforms. Notably, over $15 billion passed through one of these platforms in the last year.
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