NigeriaCrypto
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Dear Binancian,#NigeriaCrypto
We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry. Only users attempting to access the website are impacted, although the App is currently available.
Importantly, all user funds are secure and accounts can still be accessed.
We remain committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.
Any changes or updates will be communicated promptly via our official channels.
If you require any further support, please reach out to us via in-app chat or at https://twitter.com/BinanceHelpDesk.
Thank you, your understanding and patience are highly appreciated.
The Binance Team
We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry. Only users attempting to access the website are impacted, although the App is currently available.
Importantly, all user funds are secure and accounts can still be accessed.
We remain committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.
Any changes or updates will be communicated promptly via our official channels.
If you require any further support, please reach out to us via in-app chat or at https://twitter.com/BinanceHelpDesk.
Thank you, your understanding and patience are highly appreciated.
The Binance Team
#NigeriaCrypto #btc $BTC $BNB $JASMY #TrendingTopic Binance Targeted: Nigeria Acts Against Crypto Amid Forex Concerns
Amid concerns over the alarming depreciation of the Nigerian currency, the government is considering measures to restrict access to online platforms of major cryptocurrency firms like Binance. Officials reveal that this move is prompted by perceived manipulation of the forex market and illicit fund movements, which are exacerbating the currency’s decline.
Reports indicate that platforms such as Binance are being exploited by currency speculators and money launderers. This is significantly contributing to the devaluation of the naira. The government is alarmed by this trend and is contemplating stringent actions against these crypto firms.
Binance’s Compliance Measures
In response to regulatory pressures, Binance has taken steps to comply with local regulations in Nigeria. It has imposed a cap on the selling price of certain tokens to align with directives from local authorities and demonstrate cooperation with regulatory bodies.
Despite Binance’s efforts, some traders are finding ways to circumvent these restrictions by turning to alternative exchanges. This poses challenges for regulatory authorities in their efforts to combat illicit financial activities facilitated by crypto platforms.
Collaborative Efforts and Concerns
Collaborative efforts between Nigeria’s security agencies and the Central Bank underscore the seriousness of addressing forex speculation. It also addresses its impact on economic stability. A senior executive at the Central Bank expressed concerns over the role of platforms like Binance in misleadingly devaluing the naira in global markets, exacerbating inflation and economic instability.
Furthermore, the proliferation of money laundering and terrorist financing through crypto exchanges underscores the urgency of regulatory intervention to safeguard Nigeria’s financial integrity and national security.
Balancing Innovation and Regulation
Additionally, recognizing the role of crypto firms in driving innovation
Amid concerns over the alarming depreciation of the Nigerian currency, the government is considering measures to restrict access to online platforms of major cryptocurrency firms like Binance. Officials reveal that this move is prompted by perceived manipulation of the forex market and illicit fund movements, which are exacerbating the currency’s decline.
Reports indicate that platforms such as Binance are being exploited by currency speculators and money launderers. This is significantly contributing to the devaluation of the naira. The government is alarmed by this trend and is contemplating stringent actions against these crypto firms.
Binance’s Compliance Measures
In response to regulatory pressures, Binance has taken steps to comply with local regulations in Nigeria. It has imposed a cap on the selling price of certain tokens to align with directives from local authorities and demonstrate cooperation with regulatory bodies.
Despite Binance’s efforts, some traders are finding ways to circumvent these restrictions by turning to alternative exchanges. This poses challenges for regulatory authorities in their efforts to combat illicit financial activities facilitated by crypto platforms.
Collaborative Efforts and Concerns
Collaborative efforts between Nigeria’s security agencies and the Central Bank underscore the seriousness of addressing forex speculation. It also addresses its impact on economic stability. A senior executive at the Central Bank expressed concerns over the role of platforms like Binance in misleadingly devaluing the naira in global markets, exacerbating inflation and economic instability.
Furthermore, the proliferation of money laundering and terrorist financing through crypto exchanges underscores the urgency of regulatory intervention to safeguard Nigeria’s financial integrity and national security.
Balancing Innovation and Regulation
Additionally, recognizing the role of crypto firms in driving innovation
LIVE
Crypto Daily™
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Nigeria’s Central Bank Relaxes Crypto Rules, Allows Banks to Open Accounts for Crypto Firms
The Central Bank of Nigeria (CBN) revised restrictions on banks facilitating crypto transactions. The news comes after the country’s apex bank introduced a comprehensive ban on banks engaging with crypto.
According to reports by Bloomberg, citing news from BusinessDay, after nearly two years of a comprehensive ban on banks’ involvement with digital currencies, the Nigerian central bank relaxed restrictions allowing crypto firms to open accounts with Nigerian banks.
One of The Highest Rates of Crypto Adoption
Nigeria is one of the world’s leading countries in crypto adoption, forcing the Central Bank of Nigeria to revise its stance toward digital assets. The increased global demand and higher crypto adoption rates made the CBN address the stringent restrictions it imposed in 2021. In its 2021 restrictions, the CBN ordered deposit-taking financial institutions to close accounts transacting in or operating crypto exchanges. According to the bank, such deals were “prohibited.”
In a statement issued to banks on December 22, the CBN explained:
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets.”
Tech journalist Abubakar posted the circular to X (formerly Twitter).
In its circular, the CBN said it aims to introduce minimum standards and requirements for establishing banking relationships and opening accounts for virtual asset service providers in the country. The CBN further explained its guidelines, which aim to present a strict risk management framework for the banking industry involved in the activities of licensed VASPs. The bank, however, maintains that financial institutions are forbidden to hold, trade, or conduct crypto transactions using their own accounts.
Nigeria to Introduce Legislation Recognising Bitcoin (BTC) and Other Crypto
In December 2022, it was reported that Nigeria would soon pass a law legalising the use of bitcoin and other crypto. If the law is passed, it will address the country’s growing Bitcoin usage and will be a major catalyst for the country. Despite the 2021 ban, Bitcoin maintains a strong presence in Nigeria.
With its 2021 crypto ban, Nigeria introduced a central bank digital currency (CBDC) called the eNaira. At the time, the CBN said the eNaira would be introduced to complement the physical Naira instead of replacing it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
According to reports by Bloomberg, citing news from BusinessDay, after nearly two years of a comprehensive ban on banks’ involvement with digital currencies, the Nigerian central bank relaxed restrictions allowing crypto firms to open accounts with Nigerian banks.
One of The Highest Rates of Crypto Adoption
Nigeria is one of the world’s leading countries in crypto adoption, forcing the Central Bank of Nigeria to revise its stance toward digital assets. The increased global demand and higher crypto adoption rates made the CBN address the stringent restrictions it imposed in 2021. In its 2021 restrictions, the CBN ordered deposit-taking financial institutions to close accounts transacting in or operating crypto exchanges. According to the bank, such deals were “prohibited.”
In a statement issued to banks on December 22, the CBN explained:
“However, current trends globally have shown that there is a need to regulate the activities of virtual assets service providers (VASPs), which include cryptocurrencies and crypto assets.”
Tech journalist Abubakar posted the circular to X (formerly Twitter).
In its circular, the CBN said it aims to introduce minimum standards and requirements for establishing banking relationships and opening accounts for virtual asset service providers in the country. The CBN further explained its guidelines, which aim to present a strict risk management framework for the banking industry involved in the activities of licensed VASPs. The bank, however, maintains that financial institutions are forbidden to hold, trade, or conduct crypto transactions using their own accounts.
Nigeria to Introduce Legislation Recognising Bitcoin (BTC) and Other Crypto
In December 2022, it was reported that Nigeria would soon pass a law legalising the use of bitcoin and other crypto. If the law is passed, it will address the country’s growing Bitcoin usage and will be a major catalyst for the country. Despite the 2021 ban, Bitcoin maintains a strong presence in Nigeria.
With its 2021 crypto ban, Nigeria introduced a central bank digital currency (CBDC) called the eNaira. At the time, the CBN said the eNaira would be introduced to complement the physical Naira instead of replacing it.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Nigerian currency falls by 70%
The government blames Binance for it.
Asks $10 billion in damages.
#TrendingTopic #Write2Earn #binance #NigeriaCrypto #BTC $BTC $ETH $BNB
The government blames Binance for it.
Asks $10 billion in damages.
#TrendingTopic #Write2Earn #binance #NigeriaCrypto #BTC $BTC $ETH $BNB
Lesson 4: How much money can you make from trading?
Before you start dreaming about any potential gains, it's important to remember that, on average, more than 80% of traders lose their money.
Furthermore, you should understand a popular mistake that most beginners make.
Many beginner traders try to get rich from one grand trade or a few lucky trades.
But that's not how trading works. And that's one of the reasons why the majority of beginner traders lose their money.
A more realistic daily gain goal is around 1% of your account size.
So, if you put $1,000 in your account, you could aim to gain around $10 per day.
If you have a $10,000 account, then you could try to aim for a profit of $100 per day.
... and so on.
Remember that these are realistic numbers only for traders who know what they're doing.
Also, remember that if you make multiple trades per day, a big part of your profits might get eaten by the spread commissions.
Thus it's very important to choose a broker with low spreads. According to the latest comparisons, one of the regulated brokers with the lowest spreads is This Broker Platform. They offer up to 20% lower spreads on EUR/USD vs other top brokers like Forex.com, or TD Ameritrade.
Hmm.... $10 profit per day with a $1,000 investment?
You might be thinking that it's not much.
Actually, it's a LOT if you understand the power of COMPOUND INTEREST.
The secret formula to trading success
If there is a secret formula to trading (besides learning and practicing hard), it's this:
SUCCESS = COMPOUND INTEREST + DISCIPLINE.
1% daily earnings might sound small at first, but it adds up over time if you keep compounding the profits and growing your account.
For example, let's imagine that you deposit $1,000 in your account.
As you can see in the visualization below, 1% daily compound interest from $1,000 would result in total earnings of $12,290.99 in one year.
Of course, this is just to illustrate the idea of compound interest. You would have to trade consistently every working day to achieve such a result, which is not very realistic for most people.
But you can always increase your account size if you're doing good and also go full-time into trading, so it's not impossible to reach and even beat this hypothetical target.
Theoretically, if you'd start with $30k, then the 1% daily compound interest could result in total earnings of more than $368k in a year. However, if you are expecting much bigger and faster gains, you will put too much in a single trade and most likely quickly blow your account.
Even if you traded every day, aiming for 1% daily will never go smoothly, of course. You’ll have +3% days and -2% days, etc.
But! This approach provides a more structured and sustainable perspective to trading.
It also gives you a target to strive for.
"Compound interest is the eighth wonder of the world. He who understands it - earns it.He who doesn't - pays it."Albert Einstein
Intermediate traders often make bigger gains at the beginning of a trading session when the markets are more active and then lose a big part or all their profits later in the day due to lower trading volume or overtrading.
Best traders try to hit their daily goal and then shut down their computers and go outside to clear their minds and reset for the next day.
#HotTrends $BTC #ETH $ETH #CryptoEducation💡🚀
#Write2Erarn #NigeriaCrypto
Furthermore, you should understand a popular mistake that most beginners make.
Many beginner traders try to get rich from one grand trade or a few lucky trades.
But that's not how trading works. And that's one of the reasons why the majority of beginner traders lose their money.
A more realistic daily gain goal is around 1% of your account size.
So, if you put $1,000 in your account, you could aim to gain around $10 per day.
If you have a $10,000 account, then you could try to aim for a profit of $100 per day.
... and so on.
Remember that these are realistic numbers only for traders who know what they're doing.
Also, remember that if you make multiple trades per day, a big part of your profits might get eaten by the spread commissions.
Thus it's very important to choose a broker with low spreads. According to the latest comparisons, one of the regulated brokers with the lowest spreads is This Broker Platform. They offer up to 20% lower spreads on EUR/USD vs other top brokers like Forex.com, or TD Ameritrade.
Hmm.... $10 profit per day with a $1,000 investment?
You might be thinking that it's not much.
Actually, it's a LOT if you understand the power of COMPOUND INTEREST.
The secret formula to trading success
If there is a secret formula to trading (besides learning and practicing hard), it's this:
SUCCESS = COMPOUND INTEREST + DISCIPLINE.
1% daily earnings might sound small at first, but it adds up over time if you keep compounding the profits and growing your account.
For example, let's imagine that you deposit $1,000 in your account.
As you can see in the visualization below, 1% daily compound interest from $1,000 would result in total earnings of $12,290.99 in one year.
Of course, this is just to illustrate the idea of compound interest. You would have to trade consistently every working day to achieve such a result, which is not very realistic for most people.
But you can always increase your account size if you're doing good and also go full-time into trading, so it's not impossible to reach and even beat this hypothetical target.
Theoretically, if you'd start with $30k, then the 1% daily compound interest could result in total earnings of more than $368k in a year. However, if you are expecting much bigger and faster gains, you will put too much in a single trade and most likely quickly blow your account.
Even if you traded every day, aiming for 1% daily will never go smoothly, of course. You’ll have +3% days and -2% days, etc.
But! This approach provides a more structured and sustainable perspective to trading.
It also gives you a target to strive for.
"Compound interest is the eighth wonder of the world. He who understands it - earns it.He who doesn't - pays it."Albert Einstein
Intermediate traders often make bigger gains at the beginning of a trading session when the markets are more active and then lose a big part or all their profits later in the day due to lower trading volume or overtrading.
Best traders try to hit their daily goal and then shut down their computers and go outside to clear their minds and reset for the next day.
#HotTrends $BTC #ETH $ETH #CryptoEducation💡🚀
#Write2Erarn #NigeriaCrypto
BINANCE UNDER FIRE: NIGERIA DEMANDS $10 BILLION OVER ALLEGED MANIPULATION
Cryptocurrency giant Binance finds itself in hot water as the Nigerian government demands a staggering $10 billion in compensation, citing allegations of currency manipulation and rate-fixing.
Nigeria’s $10 Billion Demand
Nigeria, Africa’s largest economy, has issued a hefty demand against Binance, accusing the cryptocurrency firm of tampering with foreign exchange rates, leading to a drastic devaluation of the Nigerian naira by almost 70% in recent months.
Arrests and Silence
Adding to the drama, two high-ranking Binance executives were arrested within Nigerian borders earlier this week. Despite the uproar, Binance has remained tight-lipped, failing to respond to inquiries from media outlets, including the BBC.
Cryptocurrency Landscape in Nigeria
Nigeria boasts one of the world’s largest cryptocurrency markets, with transactions equivalent to a substantial 12% of the nation’s GDP occurring in the year leading up to June 2023, according to Reuters.
Regulatory Framework
While cryptocurrencies are not illegal in Nigeria, companies operating within the sector are required to register with the government. However, Binance allegedly skirted these regulations, prompting scrutiny from authorities.
Market Impact
President Bola Tinubu’s decision to untether the naira from the dollar last year aimed to foster a more flexible exchange system. However, recent turmoil in the market, attributed to Binance’s activities, has forced the government’s hand in taking decisive action.
Suspension and Fallout
In a bid to stabilize the plummeting naira, Nigerian authorities have suspended several cryptocurrency platforms, including Binance, Coinbase, Kraken, and others. This move has caused frustration among Nigerian users but underscores the government’s determination to restore stability.
Money Laundering and Security Concerns
Beyond financial instability, Nigerian officials have raised concerns over the illicit use of cryptocurrency for money laundering and funding terrorism. The anonymity inherent in cryptocurrency transactions poses a significant challenge for law enforcement agencies.
Economic Fallout
The collapse of the Naira has exacerbated the country’s cost-of-living crisis, triggering protests against soaring food and commodity prices, alongside rising fuel and transportation costs.
#cryptopiannews #binancenews #Write2Earn #NigeriaCrypto #TrendingTopic!
Nigeria’s $10 Billion Demand
Nigeria, Africa’s largest economy, has issued a hefty demand against Binance, accusing the cryptocurrency firm of tampering with foreign exchange rates, leading to a drastic devaluation of the Nigerian naira by almost 70% in recent months.
Arrests and Silence
Adding to the drama, two high-ranking Binance executives were arrested within Nigerian borders earlier this week. Despite the uproar, Binance has remained tight-lipped, failing to respond to inquiries from media outlets, including the BBC.
Cryptocurrency Landscape in Nigeria
Nigeria boasts one of the world’s largest cryptocurrency markets, with transactions equivalent to a substantial 12% of the nation’s GDP occurring in the year leading up to June 2023, according to Reuters.
Regulatory Framework
While cryptocurrencies are not illegal in Nigeria, companies operating within the sector are required to register with the government. However, Binance allegedly skirted these regulations, prompting scrutiny from authorities.
Market Impact
President Bola Tinubu’s decision to untether the naira from the dollar last year aimed to foster a more flexible exchange system. However, recent turmoil in the market, attributed to Binance’s activities, has forced the government’s hand in taking decisive action.
Suspension and Fallout
In a bid to stabilize the plummeting naira, Nigerian authorities have suspended several cryptocurrency platforms, including Binance, Coinbase, Kraken, and others. This move has caused frustration among Nigerian users but underscores the government’s determination to restore stability.
Money Laundering and Security Concerns
Beyond financial instability, Nigerian officials have raised concerns over the illicit use of cryptocurrency for money laundering and funding terrorism. The anonymity inherent in cryptocurrency transactions poses a significant challenge for law enforcement agencies.
Economic Fallout
The collapse of the Naira has exacerbated the country’s cost-of-living crisis, triggering protests against soaring food and commodity prices, alongside rising fuel and transportation costs.
#cryptopiannews #binancenews #Write2Earn #NigeriaCrypto #TrendingTopic!
Coinbase Denies Claims of Receiving Any Directives From the Nigerian Government
Amidst swirling rumors and speculations, Coinbase, one of the leading cryptocurrency exchanges, has refuted claims of receiving any directives from the Nigerian government to restrict its citizens’ access to its platform. The rebuttal came directly from Coinbase CEO Brian Armstrong, who stated via the social media platform X that there had been no communication or outreach from Nigerian officials regarding such directives.Coinbase denies disruption, counters allegationsAddressing a recent report alleging that the Nigerian government had blocked access to three prominent cryptocurrency trading platforms, including Coinbase, Binance, and Kraken, Armstrong affirmed that there had been no interruption in Coinbase’s services. Contrary to circulating claims, Coinbase products are still fully operational, with no restrictions on Nigerian users.This is inaccurate WRT Coinbase as far as I can tell.Coinbase products are still operating (no interruption)We haven't received any outreach or communication from officials in Nigeria— Brian Armstrong 🛡️February 23, 2024The controversy surfaced earlier this week when Nigerians took to social media platforms, particularly X, expressing frustrations over their inability to access preferred cryptocurrency exchanges. Reports suggested that the Nigerian Communications Commission (NCC), responsible for regulating internet service providers, had instructed telecom companies to restrict access to these platforms. The purported aim was to curb the depreciation of Nigeria’s local currency, NGN, which has been downward for several months.Despite initial concerns and speculation, no authoritative source has confirmed any government directive restricting Coinbase, Binance, and Kraken access. Moreover, subsequent updates from Nigerian users on X have countered earlier reports, asserting that these cryptocurrency exchanges remain accessible. Many users resorted to virtual private networks (VPNs) to bypass potential restrictions, further adding to the confusion.Government stance remains unclearWhile rumors continue circulating, the Nigerian government’s official stance regarding cryptocurrency exchanges remains ambiguous. Amidst economic challenges and concerns over currency devaluation, authorities have yet to issue a clear statement addressing the alleged directives. The lack of official confirmation has fueled further uncertainty within the cryptocurrency community in Nigeria.As speculation swirls regarding alleged government directives restricting access to cryptocurrency exchanges in Nigeria, Coinbase CEO Brian Armstrong’s denial provides clarity. Despite initial concerns, Coinbase users in Nigeria continue to access the platform without interruption. However, the broader implications of these rumors and the Nigerian government’s stance on cryptocurrency regulation remain uncertain. As the situation evolves, stakeholders await official statements to provide definitive clarity.While the controversy surrounding alleged restrictions on cryptocurrency exchanges in Nigeria persists, Coinbase’s refutation of such claims offers reassurance to users. Nonetheless, Nigerian authorities’ lack of official communication leaves lingering questions regarding the government’s stance on cryptocurrency regulation. …As the cryptocurrency landscape continues to evolve globally, stakeholders in Nigeria and beyond closely monitor developments, seeking clarity $BTC amidst the uncertainty.#NigeriaCrypto #nigerian #Write2Earn #TrendingTopic
Following a recent court ruling in Illinois, US, that classified Bitcoin and Ethereum as commodities, stakeholders in Nigeria are urging the country's Securities and Exchange Commission (SEC) to adopt a similar stance. This move is driven by the need for clarity and proper categorization as cryptocurrencies become more integral to the global financial landscape.
Lucky Uwakwe, Chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), emphasized the importance of clear guidelines. He suggested that the Nigerian SEC should define asset classes for cryptocurrencies and explain their classifications as either securities or commodities, which would help creators understand the regulatory requirements.
In Nigeria, digital commodities have not received as much attention as physical commodities, which the Commodity Board has traditionally focused on. However, several government agencies, including the Central Bank of Nigeria (CBN), the SEC, the Federal Inland Revenue Service (FIRS), and the National Security Adviser (NSA), have shown interest in the regulatory aspects of cryptocurrencies.
Oladotun Wilfred Akangbe, Chief Marketing Officer of Flincap, highlighted the multifaceted nature of cryptocurrencies like Bitcoin and Ethereum, noting their significant value as assets.
He argued that the SEC should focus on their use as fundraising tools, such as in initial coin offerings (ICOs). Local crypto analyst Rume Ofi also pointed out that each cryptocurrency is unique and should be individually assessed to determine its classification as a security or commodity.
By classifying Bitcoin and Ethereum as commodities, the Nigerian SEC could provide much-needed clarity and stability to the market, fostering innovation while ensuring regulatory compliance. $BTC $ETH $ICP
#SEC败诉 #ETH_ETFs_Approval_Predictions #NigeriaCrypto #Nigeria's #BTC☀
Lucky Uwakwe, Chairman of the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), emphasized the importance of clear guidelines. He suggested that the Nigerian SEC should define asset classes for cryptocurrencies and explain their classifications as either securities or commodities, which would help creators understand the regulatory requirements.
In Nigeria, digital commodities have not received as much attention as physical commodities, which the Commodity Board has traditionally focused on. However, several government agencies, including the Central Bank of Nigeria (CBN), the SEC, the Federal Inland Revenue Service (FIRS), and the National Security Adviser (NSA), have shown interest in the regulatory aspects of cryptocurrencies.
Oladotun Wilfred Akangbe, Chief Marketing Officer of Flincap, highlighted the multifaceted nature of cryptocurrencies like Bitcoin and Ethereum, noting their significant value as assets.
He argued that the SEC should focus on their use as fundraising tools, such as in initial coin offerings (ICOs). Local crypto analyst Rume Ofi also pointed out that each cryptocurrency is unique and should be individually assessed to determine its classification as a security or commodity.
By classifying Bitcoin and Ethereum as commodities, the Nigerian SEC could provide much-needed clarity and stability to the market, fostering innovation while ensuring regulatory compliance. $BTC $ETH $ICP
#SEC败诉 #ETH_ETFs_Approval_Predictions #NigeriaCrypto #Nigeria's #BTC☀
Daily CRYPTO NEWS recap📈🔥- 07.07.2024
Solana leads African crypto market; New way to integrate Web3 apps on mobile devices; Nigerian CB vs. Binance! (read more below)
•Solana made massive impact on African’s crypto market
The Chief Marketing Officer of Flincap, has emphasized the cryptocurrency industry's remarkable growth, particularly highlighting Solana's resilience and community efforts in Africa. Despite challenges such as regulatory issues, the African crypto industry remains robust. The strength and adoption of blockchain technology heavily rely on community support. The Solana Foundation has initiated several activities, including meetups, hackathons, and educational workshops, to foster this growth. That is why Solana is widely chosen to escape inflationary currencies in many African countries in economic crisis.
•New, easy solution for Web3 developers for Android and IOS
Valora, a P2P payment company, aims to expand Web3 beyond its current crypto-native audience. They have recently launched "Mobile Stack," a decentralized, permissionless, and open protocol launchpad, which is considered as a valid solution for this expansion. Research indicates that only 8 out of the top 100 Web3 DApps have a mobile-native experience. This niche presents a significant opportunity for Valora to make Web3 apps more user-friendly and accessible. Mobile Stack is expected to facilitate the creation of DeFi services and enable easier "learning-to-earn" campaigns.
•Nigerian Central Bank Accuses Binance of Illegal Transactions
The Central Bank of Nigeria (CBN) has criticized Binance for performing banking services without authorization. The Nigerian government has accused Binance and its executives of conspiring to obscure the origins of $35.4 million in proceeds from illegal activities in Nigeria. From reports we know that Binance also facilitated currency conversions from naira to dollars, which requires CBN authorization.
Stay tuned for more updates from MarMag! New posts coming soon :))
#NewsAboutCrypto #VanEck_SOL_ETFS #NigeriaCrypto #web3_binance
Solana leads African crypto market; New way to integrate Web3 apps on mobile devices; Nigerian CB vs. Binance! (read more below)
•Solana made massive impact on African’s crypto market
The Chief Marketing Officer of Flincap, has emphasized the cryptocurrency industry's remarkable growth, particularly highlighting Solana's resilience and community efforts in Africa. Despite challenges such as regulatory issues, the African crypto industry remains robust. The strength and adoption of blockchain technology heavily rely on community support. The Solana Foundation has initiated several activities, including meetups, hackathons, and educational workshops, to foster this growth. That is why Solana is widely chosen to escape inflationary currencies in many African countries in economic crisis.
•New, easy solution for Web3 developers for Android and IOS
Valora, a P2P payment company, aims to expand Web3 beyond its current crypto-native audience. They have recently launched "Mobile Stack," a decentralized, permissionless, and open protocol launchpad, which is considered as a valid solution for this expansion. Research indicates that only 8 out of the top 100 Web3 DApps have a mobile-native experience. This niche presents a significant opportunity for Valora to make Web3 apps more user-friendly and accessible. Mobile Stack is expected to facilitate the creation of DeFi services and enable easier "learning-to-earn" campaigns.
•Nigerian Central Bank Accuses Binance of Illegal Transactions
The Central Bank of Nigeria (CBN) has criticized Binance for performing banking services without authorization. The Nigerian government has accused Binance and its executives of conspiring to obscure the origins of $35.4 million in proceeds from illegal activities in Nigeria. From reports we know that Binance also facilitated currency conversions from naira to dollars, which requires CBN authorization.
Stay tuned for more updates from MarMag! New posts coming soon :))
#NewsAboutCrypto #VanEck_SOL_ETFS #NigeriaCrypto #web3_binance
Nigeria's crypto scene might be on the verge of a major shift! Emomotimi Agama, the Director General of the SEC, recently praised cryptocurrencies for their potential to enhance financial services, especially in reducing remittance costs and aiding Nigeria's 38 million unbanked adults.
Despite recent crackdowns on exchanges like Binance and service restrictions across the sector, Agama's remarks at the 2024 PACMAN Conference highlight the significant role of crypto, with over 33.4% of Nigerians involved. This could signal a move towards easing regulations and a more positive outlook for crypto in Nigeria.
#NigerianTraders #NigeriaCrypto
Despite recent crackdowns on exchanges like Binance and service restrictions across the sector, Agama's remarks at the 2024 PACMAN Conference highlight the significant role of crypto, with over 33.4% of Nigerians involved. This could signal a move towards easing regulations and a more positive outlook for crypto in Nigeria.
#NigerianTraders #NigeriaCrypto
🚨 Quidax’s Game-Changing License! 🚨
Breaking News: Quidax has just received a groundbreaking license from Nigeria’s SEC, marking a significant milestone in the country’s crypto landscape. This move is set to transform the way digital assets are regulated and traded in Nigeria!
What’s Happening? Quidax, a leading cryptocurrency exchange, has been granted “Approval-in-Principle” by the Nigerian Securities and Exchange Commission (SEC). This provisional license is part of the SEC’s Accelerated Regulatory Incubation Program, aimed at fostering a secure and transparent crypto market.
Why This Matters:
Regulatory Milestone: This is the first time the Nigerian SEC has issued such a license, signaling a new era of crypto regulation in the country.Enhanced Trust: With this approval, Quidax is set to enhance consumer protection and transparency, boosting trust in the Nigerian crypto market.Market Growth: This move is expected to drive higher adoption rates and attract more investors to the Nigerian crypto space.
Expert Insights: Nigeria’s leading crypto analyst, Rume Ophi, believes this license is a beacon of hope for the industry. He highlights that this regulatory step will pave the way for more structured and secure growth of digital assets in Nigeria.
Stay Informed!
Follow Us: Stay updated with the latest news and insights on the crypto market.Join the Conversation: What do you think about Quidax’s new license? Share your thoughts in the comments below!
Follow us for more breaking news and updates!
#Quidax #CryptoLicense #NigeriaCrypto #CryptoRegulation #CryptoNews
Breaking News: Quidax has just received a groundbreaking license from Nigeria’s SEC, marking a significant milestone in the country’s crypto landscape. This move is set to transform the way digital assets are regulated and traded in Nigeria!
What’s Happening? Quidax, a leading cryptocurrency exchange, has been granted “Approval-in-Principle” by the Nigerian Securities and Exchange Commission (SEC). This provisional license is part of the SEC’s Accelerated Regulatory Incubation Program, aimed at fostering a secure and transparent crypto market.
Why This Matters:
Regulatory Milestone: This is the first time the Nigerian SEC has issued such a license, signaling a new era of crypto regulation in the country.Enhanced Trust: With this approval, Quidax is set to enhance consumer protection and transparency, boosting trust in the Nigerian crypto market.Market Growth: This move is expected to drive higher adoption rates and attract more investors to the Nigerian crypto space.
Expert Insights: Nigeria’s leading crypto analyst, Rume Ophi, believes this license is a beacon of hope for the industry. He highlights that this regulatory step will pave the way for more structured and secure growth of digital assets in Nigeria.
Stay Informed!
Follow Us: Stay updated with the latest news and insights on the crypto market.Join the Conversation: What do you think about Quidax’s new license? Share your thoughts in the comments below!
Follow us for more breaking news and updates!
#Quidax #CryptoLicense #NigeriaCrypto #CryptoRegulation #CryptoNews
Binance Faces Rising Nigerian Pressure, Dodges Enormous $10 Billion Fine. 👀💯
Binance, a leading cryptocurrency exchange, finds itself at the center of escalating troubles in Nigeria. Authorities in the African nation are demanding a staggering $10 billion fine, accusing the platform of market manipulation that resulted in significant losses for the country.
Nigerian regulators allege that Binance engaged in market manipulation, leading to the jaw-dropping $10 billion fine. The exchange faces scrutiny for purportedly profiting from illegal trading activities, exacerbating losses within the Nigerian market.
In response to these allegations, Nigerian authorities have taken severe measures. Binance's website has been blocked, and its naira peer-to-peer marketplace shut down. Two executives are now in detention as part of the investigation into customer details and transaction data.
Binance claims to be cooperating with authorities, evident in its decision to voluntarily close the peer-to-peer platform for Nigerians. This move is seen as an attempt to align with regulatory demands and address concerns raised by the authorities.
Binance faces accusations of devaluing the naira through wash-trading, with fake orders on the USDT-NGN pair. Nigerian regulators claim $26 billion flowed through Binance from unidentified sources in 2023, probing into alleged involvement in terrorism financing and criminal activities.
Binance faces regulatory issues in Nigeria amid global troubles, including a $4.3 billion U.S. fine for money laundering. Accusations tie Binance to the naira devaluation, with corruption, security challenges, and policy uncertainties hindering foreign investment in Nigeria.
Binance, the world's largest exchange, faces a market share decline amid global regulatory challenges, especially in Nigeria, home to a major crypto P2P marketplace. Binance's response to these issues remains uncertain as the cryptocurrency industry navigates a complex regulatory landscape, leaving the broader market's fate in question.
#Nigeria #NigeriaCrypto #binance #BTC
Binance, a leading cryptocurrency exchange, finds itself at the center of escalating troubles in Nigeria. Authorities in the African nation are demanding a staggering $10 billion fine, accusing the platform of market manipulation that resulted in significant losses for the country.
Nigerian regulators allege that Binance engaged in market manipulation, leading to the jaw-dropping $10 billion fine. The exchange faces scrutiny for purportedly profiting from illegal trading activities, exacerbating losses within the Nigerian market.
In response to these allegations, Nigerian authorities have taken severe measures. Binance's website has been blocked, and its naira peer-to-peer marketplace shut down. Two executives are now in detention as part of the investigation into customer details and transaction data.
Binance claims to be cooperating with authorities, evident in its decision to voluntarily close the peer-to-peer platform for Nigerians. This move is seen as an attempt to align with regulatory demands and address concerns raised by the authorities.
Binance faces accusations of devaluing the naira through wash-trading, with fake orders on the USDT-NGN pair. Nigerian regulators claim $26 billion flowed through Binance from unidentified sources in 2023, probing into alleged involvement in terrorism financing and criminal activities.
Binance faces regulatory issues in Nigeria amid global troubles, including a $4.3 billion U.S. fine for money laundering. Accusations tie Binance to the naira devaluation, with corruption, security challenges, and policy uncertainties hindering foreign investment in Nigeria.
Binance, the world's largest exchange, faces a market share decline amid global regulatory challenges, especially in Nigeria, home to a major crypto P2P marketplace. Binance's response to these issues remains uncertain as the cryptocurrency industry navigates a complex regulatory landscape, leaving the broader market's fate in question.
#Nigeria #NigeriaCrypto #binance #BTC
How I moved from making 70k(naira) a month to $1200 ……….#BTC🔥🔥🔥🔥🔥🔥 #Futures_Trading #binancenigeria #NigeriaVsBinance #NigeriaCrypto
Binance is in hot water in Nigeria in the aftermath of its settlement with the U.S. Department of Justice (DOJ). Nigeria’s House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng on Friday, according to a local news report.
Ginger Onwusibe, the chairman of the committee, has asked Teng to appear before the committee by March 4. The summons was issued over its alleged involvement in financial crimes, including money laundering and terrorism financing.
Onwusibe warned that Teng’s failure to answer the summons would force the committee to invoke its constitutional powers and take appropriate steps.
In its U.S. plea deal, which received the judge’s approval last week, Binance pled guilty to money laundering and terrorism financing. The exchange also agreed to pay a historic fine of $4.3 billion and operate with monitoring as part of its settlement.
👇👇👇👇👇👇👇
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@pro_digitalss
$BNB $ETH $BTC #TrendingTopic #nigeriaP2P #NigeriaCrypto #NigeriaTech #BTC
Ginger Onwusibe, the chairman of the committee, has asked Teng to appear before the committee by March 4. The summons was issued over its alleged involvement in financial crimes, including money laundering and terrorism financing.
Onwusibe warned that Teng’s failure to answer the summons would force the committee to invoke its constitutional powers and take appropriate steps.
In its U.S. plea deal, which received the judge’s approval last week, Binance pled guilty to money laundering and terrorism financing. The exchange also agreed to pay a historic fine of $4.3 billion and operate with monitoring as part of its settlement.
👇👇👇👇👇👇👇
FOLLOW FOR MORE
@pro_digitalss
$BNB $ETH $BTC #TrendingTopic #nigeriaP2P #NigeriaCrypto #NigeriaTech #BTC
Nigeria’s SEC issues first license to local crypto exchange #NigeriaCrypto
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
According to a press release shared with Cointelegraph, the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria. #NigeriaVsBinance
Quidax said the SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.
A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.
Despite these advancements, there was initial concern that the stringent licensing requirements might significantly reduce the number of local crypto exchanges.
$SOL $BNB $USDC
The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira ($556,620) and a current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidax’s lead and seek to meet the SEC’s requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.
The development signals the beginning of formal recognition and regulatory oversight for the country’s digital asset industry.
According to a press release shared with Cointelegraph, the SEC’s license permits Quidax to operate as a registered crypto exchange in Nigeria. #NigeriaVsBinance
Quidax said the SEC’s approval is a “shot of adrenaline” for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC — particularly under the new leadership of Emomotimi Agama — for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeria’s approval. The SEC’s licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.
A notable part of the regulatory overhaul is the introduction of the Accelerated Regulatory Incubation Programme designed to help virtual assets service providers align with new regulatory requirements.
Despite these advancements, there was initial concern that the stringent licensing requirements might significantly reduce the number of local crypto exchanges.
$SOL $BNB $USDC
The Nigerian SEC mandates a minimum upfront capital requirement of 500 million naira ($556,620) and a current Fidelity Insurance Bond covering at least 25% of the stipulated minimum paid-up capital for both digital asset exchanges and digital assets offering platforms.
🌍 Nigeria’s Crypto Landscape in 2023: Challenges, Innovations, and Resilience
Hey Crypto Community! Today, let’s delve into the dynamic and evolving cryptocurrency scene in Nigeria, a nation that has become a significant player in the global crypto market.
📈 Bitcoin Premiums and Economic Realities
• Surging Premiums: Nigeria recently made headlines for the soaring premiums on Bitcoin, with prices on local platforms listed at 60% above the global market rates. This phenomenon reflects the higher demand for the U.S. dollar due to the local currency’s devaluation, rather than a direct increase in demand for Bitcoin itself .
• Underlying Causes: The high premiums are attributed to government-imposed cash withdrawal limits and the swapping of old bank notes for new ones, affecting local forex markets and leading to discrepancies between official and unofficial U.S. dollar exchange rates .
🌐 A Complex Crypto Environment
• Misinterpreted Premiums: While the elevated Bitcoin prices initially suggested heightened demand for cryptocurrency, analysts point out that they more accurately reflect the country’s need for stable foreign currency, primarily the U.S. dollar.
• Comparative Analysis: Interestingly, similar Bitcoin premiums are observed in other stable markets like South Korea, suggesting that the premium phenomenon is not unique to Nigeria but part of a broader trend in global crypto markets.
🔮 Crypto Adoption and Web3 Embrace
• Robust Adoption: Despite the complexities surrounding Bitcoin premiums, Nigeria continues to be a major crypto adopter. The country’s young, tech-savvy population has embraced Web3, turning to cryptocurrencies as an alternative to the naira during times of economic instability and government controls .
Conclusion
Nigeria’s crypto journey in 2023 paints a picture of a nation grappling with economic challenges but also innovating and adapting in the world of digital currencies.
#NigeriaCrypto #BitcoinEconomics #CryptoSurgeTrend #GlobalCryptoAdoption #Web3Innovation
Hey Crypto Community! Today, let’s delve into the dynamic and evolving cryptocurrency scene in Nigeria, a nation that has become a significant player in the global crypto market.
📈 Bitcoin Premiums and Economic Realities
• Surging Premiums: Nigeria recently made headlines for the soaring premiums on Bitcoin, with prices on local platforms listed at 60% above the global market rates. This phenomenon reflects the higher demand for the U.S. dollar due to the local currency’s devaluation, rather than a direct increase in demand for Bitcoin itself .
• Underlying Causes: The high premiums are attributed to government-imposed cash withdrawal limits and the swapping of old bank notes for new ones, affecting local forex markets and leading to discrepancies between official and unofficial U.S. dollar exchange rates .
🌐 A Complex Crypto Environment
• Misinterpreted Premiums: While the elevated Bitcoin prices initially suggested heightened demand for cryptocurrency, analysts point out that they more accurately reflect the country’s need for stable foreign currency, primarily the U.S. dollar.
• Comparative Analysis: Interestingly, similar Bitcoin premiums are observed in other stable markets like South Korea, suggesting that the premium phenomenon is not unique to Nigeria but part of a broader trend in global crypto markets.
🔮 Crypto Adoption and Web3 Embrace
• Robust Adoption: Despite the complexities surrounding Bitcoin premiums, Nigeria continues to be a major crypto adopter. The country’s young, tech-savvy population has embraced Web3, turning to cryptocurrencies as an alternative to the naira during times of economic instability and government controls .
Conclusion
Nigeria’s crypto journey in 2023 paints a picture of a nation grappling with economic challenges but also innovating and adapting in the world of digital currencies.
#NigeriaCrypto #BitcoinEconomics #CryptoSurgeTrend #GlobalCryptoAdoption #Web3Innovation