NigeriaVsBinance
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Hi Guys,
Urgent Millionaire Tip in Free đ
You cannot be a billionaire if you do these 4 things:
1. Just keep stacking your wealth: If you just keep saving, like putting money in bank, or putting everything in crypto and stock, you will never be a billionaire. The people who stack money, and donât use when he need, will eventually lose his motivation to earn money. Donât do this. When you need something and that is essential, feel free to withdraw same amount of money from your savings and spend. You can always repopulate the amount again.
2. Never donate money: You may think why should I donate money. I need to save and thatâs how I will get rich. TOTALLY WRONG. When you donate money to poor or for something good, this increases your motivation of earning money by making your dopamine level high. Yeah, what you are thinking is right. In some religious scripture, there is written that if you donate, in fact you will get more wealth. So now science is backing up the century old theory. But today you will see broke people donating millions on Only Fans but cannot donate poor. Lol.
3. Start showing up: Once you make good amount of money, you start showing up. For example, when I started my software company, I rented a big office and spent a lot of money on the lease, furniture, techs. But we never actually used the office that much. Our developers always preferred to work from home and so am I. Then why did I lose these money? Correct, just to show off that Iâm a CEO. This is the stupidest thing I ever did. Even I still buy none branded cloths from Bangladesh, India or China.
4. Always fear to lose: Look, if you made 100k in 1 year. Itâs okay to lose 90% of them. Because unless you are a gambler, you made money with your hard work. With the process of making 100k you made yourself more skilled and strong. Your brain will work more smooth. So next time, you will make easily 150k in less time.
#USNFPCooldown #NigeriaVsBinance $PDA $USDC
$HMSTR #CryptoEducation
Urgent Millionaire Tip in Free đ
You cannot be a billionaire if you do these 4 things:
1. Just keep stacking your wealth: If you just keep saving, like putting money in bank, or putting everything in crypto and stock, you will never be a billionaire. The people who stack money, and donât use when he need, will eventually lose his motivation to earn money. Donât do this. When you need something and that is essential, feel free to withdraw same amount of money from your savings and spend. You can always repopulate the amount again.
2. Never donate money: You may think why should I donate money. I need to save and thatâs how I will get rich. TOTALLY WRONG. When you donate money to poor or for something good, this increases your motivation of earning money by making your dopamine level high. Yeah, what you are thinking is right. In some religious scripture, there is written that if you donate, in fact you will get more wealth. So now science is backing up the century old theory. But today you will see broke people donating millions on Only Fans but cannot donate poor. Lol.
3. Start showing up: Once you make good amount of money, you start showing up. For example, when I started my software company, I rented a big office and spent a lot of money on the lease, furniture, techs. But we never actually used the office that much. Our developers always preferred to work from home and so am I. Then why did I lose these money? Correct, just to show off that Iâm a CEO. This is the stupidest thing I ever did. Even I still buy none branded cloths from Bangladesh, India or China.
4. Always fear to lose: Look, if you made 100k in 1 year. Itâs okay to lose 90% of them. Because unless you are a gambler, you made money with your hard work. With the process of making 100k you made yourself more skilled and strong. Your brain will work more smooth. So next time, you will make easily 150k in less time.
#USNFPCooldown #NigeriaVsBinance $PDA $USDC
$HMSTR #CryptoEducation
Nigeria drops money laundering charges against Binance exec
Announcing the withdrawal of the charges, the EFCC lawyer reportedly said that Tigran Gambaryan was merely an employee of Binance.
The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who has been detained in prison in Nigeria for more than seven months.
A lawyer representing Nigeriaâs government prosecutor, the Economic and Financial Crimes Commission (EFCC), announced the withdrawal of the charges at the Federal High Court in Abuja on Oct. 23, local news agency Premium Times reported.
The EFCC lawyer said that Gambaryan, a United States citizen, wasnât serving a key role at Binance, whose activities were the target of the prosecution.
The EFCC reportedly dropped the charges against Gambaryan at a hearing coming two days before a courtroom session scheduled for Oct. 25. According to the report, the hearing on Wednesday appeared to have been held to avoid public attention as much as possible.
Gambaryanâs health issues behind the decision?
While Premium Times indicated the main reason for dropping charges against Gambaryan was his non-senior role at Binance, other reports alluded to other factors.
A Reuters report suggested the EFCC lawyer withdrew the case to allow Gambaryan to seek medical treatment abroad.
According to a report by Bloomberg Law, the court discontinued the case on the grounds of Gambaryanâs deteriorating health, citing anonymous sources familiar with the decision.
Gambaryanâs lawyer, Mark Mordi, had repeatedly argued that Gambaryanâs health had worsened during his detention at Kuje prison in Abuja. However, the EFCC objected, claiming that Gambaryanâs defense exaggerated the severity of his condition.
Mordi also insisted that Nigeriaâs health-care system could not adequately manage Gambaryanâs issues.
Nigeria rejected Gambaryanâs bail twice
Gambaryan, a former cryptocurrency-focused US tax agent, was detained by the Nigerian government in February after traveling to Nigeria to address a dispute with Binance over allegations of unlawful operations in the country.
Despite Binance announcing its full exit from Nigeria in early March, the Nigerian government continued to detain Gambaryan, denying bail on two occasions
Judge Emeka Nwite first denied Gambaryanâs bail application in May, citing Gambaryan as a flight risk.
Nwite also rejected Gambaryanâs second bail application in October, ruling that he should remain in prison despite his worsening health, as such a condition âdid not entitle prisoners to leave custody.â
Whatâs next for Binance in Nigeria?
Despite dropping charges against Gambaryan, Nigeria will continue its money laundering case against Binance, according to multiple sources.
Reuters reported that Nigeriaâs separate tax charges against Binance also remain in place despite the exchange denying the allegations.
As previously reported, Binance is facing four counts of tax evasion, including failing to register with Nigeriaâs Federal Inland Revenue Service.
#NigeriaVsBinance #USJoblessClaimsDip
The Nigerian government has dropped all charges against Binance executive Tigran Gambaryan, who has been detained in prison in Nigeria for more than seven months.
A lawyer representing Nigeriaâs government prosecutor, the Economic and Financial Crimes Commission (EFCC), announced the withdrawal of the charges at the Federal High Court in Abuja on Oct. 23, local news agency Premium Times reported.
The EFCC lawyer said that Gambaryan, a United States citizen, wasnât serving a key role at Binance, whose activities were the target of the prosecution.
The EFCC reportedly dropped the charges against Gambaryan at a hearing coming two days before a courtroom session scheduled for Oct. 25. According to the report, the hearing on Wednesday appeared to have been held to avoid public attention as much as possible.
Gambaryanâs health issues behind the decision?
While Premium Times indicated the main reason for dropping charges against Gambaryan was his non-senior role at Binance, other reports alluded to other factors.
A Reuters report suggested the EFCC lawyer withdrew the case to allow Gambaryan to seek medical treatment abroad.
According to a report by Bloomberg Law, the court discontinued the case on the grounds of Gambaryanâs deteriorating health, citing anonymous sources familiar with the decision.
Gambaryanâs lawyer, Mark Mordi, had repeatedly argued that Gambaryanâs health had worsened during his detention at Kuje prison in Abuja. However, the EFCC objected, claiming that Gambaryanâs defense exaggerated the severity of his condition.
Mordi also insisted that Nigeriaâs health-care system could not adequately manage Gambaryanâs issues.
Nigeria rejected Gambaryanâs bail twice
Gambaryan, a former cryptocurrency-focused US tax agent, was detained by the Nigerian government in February after traveling to Nigeria to address a dispute with Binance over allegations of unlawful operations in the country.
Despite Binance announcing its full exit from Nigeria in early March, the Nigerian government continued to detain Gambaryan, denying bail on two occasions
Judge Emeka Nwite first denied Gambaryanâs bail application in May, citing Gambaryan as a flight risk.
Nwite also rejected Gambaryanâs second bail application in October, ruling that he should remain in prison despite his worsening health, as such a condition âdid not entitle prisoners to leave custody.â
Whatâs next for Binance in Nigeria?
Despite dropping charges against Gambaryan, Nigeria will continue its money laundering case against Binance, according to multiple sources.
Reuters reported that Nigeriaâs separate tax charges against Binance also remain in place despite the exchange denying the allegations.
As previously reported, Binance is facing four counts of tax evasion, including failing to register with Nigeriaâs Federal Inland Revenue Service.
#NigeriaVsBinance #USJoblessClaimsDip
Binance exec denied legal counsel as health declines
Binance exec Tigran Gambaryan is reportedly being denied legal counsel and healthcare while detained on criminal allegations in Nigeria.
Gambaryan was wheeled into an Abuja court during his last hearing on July 16 after his health deteriorated while in Kuje prison. Federal High Court judge Emeka Nwite signed an arrest warrant for the facilityâs medical doctor.
However, according to his family, punitive measures have done little to aid the arrested Binance executive. A statement shared with crypto.news on Aug. 12 said Gambaryan was bedridden due to several back issues and other health concerns.
âI am begging the Nigerian government to please release him so that he can come home and receive the medical treatment he urgently needs before it is too late,â said Yuki Gambaryan, partner of the detained crypto exchange employee.
By the time of his next hearing on Oct. 11, Gambaryan will have been incarcerated for over six months amid an ongoing legal showdown between Nigerian authorities and Binance, the largest centralized crypto exchange in the world.
U.S. politicians called on President Joe Biden to address the situation, as Gambaryan is an American citizen and a former IRS agent. âWe fear for his life,â wrote members of Congress in June as the month-long debacle continued.
The case against Gambaryan is part of a larger crackdown on crypto exchanges in the African nation. Nigeria has seen an exodus of platforms, especially in the peer-to-peer crypto market. Digital asset service providers like Binance, KuCoin, and OKX have shuttered P2P trading in the country and limited facilities in some cases.
#NigeriaVsBinance #NigeriaCryptoBan
Binance exec Tigran Gambaryan is reportedly being denied legal counsel and healthcare while detained on criminal allegations in Nigeria.
Gambaryan was wheeled into an Abuja court during his last hearing on July 16 after his health deteriorated while in Kuje prison. Federal High Court judge Emeka Nwite signed an arrest warrant for the facilityâs medical doctor.
However, according to his family, punitive measures have done little to aid the arrested Binance executive. A statement shared with crypto.news on Aug. 12 said Gambaryan was bedridden due to several back issues and other health concerns.
âI am begging the Nigerian government to please release him so that he can come home and receive the medical treatment he urgently needs before it is too late,â said Yuki Gambaryan, partner of the detained crypto exchange employee.
By the time of his next hearing on Oct. 11, Gambaryan will have been incarcerated for over six months amid an ongoing legal showdown between Nigerian authorities and Binance, the largest centralized crypto exchange in the world.
U.S. politicians called on President Joe Biden to address the situation, as Gambaryan is an American citizen and a former IRS agent. âWe fear for his life,â wrote members of Congress in June as the month-long debacle continued.
The case against Gambaryan is part of a larger crackdown on crypto exchanges in the African nation. Nigeria has seen an exodus of platforms, especially in the peer-to-peer crypto market. Digital asset service providers like Binance, KuCoin, and OKX have shuttered P2P trading in the country and limited facilities in some cases.
#NigeriaVsBinance #NigeriaCryptoBan
đ„đŒ Nigeria and Binance are locked in a fierce battle over the fate of the naira, the country's currency, and its economy. This isn't just a minor disagreement; it's a full-blown brawl with serious implications! đ„đłđŹ
As tensions escalate, two senior Binance executives find themselves in the eye of the storm, their freedom hanging in the balance for over three weeks now. đȘïžđ„ Nigeria is demanding a thorough investigation into Binance's operations, seeking data on its top 100 Nigerian users and a comprehensive transaction history spanning six months. đ”ïžââïžđ°
Facing its worst economic crisis in three decades, Nigeria is grappling with soaring inflation and currency devaluation. President Bola Tinubu and his team are scrambling to attract foreign investors back to the country. But cryptocurrency platforms like Binance, offering an alternative to the struggling naira, have become a thorn in the government's side. đđĄ
When Nigerian authorities clamped down on crypto sites and detained Binance executives in Abuja, it was a clear declaration of war. Binance retaliated by removing the naira from its trading options, sending shockwaves through the financial world. đ«đŒ
Amidst accusations of currency manipulation and economic destabilization, Binance faces the prospect of a hefty $10 billion fine. But negotiations are far from over, and the outcome remains uncertain. đ°âïž
Caught in the crossfire are Nadeem Anjarwalla and Tigran Gambaryan, two individuals representing more than just Binance's interests in Africa. Their detention is a strategic move by Nigeria, perhaps aimed at gaining leverage in the broader economic struggle. đ€đ
As the saga unfolds, it draws in various players, from concerned family members to international governments, turning it into a diplomatic chess game with global implications. đđïž
Stay tuned as the drama unfolds, revealing the intricate layers of this high-stakes battle between Nigeria and Binance. đđŒ #NigeriaVsBinance #EconomicBattle đłđŹđ„
As tensions escalate, two senior Binance executives find themselves in the eye of the storm, their freedom hanging in the balance for over three weeks now. đȘïžđ„ Nigeria is demanding a thorough investigation into Binance's operations, seeking data on its top 100 Nigerian users and a comprehensive transaction history spanning six months. đ”ïžââïžđ°
Facing its worst economic crisis in three decades, Nigeria is grappling with soaring inflation and currency devaluation. President Bola Tinubu and his team are scrambling to attract foreign investors back to the country. But cryptocurrency platforms like Binance, offering an alternative to the struggling naira, have become a thorn in the government's side. đđĄ
When Nigerian authorities clamped down on crypto sites and detained Binance executives in Abuja, it was a clear declaration of war. Binance retaliated by removing the naira from its trading options, sending shockwaves through the financial world. đ«đŒ
Amidst accusations of currency manipulation and economic destabilization, Binance faces the prospect of a hefty $10 billion fine. But negotiations are far from over, and the outcome remains uncertain. đ°âïž
Caught in the crossfire are Nadeem Anjarwalla and Tigran Gambaryan, two individuals representing more than just Binance's interests in Africa. Their detention is a strategic move by Nigeria, perhaps aimed at gaining leverage in the broader economic struggle. đ€đ
As the saga unfolds, it draws in various players, from concerned family members to international governments, turning it into a diplomatic chess game with global implications. đđïž
Stay tuned as the drama unfolds, revealing the intricate layers of this high-stakes battle between Nigeria and Binance. đđŒ #NigeriaVsBinance #EconomicBattle đłđŹđ„
Fostering Financial Freedom in Nigeria: A Call to Action
As Nigeria continues to navigate the complexities of economic development, it is essential to reassess policies that may be inadvertently hindering progress. This article urges the Nigerian government to reconsider its stance on cryptocurrency adoption, excessive taxation, and the defacing of citizens.
Cryptocurrency regulation presents an opportunity for Nigeria to embrace innovation and financial inclusion. By establishing a supportive regulatory framework, the country can:
- Enhance financial access for the unbanked population
- Foster entrepreneurship and innovation
- Attract foreign investment
- Diversify the economy
Furthermore, reducing taxation and defacing measures can alleviate the burden on citizens, stimulating economic growth and promoting financial freedom.
We encourage the Nigerian government to consider the long-term benefits of embracing cryptocurrencies and fostering a more inclusive economic environment. By doing so, Nigeria can unlock its full potential and secure a brighter financial future for its citizens.
Let us work together to create a more financially inclusive and supportive Nigeria.
$BTC #NigeriaVsBinance
As Nigeria continues to navigate the complexities of economic development, it is essential to reassess policies that may be inadvertently hindering progress. This article urges the Nigerian government to reconsider its stance on cryptocurrency adoption, excessive taxation, and the defacing of citizens.
Cryptocurrency regulation presents an opportunity for Nigeria to embrace innovation and financial inclusion. By establishing a supportive regulatory framework, the country can:
- Enhance financial access for the unbanked population
- Foster entrepreneurship and innovation
- Attract foreign investment
- Diversify the economy
Furthermore, reducing taxation and defacing measures can alleviate the burden on citizens, stimulating economic growth and promoting financial freedom.
We encourage the Nigerian government to consider the long-term benefits of embracing cryptocurrencies and fostering a more inclusive economic environment. By doing so, Nigeria can unlock its full potential and secure a brighter financial future for its citizens.
Let us work together to create a more financially inclusive and supportive Nigeria.
$BTC #NigeriaVsBinance
Binance In Nigeria
An ex-parte motion filed in Nigeria aims to expose internal information of Binance to regulatory scrutiny. A Federal High Court in Abuja has instructed Binance to provide user data to the Economic and Financial Crimes Commission (EFCC) for an investigation into suspected financial crimes. During a court session on March 18, an EFCC operative mentioned that the agency's Special Investigation Team became aware of potential illicit activities and urged Binance to halt certain trading services. Initially, Nigerian authorities sought transaction records for the top 100 local users for up to six months, but later expanded their request to include all Nigerian customers without specifying the extent of trading activities under investigation.
Binance's challenges in Nigeria escalated with the revelation of the Abuja High Court order, which came to light about three weeks after the arrest of two Binance executives. Tigran Gambaryan and Nadeem Anjarwalla were detained in Abuja on Feb. 26 following an invitation from regulatory bodies for discussions. Nigeria's central bank governor, Olayemi Cardoso, claimed that over $26 billion in untraceable funds flowed through Binance, allegedly contributing to the rapid decline of the naira since last year, although no specific data was provided to support this assertion. The government also threatened Binance with a $10 billion fine for purportedly enabling foreign exchange manipulation by permitting users to exchange naira for Tether's USDT on a large scale. In response, Binance highlighted its cooperation with Nigerian authorities since June 2020 and urged maintaining relationships with crypto stakeholders who have a history of constructive engagement. These developments follow Binance's settlement of regulatory issues in the U.S., where it agreed to pay $4.3 billion in penalties to the Department of Justice in a plea deal, and its founder, Changpeng Zhao, stepping down as CEO and surrendering his Canadian passport amid ongoing legal proceedings.
#binance #NigeriaVsBinance
$BNB
An ex-parte motion filed in Nigeria aims to expose internal information of Binance to regulatory scrutiny. A Federal High Court in Abuja has instructed Binance to provide user data to the Economic and Financial Crimes Commission (EFCC) for an investigation into suspected financial crimes. During a court session on March 18, an EFCC operative mentioned that the agency's Special Investigation Team became aware of potential illicit activities and urged Binance to halt certain trading services. Initially, Nigerian authorities sought transaction records for the top 100 local users for up to six months, but later expanded their request to include all Nigerian customers without specifying the extent of trading activities under investigation.
Binance's challenges in Nigeria escalated with the revelation of the Abuja High Court order, which came to light about three weeks after the arrest of two Binance executives. Tigran Gambaryan and Nadeem Anjarwalla were detained in Abuja on Feb. 26 following an invitation from regulatory bodies for discussions. Nigeria's central bank governor, Olayemi Cardoso, claimed that over $26 billion in untraceable funds flowed through Binance, allegedly contributing to the rapid decline of the naira since last year, although no specific data was provided to support this assertion. The government also threatened Binance with a $10 billion fine for purportedly enabling foreign exchange manipulation by permitting users to exchange naira for Tether's USDT on a large scale. In response, Binance highlighted its cooperation with Nigerian authorities since June 2020 and urged maintaining relationships with crypto stakeholders who have a history of constructive engagement. These developments follow Binance's settlement of regulatory issues in the U.S., where it agreed to pay $4.3 billion in penalties to the Department of Justice in a plea deal, and its founder, Changpeng Zhao, stepping down as CEO and surrendering his Canadian passport amid ongoing legal proceedings.
#binance #NigeriaVsBinance
$BNB
LIVE
Mbeyaconscious
--
Nigerian Central Bank Passes the Buck on Crypto Regulation đŠđŒ
In a surprising twist, Nigerian Central Bank Governor, Yemi Cardoso, has shifted the spotlight onto the Securities and Exchange Commission regarding cryptocurrency regulation. Cardoso clarified that while it's not within the realm of the central bank's duties, they remain committed to collaborating with law enforcement and regulatory counterparts. This move adds a new layer to the evolving landscape of crypto governance in Nigeria. đđłđŹ
#APT #SHIB #sui #WIF #DOGE
In a surprising twist, Nigerian Central Bank Governor, Yemi Cardoso, has shifted the spotlight onto the Securities and Exchange Commission regarding cryptocurrency regulation. Cardoso clarified that while it's not within the realm of the central bank's duties, they remain committed to collaborating with law enforcement and regulatory counterparts. This move adds a new layer to the evolving landscape of crypto governance in Nigeria. đđłđŹ
#APT #SHIB #sui #WIF #DOGE
$BTC #Naira Sees Unexpected Appreciation Despite Binance Standoff
The Nigerian naira has defied some expectations, experiencing a recent appreciation against the US dollar on the parallel market. This comes despite ongoing tensions between the Central Bank of Nigeria (CBN) and global cryptocurrency exchange Binance.
In recent months, the naira had been on a downward trend, falling from around 1800 naira to the dollar. However, it has shown signs of recovery, reaching as high as 1250 naira to the dollar. This upward movement comes as a surprise to some who anticipated a continued decline due to the CBN's stance on crypto.
The CBN, as you know, has maintained a cautious approach to cryptocurrencies, issuing warnings and restricting banks from facilitating crypto transactions. The February 2024 controversy surrounding Binance's limitations on Nigerian users further fueled concerns about capital flight and a potential weakening of the naira.
So, what might be driving this unexpected appreciation? Here are some possible explanations:
CBN Intervention: The CBN may have implemented measures to address forex market imbalances, such as increased dollar injections or stricter controls on currency speculation.
Improved Oil Prices: A rise in global oil prices, a major Nigerian export, could be leading to increased dollar inflows, strengthening the naira.
Shifting Crypto Landscape: While access to Binance might be limited, Nigerians may be finding alternative platforms or methods to manage their crypto holdings, potentially reducing the pressure on the naira from this source.
It's important to acknowledge that the situation remains fluid. The naira's future performance will depend on various factors, including the CBN's approach to crypto regulation, global economic conditions, and domestic policy decisions.
The coming weeks will be crucial to observe how the naira behaves. If the CBN can maintain its current strategy or find a resolution with Binance, and if economic fundamentals remain stable, the naira's appreciation could continue.
The Nigerian naira has defied some expectations, experiencing a recent appreciation against the US dollar on the parallel market. This comes despite ongoing tensions between the Central Bank of Nigeria (CBN) and global cryptocurrency exchange Binance.
In recent months, the naira had been on a downward trend, falling from around 1800 naira to the dollar. However, it has shown signs of recovery, reaching as high as 1250 naira to the dollar. This upward movement comes as a surprise to some who anticipated a continued decline due to the CBN's stance on crypto.
The CBN, as you know, has maintained a cautious approach to cryptocurrencies, issuing warnings and restricting banks from facilitating crypto transactions. The February 2024 controversy surrounding Binance's limitations on Nigerian users further fueled concerns about capital flight and a potential weakening of the naira.
So, what might be driving this unexpected appreciation? Here are some possible explanations:
CBN Intervention: The CBN may have implemented measures to address forex market imbalances, such as increased dollar injections or stricter controls on currency speculation.
Improved Oil Prices: A rise in global oil prices, a major Nigerian export, could be leading to increased dollar inflows, strengthening the naira.
Shifting Crypto Landscape: While access to Binance might be limited, Nigerians may be finding alternative platforms or methods to manage their crypto holdings, potentially reducing the pressure on the naira from this source.
It's important to acknowledge that the situation remains fluid. The naira's future performance will depend on various factors, including the CBN's approach to crypto regulation, global economic conditions, and domestic policy decisions.
The coming weeks will be crucial to observe how the naira behaves. If the CBN can maintain its current strategy or find a resolution with Binance, and if economic fundamentals remain stable, the naira's appreciation could continue.
DO YOU KNOW?AND IF NOT WHAT TO DO?
if you knew about crypto ten years ago?would you have put effort to understand and start investing?
i believe investment should be done after you have done research and study thus knowing and implementing are two different things.
crypto industry to me i can say ,its a "GEN Z FARMING" if you don't get it possibly is because you are born on developed countries.
in AFRICA we just not misunderstood by our families only ,but even governments don't believe in this world of crypto and they are trying to ban itđ±đ±.a good example is #NigeriaStandsStrong #NigeriaVsBinance
WHAT TO DO?
knowledge is everything!!!!!!!
it is only through mentorship and study that will save us from poverty and free ourselves from 9-5 blood draining jobs,non valuing and mental torture đ€đ€đ€. WELCOME TO THE REAL FREE WORLD.#Write2Earrn #Write2EarnâŹView
if you knew about crypto ten years ago?would you have put effort to understand and start investing?
i believe investment should be done after you have done research and study thus knowing and implementing are two different things.
crypto industry to me i can say ,its a "GEN Z FARMING" if you don't get it possibly is because you are born on developed countries.
in AFRICA we just not misunderstood by our families only ,but even governments don't believe in this world of crypto and they are trying to ban itđ±đ±.a good example is #NigeriaStandsStrong #NigeriaVsBinance
WHAT TO DO?
knowledge is everything!!!!!!!
it is only through mentorship and study that will save us from poverty and free ourselves from 9-5 blood draining jobs,non valuing and mental torture đ€đ€đ€. WELCOME TO THE REAL FREE WORLD.#Write2Earrn #Write2EarnâŹView
How I moved from making 70k(naira) a month to $1200 âŠâŠâŠ.#BTCđ„đ„đ„đ„đ„đ„ #Futures_Trading #binancenigeria #NigeriaVsBinance #NigeriaCrypto
Nigerian Lawyer Challenges Governmentâs Crypto Restrictions in Court
Nigerian attorney James Yutudor has initiated a legal battle against the government over its stringent cryptocurrency regulations.
His lawsuit, which names high-profile officials including the president, finance minister, and attorney general, as well as key institutions such as the Central Bank of Nigeria and the Securities and Exchange Commission, challenges the governmentâs decision to restrict access to crypto exchanges.
Yutudor argues that these restrictions infringe upon fundamental rights, including the freedom to own, acquire, and trade cryptocurrencies like Bitcoin.
Supporting Yutudor, his lawyer Maurice Ebam highlights the significant role that digital currencies play in combating inflation and facilitating international transactions. Ebam points out that Section 43 of Nigeriaâs Constitution, which protects property rights, should also apply to digital assets given their growing importance in todayâs economy.
Additionally, the lawsuit references Article 14 of the African Charter on Human Rights, which guarantees property rights, asserting that the governmentâs directive to block crypto platforms through telecommunications companies is an overreach that unfairly restricts Nigeriansâ financial freedoms.
Yutudor views this lawsuit as a crucial step towards safeguarding financial freedom and inclusion. He insists that protecting the rights of Nigerians to engage with digital currencies is vital in a nation that prides itself on human rights.
#CryptoMarketMoves #NigeriaVsBinance #BinanceTurns7 #Write2Earn!
His lawsuit, which names high-profile officials including the president, finance minister, and attorney general, as well as key institutions such as the Central Bank of Nigeria and the Securities and Exchange Commission, challenges the governmentâs decision to restrict access to crypto exchanges.
Yutudor argues that these restrictions infringe upon fundamental rights, including the freedom to own, acquire, and trade cryptocurrencies like Bitcoin.
Supporting Yutudor, his lawyer Maurice Ebam highlights the significant role that digital currencies play in combating inflation and facilitating international transactions. Ebam points out that Section 43 of Nigeriaâs Constitution, which protects property rights, should also apply to digital assets given their growing importance in todayâs economy.
Additionally, the lawsuit references Article 14 of the African Charter on Human Rights, which guarantees property rights, asserting that the governmentâs directive to block crypto platforms through telecommunications companies is an overreach that unfairly restricts Nigeriansâ financial freedoms.
Yutudor views this lawsuit as a crucial step towards safeguarding financial freedom and inclusion. He insists that protecting the rights of Nigerians to engage with digital currencies is vital in a nation that prides itself on human rights.
#CryptoMarketMoves #NigeriaVsBinance #BinanceTurns7 #Write2Earn!
Nigeria's detainment of Binance Executives sets dangerous precedent, CEO warns
Richard Teng, CEO of Binance, condemned Nigeria's detention of two of its executives during a crackdown on cryptocurrency.
Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting,
Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance's platform and requested detailed information on all Nigerian users.
The detention of Gambaryan and Anjarwalla after collaborative meetings with Nigerian authorities was strongly condemned by Teng. He stated that this action sets a dangerous precedent for companies worldwide.
Binance halted all transactions and trading in naira in early March in response to the situation, with the hope that their colleagues would be released and dialogue with the Nigerian government could continue.
Teng emphasized the need for Gambaryan's release and expressed Binance's commitment to resolving any issues with Nigerian authorities, including engaging with the Federal Inland Revenue Service (FIRS) on potential historic tax liabilities.
#BinanceTurns7 #NigeriaCryptoBan #NigeriaVsBinance
Richard Teng, CEO of Binance, condemned Nigeria's detention of two of its executives during a crackdown on cryptocurrency.
Teng revealed that Binance executives initially engaged in discussions with Nigerian authorities in January, followed by a subsequent meeting on February 26. During this meeting,
Nigerian authorities labeled the issues concerning Binance as matters of national security. They demanded the delisting of the naira currency from Binance's platform and requested detailed information on all Nigerian users.
The detention of Gambaryan and Anjarwalla after collaborative meetings with Nigerian authorities was strongly condemned by Teng. He stated that this action sets a dangerous precedent for companies worldwide.
Binance halted all transactions and trading in naira in early March in response to the situation, with the hope that their colleagues would be released and dialogue with the Nigerian government could continue.
Teng emphasized the need for Gambaryan's release and expressed Binance's commitment to resolving any issues with Nigerian authorities, including engaging with the Federal Inland Revenue Service (FIRS) on potential historic tax liabilities.
#BinanceTurns7 #NigeriaCryptoBan #NigeriaVsBinance
Nigerian President Tinubu Files for Fresh Order on Binance Execsâ Detention
A fresh order sought by President Tinubu to continue holding Binance officials, reflecting a strict cryptocurrency stance.
$BTC $BNB $XRP
đđ
2 days ago
stake
Binance News: Binance Unveils Key Update For XRP, WIF, FLOKI, NEAR, GRT
STORY HIGHLIGHTS
The Federal Government of Nigeria seeks to extend the detention of two Binance officials amid a cryptocurrency crackdown.
Tigran Gambaryan and Nadeem Anjarwalla have been in custody for two weeks as investigations continue.
Nigeria intensifies efforts to regulate the cryptocurrency market, blocking Binance's website for Nigerian users.
#NigeriaVsBinance #nigeriaP2P #BTCđ„đ„đ„đ„ #BrokerTradingScam #BlockchainLeaders
A fresh order sought by President Tinubu to continue holding Binance officials, reflecting a strict cryptocurrency stance.
$BTC $BNB $XRP
đđ
2 days ago
stake
Binance News: Binance Unveils Key Update For XRP, WIF, FLOKI, NEAR, GRT
STORY HIGHLIGHTS
The Federal Government of Nigeria seeks to extend the detention of two Binance officials amid a cryptocurrency crackdown.
Tigran Gambaryan and Nadeem Anjarwalla have been in custody for two weeks as investigations continue.
Nigeria intensifies efforts to regulate the cryptocurrency market, blocking Binance's website for Nigerian users.
#NigeriaVsBinance #nigeriaP2P #BTCđ„đ„đ„đ„ #BrokerTradingScam #BlockchainLeaders
Nigeriaâs SEC issues first license to local crypto exchange #NigeriaCrypto
As the regulatory environment continues to evolve, other local exchanges will likely follow Quidaxâs lead and seek to meet the SECâs requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.Â
The development signals the beginning of formal recognition and regulatory oversight for the countryâs digital asset industry.
According to a press release shared with Cointelegraph, the SECâs license permits Quidax to operate as a registered crypto exchange in Nigeria. #NigeriaVsBinance
Quidax said the SECâs approval is a âshot of adrenalineâ for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC â particularly under the new leadership of Emomotimi Agama â for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.Â
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeriaâs approval. The SECâs licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.Â
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.Â
$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 Quidaxâs lead and seek to meet the SECâs requirements.
The Nigerian Securities and Exchange Commission has issued Quidax, an Africa-based crypto exchange, its first provisional operating license.Â
The development signals the beginning of formal recognition and regulatory oversight for the countryâs digital asset industry.
According to a press release shared with Cointelegraph, the SECâs license permits Quidax to operate as a registered crypto exchange in Nigeria. #NigeriaVsBinance
Quidax said the SECâs approval is a âshot of adrenalineâ for the Nigerian crypto community, encouraging further innovation and expansion.
Regulatory milestone
Buchi Okoro, the co-founder and CEO of Quidax, praised the SEC â particularly under the new leadership of Emomotimi Agama â for its decisive action to bring order, confidence and investor protection to the Nigerian crypto industry.Â
The regulatory approval now enables Quidax to collaborate with banks and other financial institutions, pending the Central Bank of Nigeriaâs approval. The SECâs licensing follows a comprehensive amendment to its rules on June 21, which covered digital asset issuance, offering platforms, exchange and custody.Â
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.Â
$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.
How Binance Manager escaped from Nigeria
The office of the National Security Advisers, ONSA, has confirmed the escape of the Binance regional manager for Africa, Nadeem Anjarwalla.
DAILY POST reports that Anjarwalla, Binanceâs Africa regional manager, escaped from custody on March 22, 2024, from an Abuja guest house, where he and his colleague, Tigran Gambaryan, were detained for alleged tax evasion.
A statement issued by ONSA head of strategic communication, Zakari Mijinyawa, said Anjarwalla fled Nigeria using a smuggled passportâ.
Mijinyawa said the personnel responsible for the custody of the suspect has been arrested and investigation has begun.
âPreliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passportâ.
âThe personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,â the statement reads.
Meanwhile, Binance in reaction to the development said the safety of its Manager remains top priority.
The firm stressed that it is working with the Nigerian authorities to resolve the issue.
#NigeriaVsBinance #nigeriaP2P
The office of the National Security Advisers, ONSA, has confirmed the escape of the Binance regional manager for Africa, Nadeem Anjarwalla.
DAILY POST reports that Anjarwalla, Binanceâs Africa regional manager, escaped from custody on March 22, 2024, from an Abuja guest house, where he and his colleague, Tigran Gambaryan, were detained for alleged tax evasion.
A statement issued by ONSA head of strategic communication, Zakari Mijinyawa, said Anjarwalla fled Nigeria using a smuggled passportâ.
Mijinyawa said the personnel responsible for the custody of the suspect has been arrested and investigation has begun.
âPreliminary investigation shows that Mr Anjarwalla fled Nigeria using a smuggled passportâ.
âThe personnel responsible for the custody of the suspect have been arrested, and a thorough investigation is ongoing to unravel the circumstances that led to his escape from lawful detention,â the statement reads.
Meanwhile, Binance in reaction to the development said the safety of its Manager remains top priority.
The firm stressed that it is working with the Nigerian authorities to resolve the issue.
#NigeriaVsBinance #nigeriaP2P
đąđąđąExclusive: Two crypto startups submit licence application to Nigerian SEC (1)â â â đąđąđ°
One month after Nigeriaâs Central Bank lifted a ban on crypto, startups are now pushing for SEC licence
Two crypto startups have applied for licences from Nigeriaâs Security Exchange Commission (SEC) after the central bank lifted its 2-year ban on crypto-related bank accounts, a highly-placed source at the exchange told TechCabal, signaling a push by crypto startups to take advantage of a recent u-turn by regulators.
Quidax and Luno, two popular crypto exchanges, reportedly began speaking to the SEC in October 2023, a source familiar with the talks told TechCabal.
Luno told TechCabal that it does not comment on discussions or potential discussions with regulatory authorities.
Quidax declined to comment for this story.
Another crypto company reportedly in talks with regulators is Yellow Card. âWe have not made any public moves yet, but it is in the process,â said one person with knowledge of the companyâs business.
Last week, Yellow Card announced a partnership with American crypto exchange platform Coinbase that will allow Nigerians and people in 19 other African countries to use Coinbaseâs wallet, purchase stablecoin (USDC), make remittances, save, and do everyday commerce on the platform.
Crypto startups are moving quickly
While the banâs lifting eases business for crypto startups, experts doubt it will magically transform the market, which has found ways around the CBN ban to buy, sell, save, and trade crypto.
âNigerians are very price-sensitive. Some of the platforms sell for about 20% more than relatively risky platforms,â a web3 PR consultant who asked not to be named told TechCabal.
âBeyond the exorbitant price, these crypto startups operate with a near-saviour complex and think that it is just enough for Nigerians to have access to the blockchain. If these platforms do not significantly become easier to use, people will continue using what they have been using to transact in crypto.â
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#BullorBear #NigeriaVsBinance #BullorBear $BNB $BTC $SOL
Two crypto startups have applied for licences from Nigeriaâs Security Exchange Commission (SEC) after the central bank lifted its 2-year ban on crypto-related bank accounts, a highly-placed source at the exchange told TechCabal, signaling a push by crypto startups to take advantage of a recent u-turn by regulators.
Quidax and Luno, two popular crypto exchanges, reportedly began speaking to the SEC in October 2023, a source familiar with the talks told TechCabal.
Luno told TechCabal that it does not comment on discussions or potential discussions with regulatory authorities.
Quidax declined to comment for this story.
Another crypto company reportedly in talks with regulators is Yellow Card. âWe have not made any public moves yet, but it is in the process,â said one person with knowledge of the companyâs business.
Last week, Yellow Card announced a partnership with American crypto exchange platform Coinbase that will allow Nigerians and people in 19 other African countries to use Coinbaseâs wallet, purchase stablecoin (USDC), make remittances, save, and do everyday commerce on the platform.
Crypto startups are moving quickly
While the banâs lifting eases business for crypto startups, experts doubt it will magically transform the market, which has found ways around the CBN ban to buy, sell, save, and trade crypto.
âNigerians are very price-sensitive. Some of the platforms sell for about 20% more than relatively risky platforms,â a web3 PR consultant who asked not to be named told TechCabal.
âBeyond the exorbitant price, these crypto startups operate with a near-saviour complex and think that it is just enough for Nigerians to have access to the blockchain. If these platforms do not significantly become easier to use, people will continue using what they have been using to transact in crypto.â
Follow | Like â€ïž | Quote đ | Comment
FOLOW ME FOR MORE TIPS
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@pro_digitalss
#BullorBear #NigeriaVsBinance #BullorBear $BNB $BTC $SOL
We canât run away from cryptocurrency â FIRS
The Federal Inland Revenue Service (FIRS) has said from September, there would be a law to take care of existing gaps in revenue collection, including providing a legal and regulatory framework for the operation of cryptocurrency.
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholdersâ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was âRepositioning the FIRS to achieve its mandate.â
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, âThe plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as itâs done in other places in the world when you have this new innovation or system you just have to get ready for it. You canât go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.â
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
âThat is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By Godâs grace the new law will come by September and all those concerns will be addressed,â he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
Executive Chairman of the service, Dr. Zacch Adedeji, said the country can no longer run away from cryptocurrency, a form of digital currency exchange which is an alternative form of payment using encryption algorithm.
Amidst calls for the regulatory framework as the cryptocurrency business evolves, the FIRS boss said the service is working on latching unto that space to boost its revenue collection in its new law.
He spoke in Lagos during a stakeholdersâ engagement with the Senate and House of Representatives Committees on Finance organised by the Intergovernmental Relations Department.
The theme of the engagement was âRepositioning the FIRS to achieve its mandate.â
According to the Chairman, cryptocurrency has become a global payment system which Nigeria must embrace in a manner that would not be injurious to the economy of the country.
This is why he stated that the new law would be in place to capture crypto regulations and also address other gaps in the existing laws like the Stamp Duty which has become outdated.
He said, âThe plan first is to have the law that regulates it and that is why we are here with the legislators which would be the base of charging as itâs done in other places in the world when you have this new innovation or system you just have to get ready for it. You canât go away from it, you just have to plan to regulate it in such a way that it is not injurious to the economic development of Nigeria.â
He stated that for instance, the country is still using a Stamp Duty law of 1939 when there were no states or local governments.
âThat is one reason why Mr. President set up the Tax and Fiscal Reform Committee to change and check all these laws. By Godâs grace the new law will come by September and all those concerns will be addressed,â he added.
#NigeriaCryptoBan #NigeriaVsBinance #crypto #TaxProposal
TECHNICAL ANALYSIS ON NAIRA
Naira forming a new lower low at 1476.29 is a good sign that naira will keep gaining strength over time.
Next stop is 1372.62 which will happen soon and as soon as it breaks the 1372.62 support then 959.59 is in sight
I think Nigerians should rejoice, me personally I am rejoicing.
#HotTrends #NairaStrength #Naira #NigeriaVsBinance #NigerianTraders
Naira forming a new lower low at 1476.29 is a good sign that naira will keep gaining strength over time.
Next stop is 1372.62 which will happen soon and as soon as it breaks the 1372.62 support then 959.59 is in sight
I think Nigerians should rejoice, me personally I am rejoicing.
#HotTrends #NairaStrength #Naira #NigeriaVsBinance #NigerianTraders
Nigeria and crypto
Crypto regulation: SEC chief to meet foreign, local crypto exchanges, others Monday
4th May 2024
By Adekunle Sulaimon
The newly appointed Director General, Securities and Exchange Commission, Dr Emomotimi Agama, will meet with the local and international crypto exchanges on Monday to discuss and seek consensus on the status of crypto in the country.
The meeting convened by the Blockchain Industry Coordinating Committee of Nigeria would address relevant issues and chart a progressive course for crypto regulations.
According to BICCoN chair, Lucky Uwakwe, who spoke with Cointelegraph on Thursday, the meeting is open to all digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies to address relevant issues and chart a progressive course for crypto regulations in Nigeria.
Uwakwe explained that the virtual meeting is being convened at the invitation of the SEC chief.
He noted that Agama aimed to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address regulatory challenges and opportunities through collaborative dialogue.
The associations include the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.
#CryptoWatchMay2024 #write2earn
#NigeriaVsBinance #NigeriaCrypto
4th May 2024
By Adekunle Sulaimon
The newly appointed Director General, Securities and Exchange Commission, Dr Emomotimi Agama, will meet with the local and international crypto exchanges on Monday to discuss and seek consensus on the status of crypto in the country.
The meeting convened by the Blockchain Industry Coordinating Committee of Nigeria would address relevant issues and chart a progressive course for crypto regulations.
According to BICCoN chair, Lucky Uwakwe, who spoke with Cointelegraph on Thursday, the meeting is open to all digital assets exchange operators, wallet providers, other virtual asset service providers (VASPs), and relevant industry associations and bodies to address relevant issues and chart a progressive course for crypto regulations in Nigeria.
Uwakwe explained that the virtual meeting is being convened at the invitation of the SEC chief.
He noted that Agama aimed to engage with key stakeholders in the blockchain and cryptocurrency ecosystem to address regulatory challenges and opportunities through collaborative dialogue.
The associations include the Blockchain Nigeria User Group (BNUG), the Cryptographic Development Initiative in Nigeria (CDIN), the Digital Currency Consortium (DCC) and the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN).
Uwakwe expressed hope that the meeting could spark the right kind of change that would favour all crypto stakeholders in Nigeria and internationally.
#CryptoWatchMay2024 #write2earn
#NigeriaVsBinance #NigeriaCrypto
Nigerian SEC set to issue crypto exchanges licenses to promoteâŻindustry.
The Nigerian Securities and Exchange Commission (SEC) has revealed its plans to issue licenses to crypto exchanges in the country to complement the growing adoption of cryptocurrencies in the country.
In June the Nigerian SEC launched a new program aimed at speeding up the registration process of Virtual Assets Providers (VASPS).
SEC also announced amendments to its rules on Digital Assets Issuance, offering platforms, Exchanges, and Custody.
In an interview today on Bloomberg, Nigerian SEC Chief Emomotimi Agama reiterated his commitment to regulating cryptocurrency in Nigeria for the sake of young Nigerians who are neck deep into the industry.
âBeing a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think.â
âWe must support the youths of this country to be able to achieve the benefit that is accruable in fintech. The market size is huge and it is growing,â
Fast-growing cryptoâŻeconomyâŻ
Nigeria has one of the fastest-growing crypto economies in the world with a very high demand for crypto assets. This statistic has forced the hand of the Central Bank of Nigeria to lift restrictions on Nigerian banks facilitating cryptocurrency transactions after a ban that lasted for two years.
The Apex bank stated that it was improper to continue upholding stringent measures in a sector that is growing so fast and has massive potential.
Nigeria was named the second biggest economy in terms of crypto adoption last year and in August 2022 was named the most crypto-crazy country by volume of Google searches.
Crypto entities delist Naira peer-to-peerâŻ
Following the crackdown on crypto entities earlier this year, top exchanges have closed down Naira P2P and Naira withdrawals on their platforms.
Big crypto exchanges like OKX and Binance have delisted their Naira p2p trading following accusations of currency manipulation and money laundering from Nigerian Authorities.
The Nigerian SEC in its latest move to issue licenses to crypto exchanges is a 360-turnaround in policy following earlier crackdowns on crypto entities.
The SEC chief explained in his Bloomberg interview that the regulatory body wants to provide a platform where crypto dealings will be transparent and devoid of bad actors.
âThe SEC wants to provide a platform where people can formally do these things and we are able to get all of the information that we need,â
âWhat we will not encourage is the use of cryptocurrency to manipulate our currency,â Agama said.
What toâŻknowâŻ: The Nigerian authorities are still locked in a spat with Binance Ltd over claims of money laundering and tax evasion. Tigran Gambaryan a Binance executive is still been detained by Nigerian authorities at the time of the report.
#NigeriaCryptoBan #NigeriaVsBinance #CryptoNewss
In June the Nigerian SEC launched a new program aimed at speeding up the registration process of Virtual Assets Providers (VASPS).
SEC also announced amendments to its rules on Digital Assets Issuance, offering platforms, Exchanges, and Custody.
In an interview today on Bloomberg, Nigerian SEC Chief Emomotimi Agama reiterated his commitment to regulating cryptocurrency in Nigeria for the sake of young Nigerians who are neck deep into the industry.
âBeing a crypto enthusiast and fintech enthusiast, I can tell you without doubt that this is going to happen sooner than you think.â
âWe must support the youths of this country to be able to achieve the benefit that is accruable in fintech. The market size is huge and it is growing,â
Fast-growing cryptoâŻeconomyâŻ
Nigeria has one of the fastest-growing crypto economies in the world with a very high demand for crypto assets. This statistic has forced the hand of the Central Bank of Nigeria to lift restrictions on Nigerian banks facilitating cryptocurrency transactions after a ban that lasted for two years.
The Apex bank stated that it was improper to continue upholding stringent measures in a sector that is growing so fast and has massive potential.
Nigeria was named the second biggest economy in terms of crypto adoption last year and in August 2022 was named the most crypto-crazy country by volume of Google searches.
Crypto entities delist Naira peer-to-peerâŻ
Following the crackdown on crypto entities earlier this year, top exchanges have closed down Naira P2P and Naira withdrawals on their platforms.
Big crypto exchanges like OKX and Binance have delisted their Naira p2p trading following accusations of currency manipulation and money laundering from Nigerian Authorities.
The Nigerian SEC in its latest move to issue licenses to crypto exchanges is a 360-turnaround in policy following earlier crackdowns on crypto entities.
The SEC chief explained in his Bloomberg interview that the regulatory body wants to provide a platform where crypto dealings will be transparent and devoid of bad actors.
âThe SEC wants to provide a platform where people can formally do these things and we are able to get all of the information that we need,â
âWhat we will not encourage is the use of cryptocurrency to manipulate our currency,â Agama said.
What toâŻknowâŻ: The Nigerian authorities are still locked in a spat with Binance Ltd over claims of money laundering and tax evasion. Tigran Gambaryan a Binance executive is still been detained by Nigerian authorities at the time of the report.
#NigeriaCryptoBan #NigeriaVsBinance #CryptoNewss
