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Browsing: Binance
- The situation involving Binance in Nigeria has turned sour due to several events.
- For a few years, the Binance marketplace seemed to work well enough, but in 2023, the Nigerian government ended the naira’s peg to the US dollar as part of sweeping economic reforms.
- In what is now a testament to the sprained relationship between Binance and Nigeria, the authorities filed tax evasion charges against the cryptocurrency exchange.
Binance Under Regulatory Spotlight
Binance’s journey from a small start-up to one of the largest cryptocurrency exchanges globally has been impressive but not a smooth run. The platform’s rapid growth and global expansion brought it under the regulatory spotlight globally.
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- In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives.
- Anjarwalla and Gambaryan were detained in Abuja, Nigeria’s capital, under circumstances highlighting the country’s aggressive stance towards cryptocurrency exchanges.
- In recent years, Nigeria has faced significant economic challenges, with the devaluation of the naira emerging as a central issue.
Anjarwalla and Gambaryan detained
In a significant escalation of tensions between Nigeria and the global cryptocurrency market, the African nation has detained two senior Binance executives, the world’s leading cryptocurrency exchange.
Nadeem Anjarwalla, a UK citizen living in Kenya and serving as Binance’s Regional Manager for Africa, and Tigran Gambaryan, the Global Head of Intelligence and Investigations at Binance and a former US Internal Revenue Service special agent, find themselves at the heart of a diplomatic and financial controversy.
Now extending into its third week, the detention stems from …
- In 2021, the NFT market generated more than US$25 billion in trading volume, and 2022 appears to generate more figures than the previous year
- NFTs are digital assets in the form of a digital file, an image, video or audio that a seller uploads to a cryptocurrency exchange platform for people to buy through cryptos
- The KuCoin cryptocurrency trading platform announced on April 19 that it will launch a US$100 million Creators Fund to support early-stage NFT projects
Recently, Changpeng Zhao, the founder of the largest exchange platform, binance, argued that the NFT business is “bonkers”, expressing his disbelief about how successful the NFT market has become.
Changpeng quotes how almost a year ago, an NFT file sold at US$69 million, something the buyers will never even be able to touch physically!
“People may have lost their mind,” Mr Zhao told fortune.
Despite referring to the growing NFT obsession as …