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.

• 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 …

If crypto specialists believe that most of the African population is proficient in cryptography, they are gravely mistaken. The majority of people’s daily lives are currently unaffected by cryptography.

The adoption of cryptocurrency will result in its global recognition as a trustworthy medium of exchange. Cryptocurrency is a decentralised asset that may be used to communicate and store value securely. Africa is falling behind schedule due to the continent’s lack of bitcoin and blockchain expertise.

Gemini’s 2022 Global State of Cryptography research shows that a lack of education is the primary global barrier to cryptocurrency ownership. 40% of African respondents in the study had never purchased cryptocurrency because they were unfamiliar with the process.

According to Kucoin, 2.8% of all cryptocurrency transactions worldwide occur in Africa, indicating that we have a long way to go in terms of acceptability.…

The race to adopt cryptocurrencies is hitting new ceilings in Africa as their popularity increases, despite hostile policies from several governments in the continent.

One of the main reasons investors across the globe are seeking to diversify traditional assets in Africa into cryptos is to counter rising fiat inflation, with a majority of crypto investors and traders believing that crypto coins and tokens are safer and more secure than traditional investments such as gold, oil, stocks, liquid cash and real estate.

The roles that these cryptos and alternative coins play in society are not well defined, but they have a vivid description as each day passes as to which purposes they serve.…

• 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 …