Nigerian government detains Binance executives; claims Binance could destroy the economy – CryptoTvplus

0

Telegram to launch ad platform globally, share revenue with users
Nigerian government detains Binance executives; claims Binance could destroy the economy
Coinbase expands asset recovery tools to BNB and Polygon chains
Dencun network upgrade activated on testnets, Mainnet in March
US Senators oppose Biden’s CBDC plans, propose bill to outlaw Digital Dollar
A simple guide to understanding ERC-404
Top SocialFi projects on Cardano
Top five (5) memecoins on Avalanche
Trade, Play, Connect: Eesee.io’s Unique Approach to Web3 RWAs and NFTs
Richard Teng? Who is the new CEO of Binance?
Robert F. Kennedy Jr. reveals plans to back the us dollar with Bitcoin
Early Ordinals Wallet users receives Pixel Pepes airdrop
Revival of developer culture in Bitcoin sparks excitement – Trust Machines CEO
Binance announces support for Bitcoin Ordinals
What is behind the rise of BTC and ETH?
Grayscale to forgo Ethereum PoW tokens; files for new ETH ETF
Exploring zkEVM: Bridging ZKP Technology & Ethereum’s Virtual Machine
CR7 x Binance set to Release His Second Exclusive NFT Collection
Uniswap V4: What you need to know
Donald Trump drops new NFTS
BNB Quarterly Burn Completed: what you should know
TUSD takes off as a native token on BNB Chain
PancakeSwap Launches version 3 on BNB Chain & Ethereum
Uniswap goes live on BNB Chain
Enjoy contactless, borderless and secure transactions on BSCPAY
Unstoppable Domains moves to integrate with Fantom 
Nine (9) Features You Need to Know About Fantom Blockchain
Understanding the Consensus of Fantom: Lachesis.
Understanding the Fantom (FTM) Blockchain
The United States Federal Reserve issues Guide for Banks seeking to use Dollar Tokens
OpenSea Expands Access to Avalanche NFTs, Launches Support
Avalanche Ecosystem: Chains, DEXes & Wallets
Avalanche Blockchain Consensus Algorithm 
Understanding Avalanche Blockchain 
Polkadot’s Co-founder, Gavin Wood steps down
Polkadot: Parachain & Substrate 
Understanding the Polkadot Blockchain 
Understanding the HECO (Huobi ECO) Chain
Injective partners with Eclipse to launch first SVM Rollup on Solana
What is Decentralized Finance (DeFi)?
Helium migrates to Solana Blockchain
Solana & Ethereum battle for NFT supremacy — report
AC Milan to launch NFT game with Monkey League 
South Korean Ministry Declares Do Kwon’s Passport invalid
Terra Blockchain Ecosystem: DeFi And Stablecoins
The Terra Blockchain Consensus Algorithm
Terra Blockchain Ecosystem: DEXes & Wallets
Missouri Legislative committee passes a bill protecting Node Running & Crypto Mining
Navigating Web3: A Confluence of Gaming & Crypto Minds in Lagos
Web3 CONNECT Africa in Lagos by NODO Discovery
Metaverse, Web 3.0 Disruption and Blockchain Advancement to be Discussed at MetaWeek in Dubai
“An Evening with Lars” – Discussions on Finance, Web3 and The Digital Economy
Nigerian Government Interested in Crypto Despite Restrictions
Bahamian Regulators deny involvement in FTX Bahamian Exclusive Withdrawals
We need solutions that help businesses in a decentralized manner
Monetary Policy has been replaced with tyranny; e-Naira will be a flop – Chiagozie Iwu
Senator Ihenyen, Chairman-elect, SiBAN Shares his Plans & Commitment to Take SiBAN to the next level
Did you miss Inside Blockchain on CryptoTvplus yesterday 16th Nov.?
Best Crypto Trading Strategies
How to participate in zkSync Airdrop
4 mistakes crypto traders should avoid.
How to Trade Crypto Using Support And Resistance
Bybit Cuts Down Staffs Amid Market Crash
Nigeria’s Central Bank approves Africa Stablecoin Consortium to pilot Naira Stablecoin (cNGN)
Google Cloud partners with the Zilliqa network
Roqqu Appoints Head of Operations for Europe
How Rotacash Finance is disrupting traditional ROSCA with AI & Collateralized NFTs
Digital Asset Summit ’23: Shaping the Future of Blockchain in Africa
Top crypto exchanges registered in UAE
Can memecoins make you richer or poorer?
Why ICE token could hit $10
Why social listening services are important in crypto
Decoding Economic Risks in Web3: takeaways from Lisa JY Tan














Published
on
By
What began as a rumor circulating on social media platforms such as Facebook, Twitter, and dark socials has now been confirmed in a recent report. Cryptocurrency markets are once again embroiled in controversy, with two senior executives from Binance, one of the world’s largest cryptocurrency exchanges, being detained in Nigeria. 
This development coincides with Nigerian authorities ramping up efforts to stabilize the country’s currency, the naira, amidst worries about speculative trading, illicit financial activities, and the attempt to draw foreign direct investment (FDI) into the nation.

Per the report from the Financial Times, the detention of Binance executives follows Nigeria’s decision to ban several cryptocurrency trading websites, aiming to curb the volatile fluctuations of the naira. While the specifics of the detention remain unclear, reports suggest that the executives were apprehended by the office of the country’s national security adviser, with their passports seized.

The detention of Binance executives has sent shockwaves across the cryptocurrency community, leading to a halt in trading of the naira and USDT trading pair on the Binance exchange. This shows the difficulties that cryptocurrency platforms face in places with changing rules and regulations.

Nigeria’s government has shifted its focus towards cryptocurrency websites following a sharp devaluation of the naira, contributing to soaring inflation rates. The emergence of these websites can be attributed to the country’s struggling economy, characterized by high unemployment and underemployment rates.

In other news, the US and Nigeria rank 1st & 19th for active crypto users worldwide

In a recent meeting, the Governor of Nigeria’s Central Bank, Olayemi Cardoso, raised concerns about money flowing through crypto exchanges. He mentioned that $26 billion went through Binance Nigeria last year without clear sources or users. This has led to investigations by Nigeria’s anti-corruption agency, police, and national security adviser into crypto exchanges.

”in the case of Binance, In the last one year, 26 billion dollars has passed through Binance Nigeria from sources and users who we cannot adequately identify.”
CBN Governor, Olayemi Cardoso pic.twitter.com/A6O2wlsY5M
— Channels Television (@channelstv) February 27, 2024

In a further crackdown, Nigeria’s telecoms regulator has ordered telecoms companies to block access to major cryptocurrency exchanges, including Binance, Coinbase, and Kraken. This directive aims to restrict the avenues for cryptocurrency trading within the country, aligning with broader efforts to curtail the volatile movement of the Naira.

TechCabal, a local media outlet, reported that the Nigerian authorities have remained tight-lipped about the arrest. A spokesperson for the NSA mentioned to TechCabal that he was unaware of the arrest, suggesting that it might have been carried out by different security organizations.
Lately, Binance has been in the news spotlight. The company recently settled with US authorities, agreeing to pay $4.3 billion in penalties related to money laundering and breaching international sanctions rules. Furthermore, Changpeng Zhao, the former CEO, admitted to a money laundering charge and stepped down from his role. The situation is now more intricate for Binance with its executives facing detention, adding to the regulatory challenges they are currently navigating.

In an interview, the Special Adviser to the President said that Binance is fixing the rate, and if it is not clamped down, Binance will destroy the economy of Nigeria.
 
If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate.
– Bayo Onanuga, Special Adviser to President Tinubu on Information & Strategy#PoliticsToday#ChannelsTVNews pic.twitter.com/FTzuOyvbl9
— Channels Television (@channelstv) February 28, 2024


Telegram to launch ad platform globally, share revenue with users
Coinbase expands asset recovery tools to BNB and Polygon chains





The cryptocurrency market in the UAE has shown resilience amid global market turmoil, with the country maintaining over $34.8 billion…
In recent times, the cryptocurrency market has witnessed the emergence of memecoins. These unique digital assets are often characterized by…
The $ICE token from Ice Blockchain has gained significant attention in the past few days, leading up to its release…
In the world of cryptocurrencies and blockchain, it’s important for investors, traders, and enthusiasts to stay updated on market trends…
At Nearcon 2023, Lisa JY Tan, the visionary behind Economics Design, delivered an illuminating discourse on the nuances of economic…
Copyright © 2022 CryptoTvplus. Powered by MA Media.

source

Leave a Reply

Your email address will not be published. Required fields are marked *