Menu

Nigeria 'not yet one of its top markets' says Binance, despite high crypto adoption in African country – CryptoSlate

all41author 8 months ago 0 0

A web3 membership designed to empower you with cutting-edge insights and knowledge, powered by Access Protocol. Learn more ›
Welcome! 👋 You are connected to CryptoSlate Alpha. To manage your wallet connection, click the button below.
If you don’t have enough, buy ACS on the following exchanges:
Access Protocol is a web3 monetization paywall. When users stake ACS, they can access paywalled content. Learn more ›
Disclaimer: By choosing to lock your ACS tokens with CryptoSlate, you accept and recognize that you will be bound by the terms and conditions of your third-party digital wallet provider, as well as any applicable terms and conditions of the Access Foundation. CryptoSlate shall have no responsibility or liability with regard to the provision, access, use, locking, security, integrity, value, or legal status of your ACS Tokens or your digital wallet, including any losses associated with your ACS tokens. It is solely your responsibility to assume the risks associated with locking your ACS tokens with CryptoSlate. For more information, visit our terms page.
Binance asserts support for Nigeria’s fintech future in face of government scrutiny.
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Binance said Nigeria is not one of its top markets amid recent issues with authorities in the African country.
In a March 13 statement, the exchange revealed its extensive cooperation with local law enforcement agencies to promote the responsible growth of crypto in Nigeria.
Over the past weeks, Binance and the Nigerian authorities have been engaged in an acrimonious dispute over its operations in the region. The conflict reached a boiling point when authorities accused Binance of manipulating the local fiat currency, leading to the detention of two senior executives from the exchange.
The Richard Teng-led crypto platform said, “Nigeria is not yet one of Binance’s top markets.” However, it admitted that the country has “extraordinary potential” and hopes to keep investing in the country.
Binance’s statement is surprising, considering Nigeria is Africa’s most populous country and largest economy. The African country’s young population has propelled its crypto adoption to record highs despite regulatory pushbacks, with Chainalysis ranking the country second on its global crypto adoption index.
Meanwhile, the statement is likely an attempt to challenge Nigerian authorities over their excessive demands. The government recently requested that Binance provide information on the top 100 users in the country.
Besides that, a government spokesperson, Bayo Onanuga, recently suggested that the authorities might impose fines of up to $10 billion on the crypto trading platform.
Although Binance still operates in the country, the exchange has shown it can choose to exit. A few weeks ago, it suspended all Naira-related services on its platform.
Binance highlighted its cooperation with Nigerian law enforcement agencies since June 2020, revealing that it responded to 626 information requests and restricted 281 accounts belonging to Nigerian residents over suspicious activities.
According to the exchange:
“The information we provided helped a vast range of agencies, such as the Nigeria Police Force, the Economic and Financial Crimes Commission (EFCC), and INTERPOL Nigeria to tackle crimes ranging from scams and fraud to money laundering, blackmail, kidnapping, and extortion. “
The exchange also claimed to have organized physical and online training workshops for these law enforcement agencies to ensure the space’s sanctity.
Binance concluded its statement by urging the government to engage with crypto firms with a “proven track record of constructive collaboration” and allow the booming fintech industry to have “harmonious growth” with global players like itself.
Oluwapelumi values Bitcoin’s potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Also known as “Akiba,” Liam is a reporter, editor and podcast producer at CryptoSlate. He believes that decentralized technology has the potential to make widespread positive change.
Binance said it is collaborating with the Nigerian authorities to free its detained executives.
Nigeria’s SEC will introduce new stringent rules for the industry following its challenges with Binance.
The Nigerian government has increased its scrutiny over Binance’s operations in the country recently.
The Nigerian committee said it would be forced to invoke its constitutional rights if Teng ignored the summons again.
CryptoSlate’s latest market report dives deep into on-chain data to better understand the market forces leading up to, during, and after Bitcoin’s journey to the new ATH.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.

Must-read crypto news & insights.
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
Richard Teng, a veteran in the financial services and regulatory sectors, boasts over three decades of extensive experience.
IntoTheBlock brings TRON network’s advanced analytics to millions for free, bolstering transparency and market insight.
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2024 CryptoSlate. All rights reserved. Disclaimers | Terms | Privacy

Please add [email protected] to your email whitelist.
Stay connected via

source

– Advertisement –
Written By

Leave a Reply

Leave a Reply

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