Category Archives: Binance
Nigerian central bank alleges unauthorized transactions by Binance – Cointelegraph
The Central Bank of Nigeria (CBN) alleges crypto exchange Binance performed banking services without proper authorization.
According to local media, Olubukola Akinwunmi, head of payment policy and regulation at the CBN, testified before Judge Emeka Nwite of the Federal High Court of Nigeria in Abuja, asserting that Binances deposit and withdrawal transactions should be reserved for banks and authorized financial institutions.
The Nigerian government has accused Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of conspiring to obscure the origins of $35.4 million in financial proceeds from illegal activities in Nigeria.
During the trial, Akinwunmi, led by counsel for the Economic and Financial Crimes Commission, Ekele Iheanacho, stated that Binances website misled Nigerians into using its platform for naira transactions via a cash link. The platform promoted fee-free deposits and flat-fee withdrawals, activities regulated by the CBN and reserved for licensed banks and financial institutions.
Akinwunmi claimed that Binance also facilitated currency conversion from naira to United States dollars, which requires CBN authorization as an authorized dealer or a Bureau de Change. He highlighted that traders on Binance often use pseudonyms, contravening laws requiring the disclosure of true identities in financial transactions.
The witness detailed the peer-to-peer transaction process on Binance, where the buying party transfers naira to the selling partys bank account and confirms the transaction on the platform, prompting Binance to release the cryptocurrency or fiat currency. Akinwunmi argued that the service is a regulated activity that Binance was not authorized to perform.
Related:Nigerias crypto reputation will prevail despite recent setbacks Exchange exec
After Akinwunmis testimony, the court adjourned until July 16 for the defenses cross-examination. Nwite also ordered the Nigerian Correctional Services to produce Tigran Gambaryans medical reports, warning of consequences for noncompliance.
This crackdown on cryptocurrency activities follows the National Security Advisers classification of cryptocurrency trading as a national security issue. The CBN directed fintech startups Opay, Moniepoint, Paga and Palmpay to block and report accounts engaging in cryptocurrency transactions.
In February, Binance disabled its peer-to-peer feature for Nigerian users due to government scrutiny. Additionally, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria, the SEC called for measures to delist the naira from P2P platforms to curb market manipulation and protect the integrity of Nigerias capital market.
Magazine: Crypto-Sec: Phishing scammer goes after Hedera users, address poisoner gets $70K
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Nigerian central bank alleges unauthorized transactions by Binance - Cointelegraph
Golem Moves 36,000 Ethereum to Binance And Coinbase Amidst Market Uncertainty – Milk Road
Golem has transferred a substantial amount of Ethereum (ETH) to various cryptocurrency exchanges over the past month. Golem is one of the most prominent Ethereum Initial Coin Offering (ICO) projects.
Key points:
According to blockchain data tracked by Arkham and reported by journalist Colin Wu, Golems main wallet has been consistently moving ETH to other wallets.
The funds were then moved to other crypto exchanges. These transactions happened almost every day, with the transactions mostly being under $10 million each.
Golem was one of the most successful ICOs during the 20162019 boom period. At the time of its ICO, Golem raised over 820,000 ETH, valued at $8.7 million.
Despite the large transfer of ETH to exchanges, Golem still holds 157,360 ETH according to Arkham data. The holdings are worth approximately $530 million at current market prices.
The timing of these transfers is particularly interesting given the current state of the cryptocurrency market and Golems recent focus on artificial intelligence (AI) tools. In May, Golem released a roadmap spotlight highlighting its work on AI-based projects.
The offloading of Ethereum also happens at a time when Ethereum is not in its best shape in terms of price. ETH is down almost 18% in the last 30 days. It is also happening at a time when the community is awaiting the launch of Ethereum ETFs.
Vignesh Karunanidhi
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
Milk Road Writer
Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.
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Golem Moves 36,000 Ethereum to Binance And Coinbase Amidst Market Uncertainty - Milk Road
XRP News Today: Binance Ruling’s Influence on SEC vs. Ripple Case – FX Empire
Does the SEC vs. Binance ruling bolster the Ripple defense against selling unregistered XRP to institutional investors?
Ripple would need to appeal against the court ruling that it breached US securities laws for selling unregistered XRP to institutional investors. Nevertheless, the Binance ruling has significant influences.
The Binance ruling likely bolsters the 2023 Programmatic Sales of XRP ruling. In July 2023, Judge Torres ruled that programmatic sales of XRP do not satisfy the third prong of the Howey Test. Significantly, Judge Amy Berman Jackson cited the Programmatic Sales of XRP ruling in the Binance ruling, surmising,
The court is inclined to agree with the approach of the court in Ripple Labs, since the it-is-what-it-is approach of the SEC appears to be inconsistent with the clear Supreme Court directives [].
The Binance ruling was significant as it poured cold water on the chances of the SEC successfully appealing against the Programmatic Sales of XRP ruling.
An end to SEC plans to appeal against the Programmatic Sales of XRP ruling could be a boon for XRP. In response to the July 2023 court ruling, XRP rallied to a high of $0.9327. However, fears of the SEC appealing against the ruling led to an XRP retreat to sub-$0.50.
With court filings and rulings in focus, investors should remain vigilant. XRP and the broader crypto market remain sensitive to court rulings that impact the crypto regulatory landscape and SEC authority to regulate the crypto space.
Monitor real-time data and expert commentary to adjust your trading strategies accordingly. Stay informed with our latest updates and insights to navigate the crypto market effectively.
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XRP News Today: Binance Ruling's Influence on SEC vs. Ripple Case - FX Empire
Getting Started with Staking $RADIO: A Beginner’s Walkthrough with Binance – Medium
Estimated Time: 4 Minutes No Financial Investment Required Earn Rewards by Staking Your Free RadioShack Crypto Tokens Potential Earnings: $4900 or More per year Annual Percentage Yield (APY): Up to 11%
Learn how simple it is to stake your RadioShack tokens and earn rewards! Just follow these steps to start staking now.
Visit the Official Staking Page: Click [here] to access the RadioShack staking platform. Sync Your E-Wallet Securely: Ensure your wallet is connected and secure. Stake Your RadioShack Tokens: Click the stake button and complete the transaction. Confirm Stake: Wait for the alert confirming your tokens are successfully staked.
Staking your RadioShack tokens supports blockchain security and offers passive income. Engage in staking to earn substantial rewards and effortlessly grow your crypto portfolio.
Passive Income: Gain rewards without active trading. High APY: Enjoy an Annual Percentage Yield of up to 11%. Security: Strengthen the blockchain network's security. Growth: Expand your holdings through earned rewards. Good Job! Was this post interesting? Dont forget to and leave your thoughts .
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Getting Started with Staking $RADIO: A Beginner's Walkthrough with Binance - Medium
How to Stake xRNBW ($HaloDAO) with Binance: A Step-by-Step Guide – Medium
Estimated Time: 4 Minutes No Financial Investment Required Earn Rewards by Staking Your Free xRNBW Crypto Tokens Potential Earnings: $4300 or More per year Annual Percentage Yield (APY): Up to 16%
Learn the simple process of staking your xRNBW tokens and earn rewards! Follow these instructions now.
Visit the Official Staking Page: Click [here] to access the xRNBW staking platform. Sync Your E-Wallet Securely: Ensure your wallet is connected and secure. Stake Your xRNBW Tokens: Click the stake button and complete the transaction. Confirm Stake: Wait for the alert confirming your tokens are successfully staked.
Staking xRNBW tokens not only supports blockchain security but also offers passive income. Engage in staking to earn significant rewards and effortlessly expand your crypto portfolio.
Passive Income: Gain rewards without active trading. High APY: Enjoy an Annual Percentage Yield of up to 11%. Security: Enhance the security of the blockchain network. Growth: Expand your holdings through earned rewards. Nicely Done! Was this post interesting? Dont forget to and leave your thoughts .
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How to Stake xRNBW ($HaloDAO) with Binance: A Step-by-Step Guide - Medium
Binance Faces Legal Challenges in Nigeria Amid Allegations of Unauthorized Operations – Blockonomi
Cryptocurrency exchange Binance is facing significant legal challenges in Nigeria, as the countrys central bank alleges unauthorized banking services and currency conversions. The ongoing case has shed light on the complex relationship between cryptocurrency platforms and traditional financial regulations in emerging markets.
In a testimony before the Federal High Court of Nigeria in Abuja, Olubukola Akinwunmi, head of payment policy and regulation at the Central Bank of Nigeria (CBN), accused Binance of performing banking services without proper authorization. Akinwunmi stated that Binances deposit and withdrawal transactions should be reserved for banks and authorized financial institutions only.
The Nigerian government has accused Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of conspiring to obscure the origins of $35.4 million in alleged illegal financial proceeds.
The case, brought by the Economic and Financial Crimes Commission (EFCC), highlights the growing scrutiny of cryptocurrency operations in Nigeria.
According to Akinwunmis testimony, Binances website misled Nigerians into using its platform for naira transactions via a cash link.
The platform promoted fee-free deposits and flat-fee withdrawals, activities that are regulated by the CBN and typically reserved for licensed banks and financial institutions. Akinwunmi also claimed that Binance facilitated currency conversion from naira to US dollars without the necessary CBN authorization.
A key point of contention is Binances peer-to-peer (P2P) transaction process. Akinwunmi detailed how users could transfer naira to each others bank accounts and confirm the transaction on the platform, prompting Binance to release cryptocurrency or fiat currency. He argued that this service is a regulated activity that Binance was not authorized to perform.
The case has taken on additional complexity due to the detention of Binance executive Tigran Gambaryan.
Arrested on February 28 alongside Binances regional head for Africa, Nadeem Anjarwalla, Gambaryan remains in custody while Anjarwalla has since fled the country. The detention has raised concerns about Gambaryans health and treatment.
Gambaryans family has stated that he is suffering immensely in detention, citing health issues including numbness in his foot, back pain, double pneumonia, and malaria.
However, Nigerian prison officials have countered these claims, stating that Gambaryan has no serious health condition and is doing fine in detention.
The conflicting reports about Gambaryans health have become a focal point in the ongoing legal battle. His lawyers informed the court that despite several court orders, officials at the Kuje prison in Abuja have yet to release his medical records from a hospital visit on June 3.
The case against Binance is part of a broader crackdown on cryptocurrency activities in Nigeria. The countrys National Security Adviser recently classified cryptocurrency trading as a national security issue, leading to directives for fintech startups to block and report accounts engaging in cryptocurrency transactions.
In response to government scrutiny, Binance disabled its peer-to-peer feature for Nigerian users in February. The Nigerian Securities and Exchange Commission has called for measures to delist the naira from P2P platforms to curb market manipulation and protect the integrity of Nigerias capital market.
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Binance Faces Legal Challenges in Nigeria Amid Allegations of Unauthorized Operations - Blockonomi
South Africa’s message to the rest of Africa – Mariblock
Mariblock Weekly
Jul 9, 2024 at 10:01 AM Updated: Jul 9, 2024 at 12:48 PM 5 min read
Plus: South Africa grants 63 new crypto licenses FSCA chief outlines principles-based regulation CBN official testifies against Binance Fuse Network launches $10K summer hackathon
Oluwaseun here, the lead editor here at Mariblock.
Welcome to Mariblock Weekly, where we bring you the most important developments in the African blockchain scene over the past week.
I think we can safely call this edition of MB Weekly the South African edition. Quite frankly, no other country on the continent produces high signal blockchain and crypto headlines as much as South Africa.
Well, theres the continuation of the Nigeria vs. Binance legal battle, which continues to see Binance staffer Tigran Gambarya lock up.
In a way, the two stories are similar in that theyre becoming a case study of how and how not to regulate a nascent market. For South Africa, a progressive regulatory stance is attracting builders and investments. In Nigeria, builders are fleeing, and so are the investments that builders attract.
Lets get to it!
Stay up-to-date with the latest blockchain developments in Africa
Topline: The Financial Sector Conduct Authority (FSCA) ofSouth Africahas significantly expanded its roster of licensed crypto asset service providers (CASPs), approving 63 new applications in the second quarter of 2024. (Details)
The details: As of June 30, 2024, the total number of licensed CASPs in South Africa was 138, up from 75 in April 2024, FSCA said in a July 2press release.
Oluwaseunsthoughtbubble: As I wrote on LinkedIn, the most notable part of the new licenses for me is that Kotani Pay originally founded in Kenya by Kenyans is now licensed in South Africa.
Switching gears: The FSCA isnt just expanding the number of licensed CASPs; its also ramping up enforcement of its regulations.
Topline: The Financial Sector Conduct Authoritys (FSCA) commissioner, Unathi Kamlana, delivered a wide-ranging public lecture at North-West University on June 26, 2024, addressing South Africas approach to striking a balance between fostering innovation in the financial sector and maintaining effective regulatory oversight. (Details)
Telling quote: The future demands that as regulators we should be both proactive and adaptive, continuously evolving our approaches to keep pace with technological advancements, Kamlana said. This will involve embracing new regulatory frameworks, leveraging advanced technologies for oversight, and maintaining a flexible mindset to accommodate the rapid changes in the sector.
The details: In a move to match words with action, Kamlana said the FSCA is shifting towards a principles-based regulatory approach.
Of note: The FSCAs regulation places significant oversight responsibilities on key individuals, which include top executives.
Topline:A Central Bank of Nigeria (CBN) official has testified that Nigerian users of Binance conduct transactions using pseudonyms, potentially complicating the ongoing legal case against the cryptocurrency exchange. (Details)
The details: Olubukola Akinwumi, deputy director at the CBN, testified before the Federal High Court in Abuja on July 5, 2024.
Oluwaseuns thought bubble:The stark contrast between Nigeria and South Africas approaches to crypto regulation is becoming increasingly significant, with the effects growing more apparent by the day.
Crypto exchange KuCoin imposes 7.5% VAT on transaction fees for Nigerian users (Mariblock)
South Africa announces 30 investigations into crypto activities (Mariblock)
Binance vs Nigeria: A timeline of events as they unfold (Mariblock)
Worldcoin to resume operations as Kenyan police drop investigations (Mariblock)
Nigeria to launch AI and Blockchain research hub nationwide (Mariblock)
Nigeria's SEC announces regulatory sandbox for crypto firms (Mariblock)
Fuse Network is hosting its summer 2024 hackathon from July 15th to August 4th, with a $10,000 prize pool. (Details )
Thats it for this week.
See you next week.
Cheers,
Oluwaseun.
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SEC Slams Ripple in New Filing, Says Its Reference of Binance Ruling is Irrelevant – The Crypto Basic
The U.S. SEC responds to the notice of supplemental authority from Ripple regarding the Binance decision, which the company argues supports its remedies-related opposition brief.
According to the filing shared by famous defense lawyer James K. Filan, the SEC contended that the Binance decision is irrelevant to the pending remedies motion.
The securities regulator argued that Ripple attempted to use a single observation in the nearly 90 pages of the Binance ruling to argue against harsh penalties. Notably, the SEC stated that Ripples attempt to leverage the Binance decision to extrapolate its litigation strategies is unwarranted.
Additionally, the agency stated that the Binance decision did not address Ripples conduct or penalty for its securities law violation. Furthermore, it contended that Ripple omitted a relevant portion of the Binance decision that could significantly impact the remedies decision.
Specifically, the SEC emphasized that the court rejected Binances argument regarding the fair notice doctrine and found that the defendants are fully aware of potential regulatory risks.
The Binance court also found that, while the fair notice defense is an objective inquiry, it was notable that the defendants were alleged to have actual notice that the SEC could pursue them, [] just like Ripple here had specific notice about the risks of its actions, based on the advice of counsel [] and chose to proceed anyway, the regulatory agency argued in an excerpt of the filing.
Consequently, the SEC asserts that Ripples attempt to leverage the Binance decision to argue against harsh penalties is wholly irrelevant.
Meanwhile, the SECs response to Ripples recently filed supplemental authority elicited reactions among XRP enthusiasts.
Prominent community figure Ashley Prosper questioned the SECs rationale for dedicating a full paragraph to the fair notice doctrine when Ripple did not mention it in its notice.
Prosper claimed that Ripple had no fair notice since it was the first victim of the SEC lawsuit. He also slammed the SEC for its recent legal setbacks since Judge Torres issued the Ripple summary judgment.
The industry commentator urged Judge Analisa Torres to consider Ripples supplemental authority and bolster her ruling against any potential appeal from the SEC.
The SECs filing comes a day after Ripple submitted its supplemental authority around the Binance decision. As reported earlier, Ripple said the Binance judge followed Judge Analisa Torres reasoning to declare that secondary market sales of BNB do not constitute investment contracts.
The company also claimed that the Binance judge criticized the SECs regulation strategy, contending that the judges recognition of the lack of clarity in the industry supports its position against harsh penalties. In the meantime, the parties are awaiting the courts final judgment.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
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Two Whales Deposit 9,500 BTC to Binance in a week – Crypto Times
Since June 27, two wallets have deposited 9,500 BTC to Binance, indicating potential whale liquidations worth nearly $550 million.
Blockchain analytics firm Lookonchain identified these wallets, which might be liquidating nearly $550 million in Bitcoin holdings. These transfers were initially valued at $575 million but have since dropped to $537 million after Bitcoin price fell.
Blockchain analytics firm Lookonchain first identified these transactions, suggesting they may indicate large-scale investors, often referred to as whales, liquidating their Bitcoin holdings. The timing of these deposits coincided with declines in bitcoins price, which were possibly influenced by the large sell-offs.
One of the wallets, still holding over 4,300 bitcoins worth nearly $250 million, made its most recent deposit just two days ago. This ongoing movement of funds to Binance addresses, flagged as deposit wallets by Arkham Intelligence, underscores a significant shift in cryptocurrency holdings among large investors.
The crypto market has been particularly sensitive to such movements recently, partly due to the repayment of creditors associated with the hacked exchange Mt. Gox. This ongoing process, involving Bitcoin and Bitcoin cash repayments, has triggered substantial liquidations across the market.
However, the exact timeline for these repayments varies by custodian, potentially leaving some creditors waiting for up to three months to receive their digital assets.
This influx of Bitcoin to Binance highlights the ongoing dynamics of large-scale transactions within the cryptocurrency ecosystem, influencing market trends and investor sentiment.
As these whales continue to adjust their holdings, the broader market remains attentive to potential impacts on prices and overall market stability.
Also Read: Brace for Mt. Gox Creditors 99% Bitcoin Sell-off: Analyst
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Two Whales Deposit 9,500 BTC to Binance in a week - Crypto Times
Incoming Binance Update Affecting Bitcoin (BTC) and Ethereum (ETH) Traders: Details – TradingView
Key points:
TL;DR
Binances Latest Move
The worlds largest cryptocurrency exchange Binance will terminate trading services for the following six pairs: BTC/AEUR, ETH/AEUR,AI/TUSD, CHR/BNB, GAS/FDUSD, and LQTY/FDUSD. The amendments will take effect on July 5.
The company did not provide an exact reason for the delisting effort, reminding that it periodically reviews all listed spot trading pairs and removes some in case of poor liquidity or other factors.
The majority of the affected cryptocurrencies are in the red today (July 3). Their poor performance coincides with the sectors overall decline. According to CoinGeckos data, the global crypto market capitalization is currently standing at around $2.35 trillion, a 3.5% plunge compared to the figure observed the day before.
As CryptoPotatoreported, Bitcoins (BTC) price retraced toward the $60K mark, while Ethereum (ETH) dipped to approximately $3,300.
Contrary to halting services for some existing trading pairs, Binance recently included some new ones in its platform. WIF/BRL, ZK/USDC, and ZRO/USDC were added to Binance Spot. It is worth noting that the service is not available to all clients:
Currently, users residing in the following countries or regions will not be able to trade the above-mentioned spot trading pair(s): Canada, Cuba, Crimea Region, Iran, Netherlands, North Korea, Syria, United States of America, and its territories (American Samoa, Guam, Puerto Rico, the Northern Mariana Islands, the U.S. Virgin Islands), and any non-government controlled areas of Ukraine.Previous Binance Announcements
The exchange has enforced numerous similar changes since the beginning of the year. Last month, itceasedtrading services with the following pairs: ALPACA/BTC, NFP/TUSD, MDX/BTC, QUICK/BTC, and XAI/BNB.
A few months before, Binance terminated all operations involving Monero (XMR). The move was followed by a price crash for the popular privacy coin.
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Incoming Binance Update Affecting Bitcoin (BTC) and Ethereum (ETH) Traders: Details - TradingView