Binance

Nigerian Government Demands Binance to Reveal Top Users, Executives Remain in Detention

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Nigeria is actively seeking information from Binance regarding its top 100 users in the country and all transaction history spanning the past six months, according to a Financial Times report. As a result, the detained executives may allegedly face charges related to currency manipulation, tax evasion, and illegal operations, per a Bloomberg report. FT says Nigeria’s anti-corruption agency was granted permission to detain both Binance executives for 14 days, which concluded on Tuesday; there’s a proposed hearing to extend the court order scheduled for Wednesday. Nigeria’s request for Binance’s top users in the country is a focal point in negotiations between the largest crypto platform and the top African crypto market. Meanwhile, documents reviewed by FT reveal that Nigeria, through its national security adviser, has requested that Binance address any outstanding tax liabilities.

“Unleash Your Cryptocurrency Scent with Binance’s New Perfumery, Teaming Up with Coachella and OpenSea”

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Welcome to TechCrunch Crypto, formerly known as Chain Reaction. Hello and welcome back to the TechCrunch Crypto newsletter. We discussed spot bitcoin ETFs, regulation of digital assets and what the next era for crypto could look like. This week in web3Crunching numbersAs mentioned, this week the crypto space saw all-time highs for bitcoin. In a first for Chain Reaction, we also minted this podcast on Zora’s platform, which you can check out here.

“Baffling Move: Binance Launches Crypto Perfume to Attract Female Audience”

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What does crypto smell like? To celebrate International Women’s Day, Binance launched a splashy campaign to urge women to get into crypto through the power of… fragrance. But even as more women enter the industry, the crypto sphere has struggled shake the stench of a men’s locker room. Boston Consulting Group found that only 7% of web3 founders are women, and among top crypto startups, 27% of employees are women. But the messaging gets confused such that the idea of crypto perfume can come across as patronizing moreso than funny.

“Binance Ceases Naira Services Amid Ongoing Regulatory Inquiry in Nigeria”

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Binance will discontinue its naira (NGN) services in response to heightened regulatory scrutiny in Nigeria, it said in a blog post today. The cryptocurrency exchange will begin delisting any existing NGN spot trading pairs by Thursday, March 7. Any remaining NGN balances in users’ spot and funding wallets will be converted to USDT on Friday, March 8, it noted. This development follows recent regulatory actions by the Nigerian government, which imposed restrictions on both local and foreign cryptocurrency exchanges, including Binance. What followed was the reported detention of two Binance officials after they were invited to Nigeria to discuss the regulatory restrictions.

Temporary Disruption: Nigerian Cryptocurrency Enthusiasts Face Temporary Inconvenience with Binance, Kraken, and Coinbase Platforms

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Some cryptocurrency exchanges in Nigeria faced accessibility issues for users, prompting speculation of imposed restrictions on crypto sites, the Financial Times reported. On Wednesday, local media reported that Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), received instructions from the country’s apex bank to suspend access to crypto websites, including Binance, Coinbase and Kraken. According to Bloomberg, a presidential spokesman confirmed Nigeria’s issuance of a directive instructing telecoms and internet service providers to block access to cryptocurrency trading platforms. Only users attempting to access the website are impacted, although the app is currently available,” Binance stated. While several Binance users in Nigeria reported difficulties accessing the site in the early hours of Thursday, it appears that the directive to restrict access has been temporarily halted, as these cryptocurrency trading platforms, including Kraken and Coinbase, are currently accessible.

India Store Removes Popular Global Crypto Apps like Binance from Google

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Google has pulled many crypto exchanges, including Binance and Kraken, from its Play Store in India, the latest blow to already dwindling India’s crypto exchange already dwindling India’s crypto exchange. Apple pulled the apps earlier this week pulled the apps earlier this week and on Thursday evening ISPs in India began blocking the URLs of the crypto exchange websites. This only impacts users who attempt to access the Indian iOS app store or the Binance website from India,” Binance said earlier Friday. On Tuesday, CoinDCX announced that it would provide rewards to customers who transfer their crypto assets from global exchanges to its India-based platform. Coinbase, another popular global crypto exchange, stopped onboarding new customers in India last year.

Binance, Kraken Websites to be Blocked in India’s Crackdown on Cryptocurrency Exchanges

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Financial Intelligence Unit, an Indian government agency which scrutinizes financial transactions, said Thursday nine global crypto exchanges — including Binance, Kraken, Kucoin and Mexc — are operating “illegally” in the country without complying with the local anti-money laundering act and asked the IT Ministry to block their websites. Global crypto exchanges are required to comply with India’s anti-money laundering rules and cannot evade the guidelines just because they don’t have physical presence in the country, the government agency said. Cryptocurrencies were brought into the ambit of anti-money laundering / counter financing of terrorism framework in India in March this year. India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction. “Most Indian crypto exchanges are FIU registered entities and adhere with the Prevention of Money Laundering Act.

Amidst India’s Cryptocurrency Scrutiny, WazirX Volumes Take a Sharp Plunge

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The trading volume at top Indian crypto exchange WazirX fell to $1 billion in 2023 as the platform faced intensifying regulatory pressure in its home market alongside a broader slump for digital asset prices — and equities — globally. WazirX, which has had a dispute with Binance over the Indian firm’s ownership, put a positive gloss on the latest figures, touting the $1 billion trading tally in a public statement Tuesday. The 97% plunge in trading volume comes as WazirX faces mounting regulatory pressures from Indian authorities that have left the country’s once-burgeoning crypto sector fighting for survival. India began taxing virtual currencies last year, levying a 30% tax on the gains and a 1% deduction on each crypto transaction. India’s intensifying regulatory crackdown on cryptocurrencies has cast a chill over local investors once eager to back the country’s crypto startups.