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‘I Said Our Government May Impose Heavy Fines on Binance . . . I Never Said it Would Definitely Be $10 Billion,’ Says … – bitcoinke.io

At the same time, the Nigerian Government special adviser cited in the BBC article said that his statement was misrepresented.

I said our government may impose heavy fines on Binance for what happened, Mr Bayo Onanuga told The Gazette. I never said Binance had been informed about the fines or that it would definitely be $10 billion.

I only said the amount may be imposed, which is because nothing has been finalized yet, Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.

In any case, Binance is under fire from the federal government of Nigeria which suspended the firms activities alongside Coinbase, Kraken, Forextime, OctaFX, Crypto, and FXTM for fixing the exchange rate.

Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy, Mr Onanuga told BBC.

Nigerias central bank Governor, Olayemi Cardoso, has said that Binance Nigeria has moved $26 billion worth of untraceable funds.

The government is also said to have detained two executives of the Binance crypto exchange after they flew into the country this week.

According to the Financial Times, the two individuals were detained by Nigerias Office of the National Security Adviser, and their passports were confiscated. They had been invited by Nigeria to meet officials but were intercepted upon arrival on the grounds that Binance had been operating in the country illegally.

It is not necessarily arrest per say, Zakari Mijinyawa, a spokesman for the National Security Adviser told Bloomberg.

Meetings and discussions are ongoing. Its a national security issue and an interagency process is on.

Last year [2023], the countrys Securities and Exchange Commission (SEC Nigeria) said Binance Nigeria was not authorized to operate in the country.

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Binance Coin (BNB) & Chainlink (LINK) Investors Join Kelexo (KLXO) Presale Craze as Bitcoin (BTC) and Ethereum … – Crypto Reporter

With the Kelexo (KLXO) presale and token rise in the market, here is an overview of why Binance Coin (BNB) and Chainlink (LINK) investors have joined the protocol presale as Bitcoin (BTC) and Ethereum (ETH) seem to be keeping their price rally active.

Bitcoin (BTC) doesnt seem to be letting go of its dominance in the crypto market. As the most influential token in the market, Bitcoin (BTC) now has a total market cap of over $1.2T. This comes after Bitcoin (BTC) hit a new $67K market price in the last few days.

One fun fact about Bitcoin (BTC) is that the token is ranked #1 by market capitalization but is not the highest trading crypto. Bitcoin (BTC) has lost the number one spot to the stable token Tether (USDT).

The Ethereum (ETH) token is now selling at $3,442.89. This comes after Ethereum (ETH) gained a 15% increase in market value. As of writing, Ethereum (ETH) is now ranked #2 by market capitalization.

The average Ethereum (ETH) trading volume recorded over the last seven days is $35B, making Ethereum (ETH) the third-highest trading cryptocurrency. A market analyst has suggested that Ethereum (ETH) holders look to Kelexo (KLXO) for portfolio stabilization and risk diversification.

Chainlink (LINK) investors are joining the Kelexo (KLXO) presale due to its rumored 30x ROI possibility. Amidst the market growth and surge, Chainlink (LINK) has only gained a slight 8% increase in market value.

Now selling just below the $20 mark, Chainlink (LINK) has a total market cap of $11B. In addition, Chainlink (LINK) has recorded a 29.75% increase in market activity, increasing its daily trading average to $1B. As one of the top 20 highest trading crypto in the market, Chainlink (LINK) is staying resilient in the crypto market.

The Binance Coin (BNB) newly introduced VIP programs are not holding its token holders down as more of them pour their gains into Kelexo (KLXO). Today, Binance Coin (BNB) has gained over 7% in market value, selling as high as $408.34 per token.

With a total market capital of $61B, Binance Coin (BNB) is ranked #4 in market capitalization. The Binance Coin (BNB) is the 10th-highest trading token in the market. This comes after Binance Coin (BNB) gained over 29% in market activity.

Kelexo (KLXO) is a crypto lending platform designed to reduce the barriers to crypto lending. This is why the Kelexo (KLXO) platform has attracted impressive users. Over 7,000 user sign-ups have been recorded in the last few weeks on Kelexo (KLXO).

The Kelexo (KLXO) token is also in its presale and sells at $0.028 per token. With a total supply of 444 million tokens and a lifelong liquidity lock, experts have placed Kelexos (KLXO) market cap between $600B and $900B in two years.

Find out more about the Kelexo (KLXO) presale by visiting the website here.

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Mega Gains Likely in Raffle Coin (RAFF) As Ethereum (ETH) & Binance Coin (BNB) Holders Scramble to Take … – Analytics Insight

Excitement is growing around the highly speculative Raffle Coin (RAFF), a new crypto offering a raffle-based reward system to holders. As Ethereum (ETH) and Binance Coin (BNB) holders search out the next big thing, Raffle Coins (RAFF) unique crypto raffle tokenomics has captured attention. Holders can win lottery style crypto rewards based on the size of their Raff Coin (RAFF) wallet. Raffle Coins (RAFF) low market cap coupled with viral lottery hype could enable 1000x gains in the blink of an eye. For risk-tolerant crypto investors, the chance to win big via Raffle Coin (RAFF) crypto raffles may prove too tantalizing to pass up.

Binance Coin (BNB) has rallied over 7% in the last week, reaching its highest price of $386 since November 2022. Binance Coin (BNB) remains the 4th largest cryptocurrency by market cap. Analysts attribute the price surge of Binance Coin (BNB) to improving sentiment after Binance settled legal issues with US authorities and its CEO Zhao stepped down.

In the short term, some see Binance Coin (BNB) as overbought and expect a pullback. But its recent 31% monthly gains and achievement of the key $400 price point signal bullish mid to long-term momentum, especially as Binance continues expanding offerings like the Portal gaming project. Investors seem increasingly optimistic on the outlook of Binance Coin (BNB) despite the crypto markets recent struggles.

Ethereum (ETH) appears to have rallied over 20% versus Bitcoin (BTC) in recent weeks, largely on growing anticipation of a potential US spot ETF approval by May. But analysts say the price run of Ethereum (ETH) is also driven by other catalysts like its deflationary issuance since moving to proof-of-stake, record low exchange supplies indicating more Ethereum (ETH) being locked up, and upcoming network upgrades like Dencun that will improve layer 2 scalability.

These factors point to sustained momentum for Ethereum (ETH) as decentralized apps and DeFi regain steam in 2023. Though an ETF rejection could still reverse gains, market experts currently see Ethereum (ETH) positioned to continue significantly outperforming Bitcoin (BTC) this year.

Raffle Coin (RAFF) is an innovative decentralized platform allowing users to participate in instant crypto raffles for prizes like cars, holidays and clothing. Its user-friendly interface makes entering draws easy. As a decentralized platform, Raffle Coin (RAFF) lets token holders shape its future by proposing and voting on new features.

Notably, the platform shares 40% of all generated fees with presale investors proportional to their holdings. 10% of fees also go into a monthly crypto lottery. The presale is currently in stage one and priced affordably at $0.016. Raffle Coin (RAFF) ultimately presents a new twist on lotteries and prizes by handing control back to users. Its revenue sharing and governance powers let the community guide its path.

For crypto enthusiasts, Raffle Coins features may prove too appealing to pass up. Find out more about the Raffle Coin (RAFF) presale by visiting the website here.

Find out more about the Raffle Coin (RAFF) presale by visiting the website here.

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Binance to List Telegram (TON) Token as Price Jumps 10% – Watcher Guru

One of the largest cryptocurrency exchanges on the planet, Binance, is set to list the Telegram Open Network (TON) token. The change announced the launch of TON perpetual contract with 50% leverage. Subsequently, the value of the token surged by 10% following the announcement.

TON is the layer-1 blockchain that is developed by the Telegram messaging application. Indeed, the privacy-focused app has instituted some new programs that have increased the overall value of the companys ecosystem. Specifically, the app recently launched a renewed 50% ad-revenue sharing plan that is set to begin today.

Binance Futures will launch the USD-M TON Perpetual Contract at 2024-03-01 12:30 (UTC), with up to 50x leverage, but no spot is currently listed. TON is an L1 blockchain powered by Telegram. https://t.co/vlb25QpHCj

Also Read: TON Up 15%: Telegram Integrates Crypto Wallet for 800 Million Users

One of the most popular messaging applications has seen its popularity grow in recent days. Indeed, Telegram has announced it is set to share 50% of its massive ad revenue stream with channel owners. However, the announcement that that payout would be made in Toncoin (TON) increased its overall value.

That surge has only increased with some more positive news today. Specifically, Binance is set to officially list Telegram (TON) tokens in a move that caused a 10% jump in value. The exchange is set to launch a TON perpetual contract with up to 50x leverage.

Also Read: Bitcoin, Tether Payments Goes Live on Telegram Through Wallet Pay

The continued increase in value for the token has perpetuated the cyclical economic relationship between Telegram users and TON. With the introduction of the ad-revenue sharing plan, users will be paid in Toncoin. Subsequently, they can then spend those TON tokens on features within the Telegram ecosystem.

These developments have created what could be a self-sustaining economic system for Telegram users thus far. Additionally, the continued integration of the coin presents optimism that the value will only continue to grow. Especially if the messaging application continues to grow alongside it.

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Breaking: Binance Senior Executives Arrested in Nigeria – BeInCrypto

Two senior executives from Binance, the worlds leading cryptocurrency exchange, have been detained in Nigeria.

This action comes on the heels of the Nigerian governments efforts to stabilize the naira. It has seen unprecedented volatility, leading to an inflation surge to a 30-year high of 29.9%.

The Binance executives had arrived in Nigeria following the governments ban on several cryptocurrency trading platforms. However, they found themselves in the custody of the national security advisers office, with their passports confiscated. The specifics of their detention highlight the escalating tensions between Nigerian authorities and the crypto market, which has become a haven for speculative trading on the naira.

Nigerias central bank governor, Olayemi Cardoso, cited Binance in a recent press conference. He expressed concerns over the illicit and suspicious financial flows through crypto platforms. According to Cardoso, an alarming $26 billion has been transacted through Binance Nigeria in the past year. This has raised eyebrows over the sources and users involved in these transactions.

We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best. In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify, Cardoso said.

In response to these developments, Binance has suspended the trading of the naira against major cryptocurrencies. This move signals the exchanges immediate reaction to the regulatory heat its facing in Nigeria.

Read more: 7 Best Binance Alternatives in 2024

The Nigerian governments crackdown is part of a broader strategy to rein in the speculative trading that has contributed to the nairas devaluation. By targeting crypto exchanges like Binance, authorities aim to establish a more controlled and transparent financial environment. This includes demands from the anti-corruption agency and national security adviser for a comprehensive list of Binances Nigerian users since its inception.

Amidst this regulatory turmoil, Binance faces its own internal challenges. Especially, following the resignation of its founder, Changpeng Zhao, after pleading guilty to charges related to money laundering. The recent events in Nigeria add another layer of complexity to Binances efforts to navigate the global regulatory landscape and maintain its dominance in the crypto market.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown – Cryptonews

Last updated: March 1, 2024 06:52 EST | 2 min read

The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nations local currency.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the fine in an interview with the BBC, according to areport Premium Times reported on Friday.

According to Onanuga, Binance has allegedly profited significantly from illegal transactions in Nigeria while the country has suffered substantial losses.

The Nigerian governments move comes after the Office of the National Security Adviser (ONSA) confirmed that it is investigating the operations of Binance and other cryptocurrency platforms.

The ONSA stated that it is coordinating an interagency investigation into Binances activities.

Earlier this week, the Nigerian governmentdetained two executivesof Binance who had flown into the country to negotiate with authorities amid the crackdown.

However, the meetings reached an impasse as Binance officials declined to meet some of the governments demands.

The executives were accused of operating a business worth billions without the necessary registrations and documentation.

The Nigerian authorities demanded that Binance provide data on transactions involving the Nigerian Naira on its platform over the past seven years.

They also requested the removal of certain data relating to Nigeria from the platform.

However, the Binance executives insisted on being taken to their respective countries embassies before complying.

It is worth noting that Binance is not registered in Nigeria and has no physical presence in the country, according to Onanuga.

He alleged that people had been arbitrage trading the dollar-naira rates on the platform, which negatively impacted the value of the local currency.

Onanuga claimed that Binance was cooperating with the Nigerian government by providing information and had already suspended naira-related transactions on its platform.

Last week, the exchange alsointroduced a price capforTether ( USDT)tokens on its peer-to-peer (P2P) platform in order to comply with local regulatory requirements.

At the time, it restricted traders on Binances P2P platform from selling USDT above the set cap of 1,802 naira per USDT.

Nevertheless, the Nigerian government is seeking at least $10 billion in retribution from Binance.

The Nigerian governments actions against Binance and other crypto firms stem from concerns over continuous manipulation of the forex market and illicit movement of funds.

Authorities believe that these activities have contributed to the weakening of the naira.

In September 2023, Nigerias Securities and Exchange Commission (SEC)declared Binance Nigeria Limited illegal, stating that the platform was neither registered nor regulated by the commission.

Binance previously pleaded guilty to criminal money laundering charges brought by the U.S. Department of Justice, agreeing to pay $4.3 billion to settle the case.

Binances founder and CEO, Changpeng Zhao (CZ),also pleaded guiltyand agreed to step down from his position.

CZs criminal trial has been postponed to April 30 by a U.S. court.

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Binance Prosecutors Seek Tougher Travel Restrictions for Crypto Firm’s Founder – PYMNTS.com

Prosecutors want stricter bail conditions forBinancesfounder as he awaits sentencing on money-laundering charges.

Changpeng Zhaopleaded guiltyin November of last year to failing to adhere to proper anti-money laundering practices at his cryptocurrency exchanges, and also agreed to step down as head of the company.

Now,federal prosecutors want a judge to require Zhao to give the U.S. Attorneys office and pretrial service at least three days notice before any travel within the country, CNBC reported Friday (Feb. 23), citing court documents.

The new bail conditions would also require Zhao to give up his Canadian passport and would prevent him from applying for a new one without court permission. In addition, the billionaire would be forbidden from changing his residence without approval.

The argument came as a judge approved Binances $4.3 billion deal with the U.S. government forged the same time as Zhaos plea that resolved ongoing Justice Department investigations connected to the Bank Secrecy Act (BSA), failure to register as a money transmitting business and other financial and regulatory violations.

A December court ruling had determined Zhaowas a flight riskand ordered him to remain in the U.S. ahead of his sentencing. The sentencing had originally been scheduled for Friday, but will now happen in April.

Zhaos lawyers have contended that their client is not a flight risk, pointing to the fact that he traveled to the U.S. to enter his guilty plea, intends to resolve the case, and proposed a sizable bail agreement.

However, federal prosecutors argued that Zhao was a flight risk because of his substantial wealth outside the country and his close ties with the United Arab Emirates, which has no extradition treaty with the U.S.

Zhao is facing up to 18 months in prison under federal sentencing guidelines but could be subject to a stiffer penalty, assuming the Justice Department argues for one.

Despite Binances recent legal and regulatory issues, the company last year saw a 30% increase in its user base, welcoming 40 million new customers.

Importantly, we saw a particularly strong uptick in inflows coming from institutional investors, Binance CEORichard Tengwrote in the companys year-end report.

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IRS hires ConsenSys, Binance US, and TaxBit executives to strengthen crypto supervision – crypto.news

The Internal Revenue Service (IRS) is hiring employees from the crypto industry to improve its expertise in working with digital assets.

According to a Feb. 28 Bloomberg report, the IRS has hired two former cryptocurrency executives. One of them, Sulolit Raj Mukherjee, previously worked for the American division of the Binance crypto exchange, Binance US. His past work experience also includes the crypto firm ConsenSys, where he was head of the tax department.

Another new IRS hire, Seth Wilks, was recently vice president of government affairs and success at TaxBit. Both specialists will help lead the agencys cryptocurrency compliance and enforcement efforts. However, the exact positions of Mukherjee and Wilks have yet to be revealed by the agency.

Pulling in expertise from the private sector to work with the IRS team is critical to successfully building the agencys efforts involving digital assets and helping us do it in a way that works well for everyone.

The process of regulating cryptocurrency activities in the US, including in the tax area, is still under development. Many agencies, including the IRS, are proposing more thorough regulation of the digital assets sector. One of the latest IRS initiatives in this area is the new rules on the taxation of cryptocurrencies, which oblige brokers and exchanges to report sales.

The document was presented jointly with the US Treasury Department last year. Officials expected the new rules to close the tax gap and ensure everyone plays by the same set of rules. Under the proposed regulations, crypto brokers would be treated like more traditional brokers, such as stock brokers.

However, the document was criticized by representatives of various fields. Thus, Congressman Patrick McHenry called on agencies to establish more apparent regulatory requirements. In his opinion, any regulatory requirement must be narrow, tailored, and clear.

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Inside story of Binance executives’ detention in Nigeria – Business Insider Africa

The two executives travelled to Nigeria after the recent ban of Binance and several cryptocurrency trading platforms to halt what it described as continuous manipulation of the forex market and illicit movement of funds.

Upon arrival, they were apprehended by the office of the national security adviser, who also confiscated their passports, as reported by the Financial Times.

Yemi Cardoso, Nigeria's central bank governor, during the monetary policy meeting earlier this week, stated that Binance Nigeria has facilitated transactions exceeding $26 billion from unidentified sources in one year.

According to PREMIUM TIMES, the Nigerian authorities requested Binance executives to provide data relating to transactions involving the Nigerian Naira on the Binance platform in the last seven years. They also demanded that some other data relating to Nigeria be deleted from the Binance platform.

However, the Binance executives insisted that they should be taken to their respective countries embassies before they could comply.

As of Wednesday, the complete identities of the two Binance executives remain unclear. However, according to the information gathered, one of them is American, and the other is British-Pakistani.

The Nigerian government has secured a court warrant to detain the officials for at least twelve days in the first instance.

A source familiar with the situation told PREMIUM TIMES that the investigation has been transferred to the Economic and Financial Crimes Commission (EFCC). Meanwhile, the two executives are being held at a guest house near the Office of the National Security Adviser.

Last year, the Securities and Exchange Commission (SEC) said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal. Despite the warning by the regulatory agency, the firm continued its operation.

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Over $26 billion passed through Binance Nigeria from unknown sources- Cardoso – Business Insider Africa

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, he told reporters.

Last week, the government moved against Binance, OctaFX, Coinbase and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.

The restriction of these platforms is also aimed at slowing currency speculation activities in the country.

In response to the government's action, Binance stated that its platform is not for currency pricing, and users engaging in manipulative behavior will be removed from its platform.

As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance, the platform added, noting that it is setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.

It is important to note that foreign exchange rates are influenced by various complex factors, which Binance has no influence on,"

However, we continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency and financial markets, it said.

In February 2021, the CBN banned crypto in the country, explicitly instructing financial institutions to refrain from operating accounts for cryptocurrency service providers in view of the money laundering and terrorism financing risk and vulnerabilities inherent in their operations.

In December 2023, the Central Bank of Nigeria changed its stance on crypto assets and asked banks to disregard its February 2021 ban on crypto transactions.

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