The Nigerian government has taken drastic measures against Binance officials, obtaining a court warrant to detain them for at least twelve days. This move comes after the officials insisted on being taken to their respective countries’ embassies, showing a lack of cooperation from both sides. One of the main accusations against Binance is manipulating foreign
Exchanges
Coinbase recently faced a setback when the Securities and Exchange Commission (SEC) rejected its rulemaking petition. This decision has been met with strong criticism from Coinbase, with the crypto exchange calling it “arbitrary and capricious.” In a petition filed before the US Court of Appeals for the Third Circuit on Mar. 11, Coinbase criticized the
Coinbase, the leading US-based crypto exchange, has experienced a significant boost in its market share due to the introduction of multiple spot Bitcoin exchange-traded funds (ETFs) in January. This surge in the market share has led analysts at Goldman Sachs to upgrade their rating on Coinbase shares from selling to neutral, with an adjusted price
Bitcoin reached an all-time high of over $69,000 in November 2021, but this recent ATH was short-lived as the price quickly dropped to $59,300, marking a 14% correction. Despite regaining some ground and stabilizing around $66,000, the market experienced intense price volatility on Mar. 5. The surge in Bitcoin’s price volatility led to record-breaking trading
In a recent announcement, crypto exchange Binance revealed its decision to discontinue all services associated with the Nigerian local fiat currency, Naira (NGN), in a phased approach. This move comes amidst ongoing tensions between Binance and the Nigerian government regarding the exchange’s operations in the country. Binance informed its Nigerian users that they would no
Crypto exchange Coinbase recently encountered a technical issue on March 4, leaving some users with an empty balance in their accounts. The problem was identified at 5:36 pm UTC, with Coinbase acknowledging that a “small subset of users may see intermittent zero balance across their Coinbase accounts and latency across pages.” Although trading was not
After recently settling with the U.S. Department of Justice on charges of money laundering and terrorism financing, Binance now faces scrutiny from Nigeria’s House of Representatives Committee on Financial Crimes. The committee has issued an ultimatum to Binance CEO Richard Teng, demanding his appearance before them by March 4. The allegations against Binance include involvement
The Nigerian government is contemplating imposing fines as high as $10 billion on Binance, a major cryptocurrency exchange. Reports from local media sources suggest that Bayo Onanuga, the special adviser to the Nigerian president, has accused Binance of profiting from facilitating illegal transactions within the country, leading to substantial losses for Nigeria. Onanuga views the
The Chamber of Digital Commerce recently filed an amicus curiae in defense of the crypto exchange Kraken in the lawsuit brought against it by the US SEC. The Chamber’s main argument in the brief is that the SEC is overstepping its bounds by attempting to regulate the digital asset industry through enforcement actions, rather than
After withdrawing its initial application for a Virtual Asset Trading Platform (VATP) license in Hong Kong, Justin Sun-related crypto exchange HTX has resubmitted its application, as indicated by a notice on the Securities and Futures Commission (SFC) website. The initial application, filed through its Hong Kong subsidiary Huobi HK, was pulled back on Feb. 23
