Former Binance Boss CZ Apologizes, Accepts Responsibility Ahead of Sentencing Bitcoin News Bitcoin.com News
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The Central Bank of Nigeria (CBN) has issued a new directive requiring all banks and financial institutions in the country to identify individuals or entities engaging in transactions with cryptocurrency exchanges.
The circular also requires the bank to place their accounts under a Post No Debit (PND) instruction for a period of six months.
Key points:
A PND instruction is a directive issued by a bank or financial institution that restricts certain transactions on a customers account. A PND instruction prohibits the account holder from making debit transactions.
Also read: Binance Founder Changpeng Zhao Should Face 3-Year Prison Sentence: DOJ
The CBNs decision to target unlicensed crypto exchanges comes as a surprise. This is because the bank lifted a comprehensive ban on banks engaging with digital currencies in December 2023.
The recent devaluation of the naira and the subsequent inflation rate of 29.9% appear to have prompted the government to shift its attention to platforms offering cryptocurrency services. The CBN has even blocked websites associated with crypto trading.
Also checkout:Crypto Industry Groups Sue SEC Over Expanded Dealer Definition
Binance is also facing ongoing scrutiny from the Nigerian government. The CBNs latest directive has raised questions about the future of cryptocurrency in Nigeria.
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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Central Bank of Nigeria To Freeze Bank Accounts Linked With Binance, Bybit, KuCoin - Milk Road
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These Meme Coins Are Included in the Latest Binance Update: Details - CryptoPotato
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Binance burned 1.94 million Binance Coin tokens, removing them from circulation.
The cryptocurrency exchange Binance announced the completion of its 27th quarterly Binance Coin (BNB) token burn, removing $1.17 billion worth of coins from circulation. The volume of BNB destroyed was approximately 1.3% of the total supply of the asset.
However, this time, the procedure did not include burning tokens as part of the Pioneer Burn program.
The BNB tokens price failed to react to the news about the burning of tokens. According to CoinMarketCap, in 24 hours, the token lost 0.9% from its previous value, falling to $600 at the time of writing.
Over the past week, the tokens price rose by 13% despite recent news about the U.S. seeking to impose a three-year jail sentence onBinancefounder Changpeng Zhao.
BNBsmarket capitalization dropped by 2.2% to $88 billion, while trading volumes increased slightly by 1.4%.
Before this, Binance removed approximately 2.14 million BNB worth $636 million from circulation in January. The volume of BNB destroyed was approximately 1.38% of the total supply of the asset.
During the launch of BNB in 2017, a commitment was made to destroy 100 million coins half of the coins entire supply through burning. The offer is automatically executed every quarter and calculated using the auto-burn formula.
Binance representatives explained that this provides atransparent, auditable, and objective processindependent of the centralized exchange. In addition, BNB Chain continuously burns a portion of the gas fees on the blockchain in real-time.
Excerpt from:
Binance burns over $1.17b in BNB tokens - crypto.news
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Update 11:45 am UTC: The central bank is denying they have issued a directive.
The Central Bank of Nigeria (CBN) has been forced to deny a report saying it issueda directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.
A Post No Debit instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customers account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.
Confusion occurred when the central bank denied the story on X but then deleted the denial. Some hours later they claimed the allegations were indeed false.
The bank said it would catch anyone it believes is buying and selling Tether (USDT) on the listed platforms illegally, especially those using peer-to-peer (P2P) methods.
The alleged circular also stated that regulated financial institutions engaged in crypto or facilitating payments for crypto exchanges are prohibited. However, this contradicts an earlier ban lifted in December 2023,allowing banks to facilitate transactionsfor crypto exchanges.
The central bank lifted the ban nearly two years after enforcing a comprehensive ban on banks engaging with digital currencies.
According to a statement by the CBN at the time, it recognized that the increasing global demand and adoption of crypto make it unjustifiable to maintain the stringent restrictions imposed on financial institutions in 2021.
Related: Binance exec will remain in Nigerian custody until May 17 bail hearing: Report
However, due to the swift devaluation of the naira and the subsequent inflation rate of 29.9%, the government shifted its attention to platforms offering cryptocurrency services. It disabled websites associated with crypto trading that had gained notoriety for setting informal valuations for the naira.
Binance encountered significant scrutiny when the CBN raised concerns regarding suspicious financial transactions occurring through Binance Nigeria in 2023.
CBN head Olayemi Cardoso said $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.
Binance is facing further challenges in Nigeria, with its executive Tigran Gambaryan, who is based in the United States, being detained in the country. Hes facingfive charges linked to money laundering following a meeting with Nigerian officials regarding Binances regulatory compliance.
Nadeem Anjarwalla, one of the executives who met with Nigerian officials about Binances regulatory issues, subsequently escaped custody and was tracked down to Kenya, where he faces extradition.
Magazine: Less flashy Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame
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Nigeria's central bank forced to deny claims of crypto account freeze - Cointelegraph
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