Let me firstly state that I love my country, good or bad. I have no other to call my own and I am not in any hurry to japa anywhere else. Let me also state that I implore anyone indigene or foreign running any form of business in Nigeria to try and tidy up the regulatory guidelines and tax matters so it doesn't catch up with you. No country jokes with those.
But again, I dare say that one needs a rather weird sense of humor not to go nuts in the Nigerian business and regulatory space. Today it's one statement, tomorrow it is opposite, with the Senate, CBN, SEC and government passing the bucks left and right, chasing shadows and confusing operators.
They denied arresting and detaining Binance executives until it became public knowledge, then they turned and heaped all Binance sins on them. Persons that came of their own free volition for discussions and negotiations. They became 21st century hostages until one escaped.
Along came claims, true or false, bring badges that it is Binance exchange and the likes that are determining the naira exchange rate in Nigeria, no longer the Aboki FX as they earlier claimed. That's like looking for a scape goat for government's economic ineptitude.
Now we see a spurious document on crypto exchanges and freezing of accounts, circulating in banks and suddenly there are denials and counter denials, and we all know it was because the lid was blown off the clandestine move to catch many people napping and in the net.
My take is that Nigeria should spell out their regulations to business operators and the laymen so we all know where we stand and steps to take, instead of this Machiavellian vindictive hoodwinking style of business governance. Like we either take it or die.
On the other hand, I call on Binance as a big Crypto exchange to recognize the vast market in Nigeria and it's strategic position as a player in the crypto industry, and do all in it's power to reach a reasonable agreement with the Nigerian SEC and CBN so that people can go about their crypto businesses without all these underlying fears and tension.
Lastly, there are still so many global doorways to do your crypto business without getting into trouble with the Nigerian government. Be wary and be wise.
I come in peace.
#trendingnews #Binance #Follow4more

Cryptocurrency exchange Binance and former CEO Changpeng “CZ” Zhao have filed notice with the court in its case with the United States Securities and Exchange Commission (SEC) to establish the government’s position on stablecoins as a security.

In an April 25 filing in U.S. District Court for the District of Columbia, lawyers for Binance and CZ filed a Notice of Supplemental Authority, bringing the court’s attention to the U.S. government’s arguments in its criminal case against Mango Markets exploiter Avraham Eisenberg. In that case, prosecutors argued there was “no factual basis” for treating USD Coin (USDC) as a security or putting the question to a jury.

Source: Courtlistener

The Justice Department used the argument against USDC as a security in its case against Eisenberg, who was found guilty of fraud and market manipulation on April 18. Having the government claim that a stablecoin was not a security seemingly under the SEC’s regulatory reach could bolster Binance’s arguments in the civil case. 

The scope of the argument seemed limited to USDC, while the SEC’s case against Binance included BNB BNB and the stablecoin Binance USD (BUSD). The lawsuit, filed in June 2023, alleged that the crypto exchange and CZ allowed unregistered offers and sales of BNB and BUSD, as well as Binance’s Simple Earn, BNB Vault and staking programs.

Binance’s case with the SEC was ongoing at the time of publication, but the exchange and CZ settled with the U.S. Justice Department, Treasury Department and Commodity Futures Trading Commission in November 2023 for $4.3 billion. Zhao stepped down as CEO of the crypto exchange and pleaded guilty to one felony count as part of the deal. He is scheduled to be sentenced on April 30.

The crypto exchange remains under scrutiny from regulators and authorities across the globe. Two Binance executives were arrested in Nigeria after the firm said it intended to cease all transactions in the local fiat currency, the naira. Authorities in Canada also filed a class-action lawsuit against Binance on April 19, alleging the exchange sold unregistered crypto derivative products.

Magazine: Lazarus Group’s favorite exploit revealed — Crypto hacks analysis

Binance founder and former CEO Changpeng Zhao (CZ) has publicly apologized for what he described as “poor decisions” and has taken “full responsibility” for his actions.

Meanwhile, Binance co-founder He Yi said that while he acknowledges that CZ may have made mistakes, his biggest one was ignorance.

CZ Issues Apology and Appeals for Second Chance

Following his November 2023 settlement of charges with the U.S. Department of Justice (DOJ), Changpeng Zhao (CZ) is scheduled for sentencing on April 30. The DOJ has requested a 36-month sentence despite CZ previously waiving his right to appeal any sentence up to 18 months.

In a letter addressed to Judge Richard A. Jones of the United States District Court for the Western District of Washington on April 24, Zhao acknowledged his past oversights. He recognized the necessity for implementing compliance changes at Binance sooner and highlighted the subsequent incorporation of stringent controls during his tenure.

CZ further emphasized his voluntary surrender and acceptance of responsibility in the ongoing case, expressing a desire to resolve matters before the court to pursue new opportunities.

The Binance co-founder then appealed for a second chance, recounting his unconventional career path of simplicity and integrity, including the return of investor funds after failed startup ventures. Additionally, he portrayed his involvement in crypto as driven by ideals of inclusivity and equal opportunity, aiming to support small biotech labs and youth-centric initiatives in the future.

Binance Co-founder Says CZ’s Mistake Was Ignorance

He Yi, Binance co-founder and mother of CZ’s three children, has characterized him as the guardian of the cryptocurrency industry, likening it to the Wild West. She stated that as a startup with no illustrious background, the founding team, including herself, lacked legal expertise, and most members, except CZ, could not read English.

Despite their limited experience and legal knowledge, CZ won over users with fairness, integrity, and a strong sense of responsibility for the industry, albeit while making mistakes. Nonetheless, both Binance and CZ have borne the consequences.

Meanwhile, the plea for leniency for Zhao includes mentions of his family members, such as his wife and two children attending U.S. institutions, along with his sister, a former Managing Director at Morgan Stanley.

Jessica Zhao, his sister, acknowledged CZ’s errors while noting his commitment to altruism. She highlighted the dispute with FTX and noted CZ’s dedication to maintaining Binance’s integrity by refraining from misusing customer funds.

Notably, Binance settled charges for U.S. anti-money-laundering and sanctions violations late last year, resulting in penalties amounting to $4.3 billion and the imposition of oversight from authorities.

The post This Was CZ’s Biggest Mistake, According to Binance Co-Founder He Yi appeared first on CryptoPotato.

Check out the top three news stories over the past day presented to you by U.Today.

Binance to delist six trading pairs

According to Binance's recent announcement from April 24, it will remove and cease trading on six spot trading pairs. The delisting decision follows the exchange's periodic review of all listed spot trading pairs; based on its results, Binance may stop supporting some trading pairs due to low liquidity, trading volume or other reasons. The announcement in question concerns the following pairs: ALPINE/BTC, FRONT/TUSD, HARD/BTC, RUNE/TUSD, SSV/TUSD and WIN/BRL; starting from April 26, at 3:00 a.m., they will be removed from the platform. Similarly, Spot Trading Bot services for the aforementioned spot trading pairs will be discontinued on the specified date and time, as applicable. To prevent any losses, Binance customers are highly advised to update and/or terminate their Spot Trading Bots prior to the discontinuation of Spot Trading Bot services.

Shiba Inu team member shares crucial Shibarium update

Lucie, marketing lead at Shiba Inu and renowned SHIB enthusiast, has recently taken to X platform to hint at what is coming for Shibarium, Shiba Inu's layer-2 solution, in 2024-2025. Among the teased developments for Shibarium in upcoming years are: ShibaSwap (version 1.75, followed by 2.0), Shibahub, Treat, ShibaEternity P2E, Shib the Metaverse, K9finance Liquid Staking and layer-3 testnet. "Additionally, fully functional DAOs will be available for all tokens within the Shiba Ecosystem," added Lucie, concluding her update. Although specifics are still undisclosed, the team member's X post has generated buzz and speculation in the SHIB community. Since its launch in August 2023, Shibarium has seen significant growth, reaching 417,309,222 in total transactions, 1,785,549 in wallet addresses and 4,388,404 in total blocks.

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25 billion Cardano (ADA) in 24 hours: What's happening?

Recent on-chain data shows that ADA has experienced a significant rise in activity, with the number of large transactions increasing dramatically. Within a 24-hour period, 25 billion ADA were moved. Such a major increase in the volume of large transactions is frequently indicative of substantial wallet movements by institutional or whale players, potentially indicating preparation for bullish or bearish market developments. The intensity of this activity is further supported by the large transaction volume, which recently peaked at 27.67 billion ADA. Additionally, ADA's price chart demonstrates a tension-filled narrative. Following a downturn, ADA has made some attempts to bounce back, flirting with the 50-day EMA, which is approximately $0.5. However, a clear breakthrough has not occurred. At the time of writing, ADA is trading at $0.4654, down 5.99% over the past 24 hours, per CoinMarketCap.

In the ever-evolving landscape of cryptocurrencies, Binance, a prominent player in the field, has unveiled a groundbreaking integration that could reshape how users interact with digital assets. Today, Binance announced the successful integration of USD Coin (USDC) into the CELO network, marking a significant milestone in the journey towards seamless cryptocurrency interoperability.&middot

For the full story, head over to TheCurrencyAnalytics.com.

On-chain data shows the XRP whales have been active during the past day. Here are the destinations their moves have been heading to.

XRP Whales Have Moved Around Big Amounts In Last 24 Hours

According to data from the cryptocurrency transaction tracker service Whale Alert, several large XRP transactions have been witnessed on the blockchain in the past day.

More specifically, five transfers in total that are of scale often attributed to the whales have occurred on the network inside this window. Since whale transactions involve the transfer of a significant sum of capital, they can sometimes cause fluctuations in the market.

The implications any whale transfers might have for the market depend on their intent. However, the exact purpose behind any transfer can be hard to ascertain. Nonetheless, the address details of the transaction may provide at least some hints about the context surrounding it.

First, here are the details regarding the oldest XRP whale transfer from the past day:

Looks like this massive move only required a minute fee of 0.000015 XRP to be possible | Source: Whale Alert

As is visible above, this transaction involved the movement of 29.74 million XRP, worth $15.7 million at the time of the transfer. The sender was an unknown wallet, likely a whale’s address.

On the other hand, the receiver was a wallet attached to a known centralized platform: the cryptocurrency exchange Bitso. Thus, the whale here made a deposit to the exchange from their personal address.

Investors usually make such transactions whenever they want to use one of the services platforms like these provide, including selling. As such, exchange inflows can prove to be bearish for the price.

The second-oldest whale transaction from the past 24 hours was also an exchange inflow, this one towards Bitstamp. Interestingly, the sending address for this one was the same as the Bitso deposit, so the same whale was probably behind both of these moves.

The large investor shifted 27,430,000 XRP ($14.5 million) to the exchange in this second move. Naturally, if the whale has made these large moves for selling, they could be a bad sign for the asset’s price.

Though, perhaps fortunately for the XRP investors, two exchange outflows have also occurred recently, which may cancel out these inflows. Below are the details of the two larger withdrawals.

The addresses involved in the first of the whale exchange withdrawals today | Source: Whale Alert

In this move, a whale took out around 26.67 million XRP ($14 million) from Binance. Today’s exchange outflow also involved Binance, with another 20.85 million tokens ($10.6 million) leaving the platform.

The fifth and final transfer was the largest during the past day at a whopping 100 million XRP ($53 million), but this move involved unknown wallets on both sides so it’s impossible to say why the move would have been made.

The reason could have been anything, from a change of wallets to selling through over-the-counter (OTC) means.

XRP Price

XRP had recovered to $0.57 earlier in the week, but it appears that the coin has lost this progress; it’s back at $0.52 now.

The price of the asset appears to have seen a decline over the last few days | Source: XRPUSD on TradingView

Featured image from Ole Kloth on Unsplash.com, whale-alert.io, chart from TradingView.com

Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Source: NewsBTC.com

The post XRP Whales Are Active: Here’s Where They Are Sending Coins appeared first on Crypto Breaking News.