Tag: Binance

Binance Nigeria Standoff: Crypto Exchange’s Top Executives Summoned by House of Representatives Committee

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Top executives from Binance have been summoned to appear before the Nigerian House of Representatives Financial Crimes Committee no later than March 4. Ginger Onwusibe, the committee’s chairperson, has warned of possible repercussions should Binance executives fail to comply with the request. Latest Escalation in the Standoff Between Binance and Nigerian Authorities The Nigerian House […] Source

Under-the-Radar Altcoin Surges After Surprise Listing on Crypto Exchange Binance

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An under-the-radar, interoperability-focused altcoin set a new all-time high after Binance announced it was listing the asset. Axelar (AXL) is a programmable Web3 interoperability platform that aims to provide cross-chain communication between numerous blockchains. Explains the project’s website, “Unlike other cross-chain connectors, Axelar is a proof-of-stake blockchain: it can do anything a blockchain can do. Transparent smart contracts built on Axelar automate paths for users, reducing them to a single click. Permissionless tools reduce developer overhead.” The project’s native asset, AXL, is trading at $1.94 at time of writing, a…

Nigerian Government Demands Nearly $10,000,000,000 From Binance for Alleged Foreign Exchange Rate Manipulation: Report

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The government of Nigeria is demanding billions of dollars from Binance, alleging that the crypto exchange manipulated the exchange rate of its fiat currency. According to a new report by the BBC, the Nigerian government is slapping Binance with a $10 billion fine, claiming that the top global crypto exchange by volume manipulated foreign exchange rates to the point where the naira – the nation’s issued currency – fell 70%. Bayo Onanuga, special advisor to Nigerian President Bola Tinubu, tells the BBC that Binance failed to register with the government…

Report: Nigerian Government Imposes $10 Billion Fine on Binance

The Nigerian government has reportedly slapped the cryptocurrency exchange Binance with a $10 billion fine. According to a Nigerian government official, Binance is being punished for causing the local currency’s recent plunge against major currencies. Binance’s Alleged Influence on the Exchange Rate The Nigerian government is reportedly demanding a $10 billion fine from the crypto […] Source BitcoincryptoexchangeExchanges CryptoX Portal

Nigerian Presidential Adviser Assails Binance, Calls for Measures Against the Crypto Exchange

Bayo Onanuga, a special adviser to the Nigerian president, has leveled accusations against Binance, blaming it for exacerbating the local currency’s depreciation against major currencies. Onanuga called for immediate action against Binance, warning that its activities could potentially undermine the economy. Binance, however, has refuted these allegations, attributing the naira’s depreciation to “complex factors” that […] Source CryptoX Portal

Crypto Exchange Binance Faces $10B Demand From Nigerian Government: BBC

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BNB Barrels Past $400, As Binance TVL Nears $5 Billion

Recently, the Binance Smart Chain emerged as the top Layer 1 platform with the biggest number of BNB users. There has also been a noticeable increase in its volume. The optimistic outlook for the cryptocurrency market as a whole has also contributed to BNB’s success. With a market capitalization of around $2.30 trillion, Bitcoin’s latest ascent beyond $63,000 suggests that investor confidence has increased. BNB Approaches $5 Billion TVL Total Value Locked (TVL) for BNB Chain increased steadily this year and is currently close to $5 billion. It’s crucial to remember…

Binance salvages $4b in botched crypto deposits

Binance has recovered billions in bungled deposits following its $4.3 billion settlement with the U.S. Department of Justice. Crypto exchange Binance reported over $4 billion of rescued customer deposits initiated within the last two years as the company looks to improve its operations under new leadership amid a bull cycle.  The report found 381,616 cases of crypto tokens deposited to the wrong address between 2022 and 2023, with virtual currencies stuck due to project upgrades and sometimes because of incompatible assets. Binance Chief Security Officer Jimmy Su said similar cases…