Blockchain
Binance: Nigeria orders cryptocurrency firm to pay $10bn
The Nigerian government says it has demanded almost $10bn (£8bn) in compensation from the cryptocurrency firm, Binance.
It says Binance manipulated foreign exchange rates through currency speculation and rate-fixing, which have seen the naira lose nearly 70% of its value in recent months.
Two Binance executives were arrested in Nigeria earlier in the week.
Binance has not responded to the BBC’s requests for comment.
Nigeria is Africa’s biggest economy and also one of the world’s biggest cryptocurrency markets.
On Tuesday, Nigeria’s central bank governor Olayemi Cardoso said Binance Nigeria had moved $26bn worth of untraceable funds.
“These allegations are weighty,” Tilewa Adebajo CFG Advisory tells the BBC. “That’s a huge sum – even more than the annual Nigeria diaspora remittances of $24bn”.
“The government must have done their homework, hence the allegations.”
Cryptocurrency transactions equivalent to about 12% of Nigeria’s total income, or GDP, took place in the year to June 2023, according to Reuters news agency.
Cryptocurrencies are not illegal in Nigeria but firms must register in order to operate there, the government says. A special adviser to Nigeria’s president told the BBC that Binance had failed to do this.
After he came into office last year, President Bola Tinubu scrapped the policy of pegging the naira to the dollar, allowing traders to buy and sell the currency at rates determined by the market. But special advisor Bayo Onanuga said the recent collapse was not the result of normal activity.
“All of a sudden the exchange rate went through the roof… and it was being caused by the people on Binance platform,” he told the BBC Newsday programme.
“The government could not just fold its hands and allow this thing to continue.”
Binance is understood to be one of the most popular cryptocurrency platforms in the country.
To the frustration of Nigerian users, Binance and several other cryptocurrency firms have been suspended in the country in recent weeks including Coinbase, Kraken, Forextime, OctaFX, Crypto and FXTM in an attempt to halt the slide of the naira.
As well as the collapse of the naira, the government also says cryptocurrency is used for money-laundering and funding terror.
The “anonymity and privacy inherent in the cryptocurrency system are what draw individuals, particularly those with illicit intentions, towards its use,” said a recent report by the Nigerian Financial Intelligence Unit.
Central bank governor Mr Cardoso said on Tuesday that “illicit flows” had been spotted on some cryptocurrency platforms in Nigeria. No specific firms were named as culprits.
In another measure intended to curb foreign-currency trading, Nigeria has closed thousands of bureaux de change.
Nigeria’s central bank has been under pressure to stabilise the national currency, the naira, which currently exchanges at 1,595 naira to US$1, compared to about 460 a year ago.
The collapse of the naira has worsened the cost-of-living crisis. High food and commodity prices – including fuel and transport – have led to protests in recent weeks.
Source: BBC
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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