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Binance: Nigeria orders cryptocurrency firm to pay $10bn

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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.

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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.

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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.

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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.

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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

The post Binance: Nigeria orders cryptocurrency firm to pay $10bn appeared first on HIPTHER Alerts.

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Bybit Expands bbSOL Yield Opportunities Through Strategic DeFi Partnerships

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This Week in Finance News: 11 Stories You Need to See

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With thousands of press releases published each week, it can be difficult to keep up with everything on PR Newswire. To help finance journalists and consumers stay on top of the week’s most newsworthy and popular releases, here’s a recap of some major stories from the week that shouldn’t be missed.

The list below includes the headline (with a link to the full text) and an excerpt from each story. Click on the press release headlines to access accompanying multimedia assets that are available for download.

  1. Prosperity or catastrophe: #Insurance2040 study reveals four possible futures for the industry
    By 2040, technological innovation driven by customer centricity could pave the way to greater climate resilience and more personalized offerings by the insurance industry. Alternatively, insurance could become a luxury afforded only to the wealthiest few.
  2. Cardinal Health announces two strategic additions to its portfolio
    Cardinal Health will acquire a majority stake in GI Alliance (GIA), the country’s leading gastroenterology (GI) management services organization (MSO), from a combination of GIA physician owners and funds managed by affiliates of Apollo. Cardinal Health will also acquire the Advanced Diabetes Supply Group (ADSG), one of the country’s leading diabetic medical supplies providers, for approximately $1.1 billion in cash.
  3. BlackRock Launches New BUIDL Share Classes Across Multiple Blockchains to Expand Access and Potential of BUIDL Ecosystem
    This initiative represents the next step in the evolution of the tokenization market, by enabling BUIDL to be used within leading blockchain-based financial products and infrastructure across ecosystems.
  4. Primo Brands Corporation Announces Successful Completion of Merger of Primo Water and BlueTriton Brands
    “I believe Primo Brands is positioned to be a leader in the healthy hydration beverage category, thanks to the strength of its iconic, sustainably-sourced brands, its robust operations and extensive North American network, and its responsible operation of numerous springs across the country,” said Dean Metropoulos, Non-Executive Chairman of the Board of Directors of Primo Brands.
  5. Jackson Hewitt Tax Services Expands Workforce, Offering Job Opportunities Nationwide for Upcoming Tax Filing Season
    The week-long event will launch the combined hiring of 18,000 employees to prepare for the upcoming tax filing season. The Jackson Hewitt hiring events are open to the public and include on-site interviews. Qualified candidates could receive a job offer immediately.
  6. PNC Bank to Double Planned Branch Openings to More Than 200 Across Six States This announcement brings the bank’s total investment to approximately $1.5 billion to open more than 200 new branch locations in 12 cities across the U.S. over the next five years, while completing the renovations of 1,400 existing branches during the same time period.
  7. Alchemy Pay Expands Virtual Card Functionality with Google Pay Support The new card BINs added will significantly enhance the capabilities of crypto cards, expanding their support for a broader range of payment scenarios and improving transaction success rates. This advancement is particularly impactful when paired with Google Pay, one of the most popular and widely used digital payment platforms, trusted by millions for its convenience and security.
  8. Finaya Unveils Nationwide Homeownership Platform
    From providing rich and current information about home values and property conditions, to finding helpful repair and remodeling providers, to shopping for and securing the right insurance, the platform simplifies the homeownership process, making it more accessible, convenient and efficient.
  9. GenAI predicted to inspire revenue growth in 76% of businesses, but only 4% qualify as “leaders” in AI and analytics
    Kearney’s report confirms that businesses are not only aware of how big data, AI, and analytics will impact revenue generation and enhance business strategies, but they are investing to stay ahead of the curve, too.
  10. GameAbove Sports Acquires Meaningful Ownership Stake in Brisbane Bullets with NBA Legend George Gervin as Part of Ownership Team
    This move marks a significant milestone for GameAbove Sports, a CapStone Holdings Inc. company, as it expands its influence on international basketball ahead of the Brisbane 2032 Olympics.
  11. Most US shoppers are encountering generative AI while shopping without realizing it
    A survey of 700 online shoppers in the US shows 71% are unaware of having used generative AI while shopping online even though most had recently shopped at retailers currently using it. 41% of customers say they would feel comfortable using a generative AI tool from a brand they trust.

For more news like this, check out all of the latest finance-related releases from PR Newswire.

Do you have a finance press release to distribute? Sign up with PR Newswire to share your story with the audiences who matter most.

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Helping Journalists Stay Up to Date on Industry News

These are just a few of the recent press releases that consumers and the media should know about. To be notified of releases relevant to their coverage area, journalists can set up a custom newsfeed with PR Newswire for Journalists.

Once they’re signed up, reporters, bloggers, and freelancers have access to the following free features:

  • Customization: Users can create customized newsfeeds that will deliver relevant news right to their inbox. Newsfeed results can be targeted by keywords, industry, subject, geography, and more.
  • Photos and Videos: Thousands of multimedia assets are available to download and include in a journalist or blogger’s next story.
  • Subject Matter Experts: Journalists will have access to ProfNet, a database of industry experts to connect with as sources or for quotes in their articles.
  • Related Resources: Our journalist- and blogger-focused blog, Beyond Bylines, features regular media news roundups, writing tips, upcoming events, and more.

The post This Week in Finance News: 11 Stories You Need to See appeared first on .

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Blockchain

Fintech as a Service Market: A Comprehensive Trends Analysis Predicts a USD 1,329.12 Billion by 2032 CAGR: 17.4% | PMR

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