Speaking to reporters at a press conference on Tuesday, Nigeria’s central bank governor, Olayemi Cardoso, specifically named Binance when addressing the cryptocurrency exchange ban. Nigeria. Mar 5, 2024 · Nigeria is one of the largest peer-to-peer crypto markets in the world. Jun 6, 2024 · Binance’s legal challenges in Nigeria. Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), has disclosed that $26 billion flowed through Binance Nigeria in one year. Mar 25, 2024 · Gambaryan and Anjarwalla have been in Nigeria since Feb. These executives were detained shortly after arriving in Nigeria, with their passports confiscated. May 7, 2024 · In the blog post, Mr. February 27, 2024. Binance Nigeria facilitated transactions exceeding $26 billion from unidentified sources in one year. The exchange has maintained a relatively low profile on this issue Jun 14, 2024 · Nigeria dropped tax evasion charges against two Binance executives on Friday after the world's largest crypto exchange appointed a local representative to face all court processes relating to the Apr 8, 2024 · The EFCC had accused Binance - understood to be one of the most popular cryptocurrency platforms in Nigeria - along with Mr Gambaryan and Mr Anjarwalla, of laundering $35. Mar 25, 2024 · Anjarwalla and Tigran Gambaryan, a U. Oct 23, 2023 · Binance, the world’s largest cryptocurrency exchange by trading volume, has been ordered to cease operations in Nigeria by the country’s Securities and Exchange Commission (SEC). FX platform Aboki should be re-banned. Mar 12, 2024 · Binance’s Top Crypto Crime Investigator Is Being Detained in Nigeria Tigran Gambaryan, a former crypto-focused US federal agent, and a second Binance executive, Nadeem Anjarwalla, have been held Jun 10, 2023 · June 10, 2023. Loaded 0%. ly/35cJrbu DON'T CLICK 👉🏼 https://j. Platforms like Kraken, Bitstamp, and KuCoin, among Feb 22, 2024 · He tweeted: “Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform. To use Binance in Nigeria, you must first create an account. Mirroring other crackdowns on tech platforms, particularly a Twitter ban in 2021, Nigeria’s escalation of its stance against Binance marks a new front in its digital regulatory approach. 26 by Nigeria's anti-corruption body Mar 14, 2024 · financial crime compliance, and Nadeem Anjarwalla, a British-Kenyan who is Binance's regional manager for Africa, flew to Nigeria following the country's decision to ban several cryptocurrency Apr 12, 2024 · Binance has not issued a clear and definitive statement regarding the reported ban or restrictions on its operations in Nigeria. The US Commission filed 13 charges against Binance entities and its CEO, Changpeng Zhao. Apr 25, 2024 · A timeline of Binance's troubles in Nigeria. Apr 8, 2024 · The EFCC had accused Binance - understood to be one of the most popular cryptocurrency platforms in Nigeria - along with Mr Gambaryan and Mr Anjarwalla, of laundering $35. Between July 2022 and June 2023, crypto transactions in the country reached $56. Binance P2P is a peer-to-peer exchange, allowing users to buy and sell crypto for fiat currency directly with other users. Listen. promo. Some of the charges include operating unregistered exchanges, broker-dealers, and clearing agencies and Apr 8, 2024 · At least $24. The online service is among one of the most popular ways for Nigerians to trade in digital currency. May 3, 2024 · Binance, the biggest platform for exchanging crypto currency, is facing trouble in Nigeria. 26 by Nigeria's anti-corruption body 3 days ago · Following accusations by the Nigerian government against Binance of manipulating the country's fiat currency, money laundering, and tax evasion schemes in May 2024, OKX banned Naira withdrawals Feb 28, 2024 · After discovering that their executives were detained, Binance also halted trading of the Nigerian currency against Bitcoin and Tether. Select the currency you want to withdraw (NGN). On the Binance app home page, click “Wallets”. Teng laid out the history of Binance’s engagement with Nigeria, which has become a hot spot for the crypto industry. In contrast to ABCON's request, Nigeria is working to regulate crypto to align with global economic innovations. Nigeria has banned end-to-end transactions involving its currency, the naira, on the Binance Mar 27, 2024 · Gambaryan and Anjarwalla have been in Nigeria since Feb. Mar 15, 2024 · Mirroring other crackdowns on tech platforms, particularly a Twitter ban in 2021, Nigeria’s escalation of its stance against Binance marks a new front in its digital regulatory approach. With Binance P2P banned, traders were a bit shaken, especially newbies. Track P2P activities on Telegram and more, if you are not manufacturing and exporting, your country will continue to be BROKE!” @BOTAD01 said. The company's choice to halt its services comes just a few weeks after Nov 24, 2022 · Step 1. Jun 12, 2023 · While Binance claims it is not affiliated with Binance Nigeria Limited, as stated in the SEC circular, the company is currently being sued by the US SEC. Binance and its executives are The arrest came after the federal government banned cryptocurrency channels as part of a campaign to curb currency Mar 5, 2024 · Meaning say, even though Binance no ban Nigerians from dia platform, any any pesin wey wan buy or sell dia crypto now dey on dia own, and dem gatz go find oda ways to take change dia money from Jun 10, 2023 · A company called Binance Nigeria Limited was ordered to immediately halt operations in the West African nation by the local Securities and Exchange Commission (SEC), according to a Friday circular Mar 5, 2024 · Major global cryptocurrency exchange Binance is exiting the Nigerian market, announcing the full discontinuation of all services in the local fiat currency, the Nigerian naira (NGN). Mar 5, 2024 · Binance has announced the discontinuation of all services in Nigeria involving the local fiat currency, the Nigerian naira (NGN). Fill in your receiving account details. S. Summary: Binance faces regulatory restrictions in several countries, including the U. Over the past week, the activities of crypto exchanges, particularly Binance, have come under significant scrutiny from Nigerian regulators. But until then, you can use these top Binance P2P alternatives to meet your crypto trading needs. Binance’s commitment to P2P users in Nigeria. Feb 21, 2024 · The presidential aide said, "He was not happy about the new cap and attacked Binance: ‘Binance continues their games with Nigerians. 7bn, according to Chainalysis. Tigran Gambaryan, Binance’s head of financial-crime compliance, flew to Nigeria’s capital to solve a problem: The government had blamed the world’s largest Jan 25, 2022 · On Binance a global exchange that is available in Nigeria allows users to buy a fraction of one bitcoin from $15. Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. Feb 22, 2024 · Nigeria ordered telecommunications companies and other internet service providers in the West African nation to block access to cryptocurrency trading platforms, a presidential spokesman Mar 15, 2024 · Nigerian authorities have said crypto trades, especially on Binance, are partly to blame for the naira currency’s depreciation against the dollar. According to the circular, the Commission highlights that Binance Nigeria Mar 1, 2024 · Ban all BDC operators in Nigeria. , one of the world’s biggest crypto exchanges, said it restricted the personal accounts of some Nigerian users to comply with anti-money laundering regulations and ensure Mar 12, 2024 · Photo: Consensus/Shutterstock. Magazine: Nigeria's government was urged by ABCON to Jun 18, 2023 · Binance has issued a cease and desist order to "Binance Nigeria Limited", Binance CEO Changpeng Zhao said in a tweet on Sunday, calling the Nigerian company a "scammer entity". 22 at 9:30 am UTC: Screenshot of Binance responding to customers added. The trading company said it provides a market-driven peer-to-peer (P2P) platform that is not meant to be a proxy for currency pricing in Nigeria. As of 2023, nearly 6% of Nigerians own crypto; transactions using Nigeria’s central bank digital currency rose 63%. Alon Shvartsman. The exchange stands accused of market manipulation. . Regulators in the country are seeking a jaw-dropping sum in penalties. Caps at 1892 when clearly the exchange rate is almost 2000 Feb 22, 2024 · This move follows a ban faced by Binance and other prominent crypto firms in India in late December 2023. Feb 21, 2024 · In September 2023, Nigeria’s Securities and Exchange Commission (SEC) placed a disclaimer on Binance Nigeria Limited, saying the platform was “neither registered nor regulated by the Mar 25, 2024 · Unmute. 4m (£28m). 1 minute read. Nigeria has thrown a wrench into the operations of leading crypto exchanges, including Binance, OctaFX, and Coinbase. Mar 1, 2024 · Binance is understood to be one of the most popular cryptocurrency platforms in Nigeria The Nigerian government says it has demanded almost $10bn (£8bn) in compensation from the cryptocurrency Aug 9, 2023 · ABCON asserted that Binance’s activities contribute to the strain on the naira, a sentiment echoed by Nigeria’s Securities and Exchange Commission (SEC) in a June 2023 statement. This move was known popularly as a ban on crypto in Nigeria. The Federal Government led by President Bola Tinubu has imposed a ban on the operations of Binance Nigeria Limited. Go to the “Spot” section and click “Withdraw”. However consumers have been Feb 22, 2024 · Updated on Feb. Feb 22, 2024 · Here are five strategies for navigating the crypto market after Binance ban: 1. Creating an account on Binance is a straightforward process: Go to the Binance website and click on the “Register” button in the top right corner. Jun 23, 2024 · Jun 23, 2024. Nigerian officials have called for a $10 billion penalty against Binance BNB/USD May 7, 2024 · Binance’s regulatory precedent in Nigeria and the planned P2P ban do not mean that P2P crypto trading will be gone for good in the country. POLITICS NIGERIA reports that this development was revealed in a circular issued by the Securities and Exchange Commission. Apr 18, 2024 · Anjarwalla and Gambaryan flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. In December 2023, the CBN reversed its previous ban on crypto assets, signaling a shifting regulatory stance. 28, 2023, in Marple Township, Pa. Jun 10, 2023 · Nigeria’s Securities and Exchange Commission declared the operations of digital-assets exchange Binance Holdings Ltd. Feb 22, 2024 · While several Binance users in Nigeria reported difficulties accessing the site in the early hours of Thursday, it appears that the directive to restrict access has been temporarily halted, as Mar 1, 2024 · Despite crypto ban lift in 2023, Nigerian government insists Binance and others must register with the SEC. He said these funds were from sources and users the apex bank cannot identify. Enter your email address and a strong password. Step 3. Last updated: July 06, 2024. How was the entity registered without any connection with the global crypto company? Last week, Nigeria’s Securities and Exchange Commission (SEC) directed Binance Nigeria Limited (BNL) to immediately stop soliciting Nigerian investors in any form whatsoever. Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a Feb 28, 2024 · Two senior executives at Binance have been detained in Nigeria as the country cracks down on cryptocurrency exchanges. Confirm your password and click on the “Register” button. Get a wallet While there are other ways of buying bitcoin, experts recommend going through an exchange for beginners. Platforms like Kraken, Bitstamp, and KuCoin, among Feb 23, 2024 · Binance reacts to ban. Mar 1, 2024 · Cryptocurrency trading platform Binance has made the decision to remove the Nigerian currency, the naira, from its peer-to-peer (P2P) service, prompting discontent and concern among Binance users in Nigeria. With Binance users can: Mar 1, 2024 · Authorities for Nigeria don demand $10 billion dollars as penalties from di biggest cryptocurrency exchange platform for di world, Binance. Nigeria's tax authority charged Binance with tax evasion, local news outlets reported Monday. “Binance Mar 26, 2024 · Nigeria. Jul 6, 2024 · How to Buy Bitcoin in. The exchange has urged users to proactively withdraw their NGN, engage in NGN asset trading, or convert their NGN holdings into cryptocurrencies. Mar 2, 2021 · #Binance @buybitcoinonbinance Sign up on Binance here 👉 https://bit. The ban aims to prevent cryptocurrency trading that could affect the Nigerian naira’s value. Nigerians would apparently still be able to trade on Jun 10, 2023 · On June 9, Nigeria’s securities authority reportedly deemed the exchange illegal, just days after Binance was sued by the United States Securities and Exchange Commission (SEC). Click “Cash” to switch to this menu. We may receive compensation when you click certain products. The SEC emphasized that Binance Nigeria lacks proper registration and regulation, rendering its operations in Nigeria illegal. The office of the National Security Adviser in Nigeria detained the pair and seized their passports, according to the Feb 28, 2024 · Nigeria has arrested several Binance executives due to a ban on cryptocurrency exchanges. A few days ago it was discovered that an additional step has been taken in this direction with the publication of guidelines by the Nigerian central bank for banks opening crypto accounts. Why UK ban Binance to do crypto-currency Feb 21, 2024 · In a fresh attempt to arrest the continuous sliding of the naira, the Federal Government has blocked Binance, OctaFX, Coinbase and other cryptocurrency platforms in Nigeria. The executives flew to Nigeria following the country’s decision to ban Apr 18, 2024 · Anjarwalla and Gambaryan flew to Nigeria following the country's decision to ban several cryptocurrency trading websites and were detained on arrival on Feb. 2:23. The move is part of the government's intensified efforts to stabilise the nation’s foreign exchange market and salvage the value of the local currency. Hopefully, Binance P2P will soon resolve its issue with the Nigerian government and get back on track. An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money Feb 28, 2024 · Two senior executives at Binance have been detained in Nigeria as the country cracks down on cryptocurrency exchanges, the Financial Times reported on Wednesday, citing people familiar with the Mar 1, 2024 · The crackdown on Binance in Nigeria is fast escalating. Mar 25, 2024 · IMAGE PHOTO: Adobe. Step 2. Bayo Onanuga, an adviser to Nigeria’s President Bola Tinubu on information and strategy, has ignited a contentious debate by calling for a ban on cryptocurrency trading platforms including Binance, KuCoin, and others within the country. Binance Blog. However, the recent directive from the Nigerian Communications Commission (NCC) instructing telecom companies to restrict access to Binance Mar 11, 2024 · FILE - The Binance app icon is seen on a smartphone, Feb. Binance Feb 27, 2024 · Experts say Nigeria’s challenge lies in its dwindling trade balance, decreased profits from its crude oil, and gross mismanagement of its economy. BINANCE BAN IN NIGERIA; How To Withdraw From Binance in 2024The Nigerian Government recently limited the operations of Binance in Nigeria and this may have c Feb 29, 2024 · February 29, 2024 at 5:21 AM PST. This development coincides with reports that two Binance executives have been detained in Nigeria, with their passports confiscated. Reacting, Binance said its firm does not operate as a price discovery platform, and FX rates are determined by complex forces that have nothing to do with the company. While Binance denied any connection to the implicated "Binance Nigeria Limited," the SEC clarified its stance by referencing Binance's official website in a subsequent circular. , UK, Japan, Ontario (Canada), and Singapore, limiting its services. Prior to the restriction, Binance, one of several crypto companies caught in the crosshairs, made an effort to mitigate potential issues by imposing limits on peer-to-peer transactions, particularly the USDT/NGN pair. In Nigeria, using P2P trading on Binance is the quick solution to fund a Binance account in order to trade cryptocurrency after the CBN ban. With low fees and over 350 cryptocurrencies to trade, Binance is the preferred exchange to trade Bitcoin, Altcoins, and other virtual assets. 26 when they reportedly arrived to discuss the country’s decision to ban some cryptocurrency trading websites, including Binance, Coinbase and Kraken. Before getting started, an important disclosure. . The Securities and Exchange Commission (SEC) on Monday has moved to officially block the world’s largest cryptocurrency exchange Binance in the Philippines. The charges come after a tense few weeks during which two senior executives of the crypto A Nigerian X user tweeted that Binance wasn’t the problem, nor the Naira rates; instead, “there are deep systematic problems that haven’t been addressed that every economist alive has been Feb 27, 2024 · Temitayo Jaiyeola. May 7, 2024 · In Nigeria's latest step against cryptocurrency ever since it accused Binance of manipulating the local exchange rate, tax evasion and money laundering, the nation has now vowed to ban person-to Feb 22, 2024 · The ban on Binance Nigeria is part of a broader regulatory landscape that continues to evolve. With Binance no longer an option, users should research and migrate to other reputable cryptocurrency exchanges that operate within Nigeria’s regulatory framework. We found 6 trusted online cryptocurrency exchanges operating in Nigeria including Luno, NairaEx, and Binance. Recommended articles Feb 22, 2024 · Binance's P2P platform has imposed limits on USDT sales, causing trading issues for users. Nigeria’s government recently cracked down on Binance’s Apr 8, 2024 · The EFCC had accused Binance - understood to be one of the most popular cryptocurrency platforms in Nigeria - along with Mr Gambaryan and Mr Anjarwalla, of laundering $35. Step 4. We take our responsibility to protect users very seriously. This development comes mere months after the Central Bank of Nigeria lifted its ban on crypto transactions, highlighting the volatility of Aug 9, 2023 · Cointelegraph reached out to Binance for commentaries on the ABCON’s calls for a ban but is yet to get a response at the time of publication. We are dedicated to providing a market-driven, fraud-free, and manipulation-free platform for users. illegal in the West African nation, days after the US SEC launched lawsuits Feb 22, 2024 · Recently Nigeria's regulatory landscape for digital assets has taken a dramatic turn as leading crypto exchanges, including Binance, but also OctaFX, and Coinbase, face disruptions in their operations. Feb 29, 2024 · Even as dem arrest two operatives of Binance for Nigeria, dem don also scatter di place wey most Bureau di Change operators dey stay for Zone 4 Abuja. In a recent statement, the regulator declared the operations of Binance “illegal” in the West African nation, stating that the cryptocurrency exchange was Feb 29, 2024 · Binance Nigeria has been accused of funneling around $26 billion in undetectable funds, and two of its senior executives have reportedly been detained in the country. Notably, this move comes just months after the Central Bank of Nigeria lifted its ban on crypto transactions, signaling a Feb 22, 2024 · Crypto should be banned in our country or else this bleeding of our currency will continue unabated,” he added. Explore Alternative Cryptocurrency Exchanges. citizen and Binance's head of financial crime compliance, flew to Nigeria following the country's decision to ban several cryptocurrency trading websites Jan 30, 2022 · Binance Holdings Ltd. Despite the recent regulatory tensions, Binance has a history of engagement with the Nigerian government Feb 21, 2024 · World’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform. Binance has temporarily suspended deposits in Nigerian naira – the country’s local fiat currency – in response to a Friday letter from Nigeria’s central bank (CBN Mar 5, 2024 · March 5 (Reuters) - Binance will stop all transactions and trading in Nigeria's local currency after March 8 amid a country-wide crackdown on crypto exchanges that have been blamed by Mar 28, 2024 · P2P has been the order of the day since the CBN ban in 2021. In a press statement, the SEC said the ban on Binance’s online presence in the Philippines follows the meeting of the Commission en banc on March 12, where it Feb 22, 2024 · Here are five strategies for navigating the crypto market after Binance ban: 1. In February 2021, the Central Bank of Nigeria (CBN) stopped banks from facilitating crypto-related transactions. However, it operates in over 100 countries across Europe, Africa, Asia, the Middle East, and the Americas. Feb 27, 2024 · In June 2023, the SEC labelled Binance an illegal entity. mp/3iUaEbo Learn how to trade profitably: https: Jun 20, 2023 · Nigeria’s financial regulator, the SEC, banned the wrong Binance last week. Godwin Emefiele, the CBN Governor at the time of the ban, said cryptocurrencies were money out of thin air, expressing his In December, the ban that prohibited banks and local financial institutions from providing crypto services was lifted in Nigeria. The latest blow to Nigeria’s digital asset sector comes barely two months since the CBN lifted a three-year ban that had kept the industry from accessing financial services. 2 billion was received by illicit cryptocurrency addresses in 2023 globally, according to Chainalysis, a global cryptocurrency analysis firm. Binance holds top licenses such as the Digital Asset Service Provider Feb 22, 2024 · A local Binance entity was declared illegal by the Nigeria Securities and Exchange Commission last year because it was not “registered or regulated” by the agency. Nigerian authorities have detained two Binance Holdings Ltd. It has the second-highest rate of crypto adoption in Binance P2P is a peer-to-peer trading platform where users can fund their Binance account and also withdraw to a bank account or other payment method. “Crypto should be banned in our country or else this bleeding of our currency will continue unabated. An adviser to Nigeria’s president has called for a ban on Binance, KuCoin and other trading platforms in May 3, 2024 · Binance, the biggest platform for exchanging crypto currency, is facing trouble in Nigeria. In March, Bayo Onanuga, a spokesman for Nigeria’s President Bola Tinubu, insisted Binance operations were injurious to the country’s economy and Feb 29, 2024 · Nigerian authorities have reportedly detained two high-profile Binance executives. 26 when they reportedly arrived to discuss the country’s decision to ban some cryptocurrency trading websites, including Binance Feb 5, 2021 · Lagos, Nigeria. executives, days after the central bank governor said that the nation is losing out on Feb 28, 2024 · The executives flew to Nigeria following the country’s decision to ban several cryptocurrency trading websites last week but they were detained by the office of the country’s national security Feb 22, 2024 · “Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the naira, not on its crypto exchange platform,” Onanuga further stated. But it warned the figure could be higher. ” Binance is the world's leading cryptocurrency exchange, catering to 150 million registered users in over 180 countries. Ban AbokiFx again. Feb 28, 2024 · Earlier on Tuesday, the Central Bank of Nigeria claimed that the sum of $26 billion flowed through Binance Nigeria over the past year from “unidentified sources”. He revealed this during the Monetary Policy Committee Meeting in Abuja on Tuesday. Aug 9, 2023 · Nigerian regulator ABCON has urged the government to ban Binance, citing it as a threat to the the naira. ku kd pe zk lg bs wo wg kx pi