The chair of the U.S. financial regulator is right about cryptocurrency trading platforms: they should be regulated, affirms the CEO of one of the world’s largest independent financial advisory asset management and fintech organisations.
The comments from Nigel Green, chief executive and founder of deVere Group, follow a Financial Times interview published on Wednesday with Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), Wall Street’s top watchdog.
In the interview he said that while he was “technology-neutral”, crypto-assets were no different than any others when it came to public policy requirements including investor protection, guarding against illicit activity and maintaining financial stability.
Mr Green says: “It must be championed that the man at the top is taking a future-focused and pragmatic approach to cryptocurrencies – which have a market capitalisation of more than $2trillion and which are becoming an increasingly dominant part of the mainstream global financial system.
“Cryptocurrencies, such as Bitcoin, Ethereum, Cardano, XRP, amongst others, are not going anywhere. Crypto is very much here to stay as a financial asset and as a medium of exchange.
“Therefore, they must be brought into the regulatory tent and be held to the same rigorous standards as the rest of the financial system. The best way to do this is through the exchanges.”
He continues: “Nearly all foreign exchange transactions go through banks or currency houses, and this is what needs to happen with cryptocurrencies. When flows run through regulated exchanges, it will be much easier to tackle potential wrongdoing, such as money laundering, and make sure tax is paid.”
Gensler’s interview with the FT follows his fresh demands last month that Congress grant the SEC more power to oversee the growing crypto market.
“The watchdog needs more powers over the market as there’s a clear direction of travel: both institutional and retail investors are taking Bitcoin and other cryptocurrencies more and more seriously. They are increasing their exposure to them at a faster rate than ever before,” said the deVere CEO at the time.
“The SEC seems aware that digital assets are the inevitable future of money, therefore they require more oversight.”
Nigel Green is both a long-term and high-profile advocate of cryptocurrencies, but also of regulation of the sector. He has publicly supported global financial regulators, central banks, lawmakers and governments who have moved to support introducing it.
“There’s sustained interest in and demand for cryptocurrencies so what’s needed is a strong regulatory framework to be established and approved at an international level.
“This will help protect investors, make the sector itself more robust, tackle cryptocurrency criminality, and reduce the potential possibility of disrupting global financial stability, as well as offering a potential long-term economic boost to those countries which introduce it.”
He concludes: “Cryptocurrency regulation is required and, I believe, on its way.
“The work being done by the SEC and other financial regulators around the world is something that everyone who is confident that digital assets are the future of money, as I am, should champion.”
Best App to Sell Cryptocurrency in Nigeria
The Prestmit app is the best in Nigeria to trade cryptocurrency and Sell gift cards in Nigeria
Best App to Sell Cryptocurrency in Nigeria – Nigeria is one of the world’s top nations with the largest crypto market. Cryptocurrency is booming in Africa, with Nigerians leading the race among crypto users on the continent.
According to Statista data, Nigeria is listed at the top of countries using crypto the most despite the CBN’s restriction. 32% of the over 170 million population deals with crypto, which makes it number one in Africa.
If you are going to be involved in crypto trading, you need to get the best place to do so. There are several cryptocurrency trading platforms in Africa today. Knowing the best cryptocurrency to trade and invest in is vital. Hence, it is for where you exchange your crypto asset(s).
There are several apps by trading platforms to buy & sell cryptocurrency in Nigeria. In this post, we’ll see the best App to trade cryptocurrency in this part of the world and why you need to start using the App.
The Best App to Sell Cryptocurrency in Nigeria
Prestmit is a digital exchange platform that has gained the trust of users who come to it daily for their digital exchange. The company’s presence in Nigeria and Ghana makes it one of Africa’s leading digital exchange platforms. The Prestmit app is the best in Nigeria to trade cryptocurrency and Sell gift cards in Nigeria.
Prestmit is available on the web and has a mobile app. The Prestmit mobile app has a beginner-friendly interface and other factors that make it the go-to exchange for crypto & gift card traders in Nigeria and beyond.
Prestmit offers mouth-watering rates for cryptocurrency trades. Users on the platform can sell crypto assets such as; Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), and USDT.
What You Need to Sell Cryptocurrency in Nigeria using Prestmit App
- Download Prestmit App
The Prestmit app is available for download on Google Play and the App store. With all the delicious offers on the Prestmit App, it’s only right for one to want to download it. Once you have successfully downloaded the App, you’re on the journey to an excellent trading experience on the platform.
- Create an Account
With this, you can trade your crypto assets or gift cards. Once you download, you can easily register by the following steps on the App. You’ll need to provide some of your details while using the platform.
- Prestmit Naira Wallet
Once you create a Prestmit account, instantly, you’ll get an operational naira wallet that solely belongs to you.
When you sell on Prestmit, the payment goes to the naira wallet and is available for withdrawal at any time. You can transfer from your Naira wallet Balance to any local bank of your choice.
Top 4 Crypto Assets You Can Sell on Prestmit
- Bitcoin (BTC)
Bitcoin is the largest and biggest crypto today and is available on several crypto exchanges and trading platforms worldwide. As you can trade BTC on several platforms, selling in a place where you can make more profit (low transaction fee, sweet market rates) is vital. Prestmit is one of the top marketplaces in Nigeria and the best site to sell bitcoin in Nigeria. You can therefore sell your BTC here at sumptuous market rates.
- Litecoin (LTC)
Litecoin (LTC) is also known as Bitcoin’s silver. It is one of the oldest cryptocurrencies, launched in 2011. It is a cheaper and good alternative to the number of crypto assets, BTC. You can exchange your Litecoins easily on Prestmit at unbeatable rates.
- Dogecoin (DOGE)
DOGE is number one on the list of meme coins. The dog-themed Coin, created as a parody, has become one of the largest and most popular crypto assets. You can trade this crypto asset on this platform any time of the day.
- Tether (USDT)
The number one stablecoin, USDT, is available on many exchanges worldwide. If you are in Nigeria or Ghana, the best place to trade this cryptocurrency is Prestmit. The company meets the fundamental requirement to have a superb trading experience.
Why Choose Prestmit App for Crypto Trading
- It is Always Available
You can have access to gift cards 24/7 on Prestmit. It is available at any time you want to trade.
- Built with Love
The Prestmit App was designed with end users in mind. The aim is to profit and ensure every user has a fantastic platform experience.
- Use Multiple Payment Options
You can make payments on this platform using fiat currencies and digital currencies. Nigerian Naira, Ghanaian Cedis, and Tether (USDT) are payment options on Prestmit.
- Instant Payment
Prestmit offers instant payment on trade for its users/customers on this platform; this is one of the several reasons many people use it.
Users count Prestmit as one of the best digital exchange platforms for its transaction speed. The payment facility is one of the best out there, and you get your payment in the same minute (instant).
- Fast Transaction
You can quickly get your transactions done on this site (web/app). The options available for payment and the App make your transactions quick.
On average general trade trends, transactions only take minutes, and payments are instant once requested.
- Easy To Use
Prestmit is as easy as writing your name and email address. The platform offers an intuitive, beginner-friendly interface and 24/7 customer support for your trade. You can register your digital wallets in a minute on the platform.
The Prestmit app is the best option for crypto traders who need to sell top crypto assets such as Bitcoin, Litecoin, Dogecoin, and USDT. The company meets the absolute requirement that you will need to have excellent trading experience.
$430 Million Worth of Bitcoin Traded Amidst CBN’s Restrictions
Paxful has said it has 1.5 million cryptocurrency traders/investors in Nigeria despite the Central Bank of Nigeria (CBN) restrictions.
Paxful, one of the major peer-to-peer (P2P) cryptocurrency exchange platforms in the world with a strong presence in Nigeria and Africa as a whole, has said it has 1.5 million cryptocurrency traders/investors in Nigeria despite the Central Bank of Nigeria (CBN) restrictions.
According to the exchange platform, Nigerians have traded over $1.5 billion in cryptocurrency volume on the platform up until 2021. This, the company said Bitcoin accounted for $420 million, adding that the number jumped by 23% between February 2021 and March 2021. Just after the CBN restricted banks from facilitating cryptocurrency payments for traders and investors in Nigeria.
Last year February, the central bank of Nigeria made a statement saying “Further to earlier regulatory directives on the subject, the bank hereby wishes to remind regulated institutions that dealing in cryptocurrencies or facilitating payments for cryptocurrency exchange is prohibited.”
However, Paxful revealed that;
“Nigeria is leading in cryptocurrency, and we expect this growth to only continue. To share some stats:
- Nigeria is our largest market, with 1.5 million users and over $1.5 billion volume to date (since 2015)
- Compared to last year – we are on pace to have 23% more bank transfer trades in Nigeria on the platform than last year
- Compared to last year – we are on pace to have 36% more bank transfer volume in Nigeria on the platform than last year
- Looking at YoY data from end of June 2020/2021, we see increases in Bitcoin trading volumes of 57% in Nigeria
- Looking at YoY data from end of June 2020/2021, we see increases in user numbers of 83% in Nigeria
- To date, in 2021, we’ve seen over $430M in USD traded in BTC alone in Nigeria
- From Feb 2021 to March 2021 (after CBN restrictions were placed), trade volume increased over 23% on Paxful in Nigeria
- As of April 2021, Bitcoin P2P trading in Nigeria has surged by 27% since restrictions were introduced by CBN”
Asides from Paxful, there are other P2P platforms that focus on buying and selling bitcoins and other digital currencies in Nigeria.
Binance, Bybit, Kucoin, etc are some of the known cryptocurrency exchange platforms in Nigeria, one of the largest participating nations. However, there are no available figures to authenticate their transaction volume or value like Paxful.
Since the CBN restricted banks from dealing in cryptocurrencies, Nigerians now rely on P2P platforms like Paxful, Binance and others for their cryptocurrency transactions.
Cryptocurrency Crash: It’s Not All Doom and Gloom
Research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins.
Despite the cryptocurrency crash and rising global uncertainty, research into cryptocurrency capital inflows has shown that about $140 billion is sitting in four of the leading stablecoins as institutional investors that have been backing the cryptocurrency space in recent months assess happenings.
Capital inflow into dollar-pegged Tether’s USDT, Circle’s USDC, Binance’s BUSD, and MarkerDAO’s DAI has risen from $7 billion in the last 2 years to $147 billion in 2022, suggesting that cryptocurrency investors are not withdrawing their funds or converting to U.S. Dollar but sitting on the sideline for possible re-entry.
“The amount of money sitting on the digital sideline has never been greater and points to an abundance of patient investors ready to pounce on discounted digital assets,” Stated Digital Asset Investment Management (DAIM) analysts. “That means the ecosystem has an additional $140 billion ready to be deployed into bitcoin and altcoins.”
According to Louis Schoeman, managing director at broker comparison site Forex Suggest, we are currently experiencing the biggest crypto crash in history, with the crypto Fear and Greed index having slipped into “extreme fear” category.
However, it’s not all doom and gloom. Coins such as Bitcoin, Ethereum and Solana gained in their prices in the last 24 hours. Equity markets, too, recorded some gains including Nasdaq, the S&P 500 and Dow Jones Industrial Average.
“It’s worth noting that various coins including Bitcoin were heavily inflated in a bubble over the last 2 years, so a crash of this enormity was bound to happen. With investors dumping assets in response to high inflation and the semi-collapse of the Celsius network driving the downward spiral, I think only the best fundamentally strong crypto projects will survive this bear market, as is proving to be.
This is a cleansing process of note as we believe between 80% – 90% of the crypto projects will not survive this period especially if Bitcoin falls below $20,000 again.
But, it also serves as a massive opportunity for many no-coiners to enter the crypto market for the 1st time ever.
Fortune favours the brave in crypto right now.”
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