Binance has said users in Singapore will no longer be able to deposit fiat currencies, perform spot-trades or purchase any cryptocurrencies on its global platform, Binance.com, starting October 26.
The crypto giant said the latest move is intended to bring its services “in-line with its commitment to compliance.” It advised users in the city-state to cease all related trades, withdraw fiat assets and redeem tokens by the October deadline.
Binance said its global platform has constantly evaluated its offerings to ensure they do not only meet customers’ demand, but also comply with local regulations. “We are working closely with the Monetary Authority of Singapore and other global regulators to comply with the relevant regulatory standards and facilitate any required service changes,” the firm’s spokesperson said in an email. “We are actively keeping abreast of changing policies, rules and laws in this new space.”
The latest restrictions do not apply to the company’s local platform, Binance Singapore, which is operated by affiliate Binance Asia Services. That entity is allowed to operate under an exemption and has applied for a license with the Monetary Authority.
Earlier this month, Binance.com ceased Singapore dollar trading pairs and payment options in the city-state. Its app was also removed from local iOS and Google Play stores. The compliance came shortly after the Monetary Authority put the crypto trading platform on its investor alert list, which includes unregulated entities that might be “wrongly perceived as being licensed or regulated” by authorities.
Financial watchdogs around the world have placed Binance under scrutiny in recent months, citing concerns over the use of cryptocurrencies in money laundering and the high-risk nature of its products. Regulators in the U.K. have banned Binance from operating in the country, while places like Hong Kong and Japan have issued warnings against the exchange.
In response, Binance has taken a series of measures in an effort to comply to an evolving patchwork of regulations in different markets. The firm has been winding down its product offerings, stepping up customer verification procedures and expanding its team with staff who have regulatory compliance experience. Last month, Binance appointed former chief regulatory officer of the Singapore Exchange, Richard Teng, as CEO of its Singapore affiliate.
“We are ready to assist regulators from around the world and together find the optimal way to set a fair playing field—consumer protection is important to all of us,” the spokesperson from Binance said. “We are committed to our industry for the long term and want to create a sustainable ecosystem around blockchain technology.”
Zhao, or CZ as he’s also known, founded Binance in 2017, and built it into the world’s largest cryptocurrency exchange by trading volume, according to CoinGecko’s ranking. The company’s main platform recorded an average daily trading volume of $2 billion and more than 1.4 million transactions per second, according to Binance.com’s website.
Funds Flowing Into Crypto Space Hits $1.5 Billion Last Week
New money flowing into cryptocurrency space rose to a record-high of $1.47 billion last week, according to a report by CoinShares.
The huge capital inflow was after the U.S Securities and Exchange Commission approved Bitcoin ETF investing in futures and the broad-based rally that followed the announcement. Year-to-date, investors have dumped a total of $8 billion into crypto funds.
Bitcoin, the world’s most dominant cryptocurrency, rose to an all-time high of $66,974 per coin last week.
Most of the inflows go into Bitcoin-focused funds, Bitcoin focused funds accounted for 99 percent of all the $1.47 billion inflows recorded last, up from the $70 million Bitcoin exposed funds attracted in the previous week.
CoinShares attributed Bitcoin’s new attraction to the two bitcoin futures listed after SEC approval.
“This is a direct result of the U.S. Securities and Exchange Commission (SEC) allowing a bitcoin ETF investing in futures and the consequent listing of two bitcoin investment products,” the report noted.
SEC had approved the first Bitcoin futures ETF, ProShares Bitcoin Strategy ETF, on October 15, 2021. It was the approval that drove Bitcoin back to $60,000 a coin before it set a new all-time record.
However, while Ether (ETH), the native cryptocurrency of the Ethereum blockchain and the world’s second-largest cryptocurrency by market value, also reached an all-time high at $4,361 a coin last week, funds exposed to Ether saw outflows for a third consecutive week. Ether outflows stood at $1.4 million last, stated the report.
“This is minor profit-taking as the price closes in on all-time highs.”
Altcoins like Solana (SOL) also saw inflows at $8.1 million, Cardano (ADA) and Binance coin (BNB) attracted inflows estimated at $5.3 million and $1.8 million, respectively.
President Buhari Says E-Naira Could Increase Nigeria’s GDP By $29 Billion
President Muhammadu Buhari, in a statement signed by the Presidential spokesperson, Mr. Femi Adesina and made available to the media at the unveiling of Nigeria’s Central Bank Digital Currency, the E-Naira, said that the new digital currency has the potential to increase Nigeria’s GDP by $29 billion over the next 10 years.
The President reiterated that the launch of the E-Naira makes Nigeria the first country in Africa and one of the first few countries in the world to launch a digital currency. He further said he expects the currency to enable the government to send direct payments to citizens eligible for government welfare programs as well as foster cross-border trade and assist in moving many more people and businesses from the informal sector into the formal sector, therefore, increasing the tax base of the country.
The President then congratulated the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, his deputies, and the entire team of staff who worked tirelessly to make the launch of the currency a reality.
Meanwhile, earlier in the day, the Buhari Media Organisation (BMO), the approved body for operating digital communications of the Presidency, said that Nigeria will surpass the International Monetary Fund’s (IMF) projections of 2.6 percent economic growth in 2021 and 2.7 percent growth in 2022. The Group believes under President Buhari, the non-oil sector is progressing and this can be seen in the sector’s contribution to the GDP of Nigeria.
Mr. Niyi Akinsiju, the chairman of the organization, and Mr. Cassidy Madueke said this in a statement in Abuja. The full statement given by the organization said ” This is not the first time that the IMF is making such projections, but Nigeria never ceases to disappoint it by recording higher economic growth. In 2019, IMF projected a 2.1 percent economic growth for Nigeria, but against its prediction, Nigeria recorded real growth of 2.27 percent in Gross Domestic Product (GDP).
The statement further said “In a like manner in 2021, the IMF also projected that Nigeria’s economy would fall by 5.4 percent due to the COVID-19 pandemic. It later reversed its projection to 4.3 percent, but contrary to that, Nigeria recorded 1.8 percent.
eNaira: Buhari, Emefiele Launch eNaira at State House Abuja
President Muhammadu Buhari and the Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele on Monday, October 25, 2021 officially launched eNaira, Nigeria’s Central Bank Digital Currency (CBDC) in state house Abuja.
Nigeria is now one of the few countries to have launched digital currency ahead of nations like the United States, United Kingdom, etc.
The CBN believed eNaira will help plug loopholes in the financial system, curb illicit financial flows, strengthen security, improve data collection and monitoring.
Speaking on why he approved CBN’s decision to launch a digital currency, the president explained that his approval was “underpinned by the fact that the CBN has been a leading innovator in the form of money they produce, and in the payment services they deploy for efficient transactions.”
“They have invested heavily in creating a Payment System that is ranked in the top ten in the world and certainly the best in Africa,” the president said at the event in Abuja.
“This payment system now provides high‐value and time‐critical payment services to financial institutions, and ultimately serves as the backbone for every electronic payment in Nigeria.”
President Buhari further said, “estimate suggests the adoption of new CBN digital currency is estimated to increase Nigeria’s GDP by $29 billion over the next 10 years.
“We have become the first country in Africa and one of the first in the world to introduce a digital currency to our citizens.”
Africa’s largest economy has now launched two mobile applications for eNaira – eNaira speed wallet and eNaira merchant wallet – on Google playstore and Apple store to facilitate adoption and usage.
These applications tell eNaira potential users to“Get Ready With Your Accurate BVN Data For Your Hitch-Free Enrolment.
“To sign-up on the eNaira speed wallet, you would be required to input the following details exactly as captured during your BVN enrollment.
“First Name, Last Name, Date of Birth, State of Origin, and Email.
“Your Banks are waiting to assist you in validating and updating your BVN details to ensure seamless enrolment to the eNaira Platform.”
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