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Cryptocurrency

Binance Introduced Tax Feature Ahead of Widespread Regulations

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Binance - Investors King

The world’s largest cryptocurrency exchange by trade volume, Binance has introduced a tax feature to prepare users ahead of the impending widespread crypto regulation. 

Investors King understands that a number of countries including the United Kingdom, the United States, and Sweden are on the verge of regulating cryptocurrency. These regulations will lead to the taxation of crypto assets. 

Subsequently, cryptocurrency brokerage and crypto companies will need to help their users to comply with local regulations.

Following the fall of FTX which led to the loss of billions of dollars, regulators across countries have taken further steps to protect users and also ensure compliance. 

For instance, the Thailand Securities and Exchange Commission recently announced a plan to tighten up rules for the crypto industry with a focus on investor protection. 

According to a blog statement released by Binance, the tax reporting tool will enable Binance users to monitor their cryptocurrency for tax reporting. 

The statement added that Binance users will be able to download a tax summary report which will indicate both gains and losses. This service will come at no cost. 

Binance noted that it understands that filing taxes can be a confusing, cumbersome, and time-consuming process for many crypto users, thus the necessity of the feature. 

This tax feature which could capture up to 100,000 transactions will be most important for daily traders who will hitherto have spent quality time to ensure the accuracy of their taxes. 

“If you’re struggling to stay on top of your crypto taxes, or just looking to speed up the process, make sure to check out our recently-launched crypto tax calculator, Binance Tax”. 

“In one click, you can now import your Binance transactions into our calculator and obtain a simple yet comprehensive estimate of your tax obligations depending on your jurisdiction”. The statement read in part. 

However, the Binance tax feature is not yet fully available to all users as the pilot phase is only accessible to Binance users based in Canada and France. 

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Cryptocurrency

Binance Set to Make a Comeback in India, Eyes Reentry with $2 Million Penalty

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Binance - Investors King

Binance, the global cryptocurrency exchange, is preparing to reestablish its presence in India after being banned by the government earlier this year.

According to sources familiar with the matter, Binance is poised to return by agreeing to pay a penalty of approximately $2 million.

The move comes amidst a dynamic regulatory landscape in India, where authorities have been scrutinizing cryptocurrency trading platforms and their operations.

Binance, which was among the platforms facing regulatory heat, aims to navigate its return by addressing concerns and complying with regulatory requirements.

The decision to pay the penalty underscores Binance’s commitment to reentering the Indian market, despite the challenges posed by regulatory uncertainties.

By agreeing to the fine, the exchange seeks to demonstrate its willingness to cooperate with authorities and operate within the framework of Indian laws and regulations.

The return of Binance to India could have significant implications for the cryptocurrency ecosystem in the country.

As one of the largest exchanges globally, Binance’s reentry could provide Indian users with access to a wide range of digital assets and trading services.

However, the exchange is likely to face close scrutiny from regulators and policymakers as it resumes operations in India.

Authorities are expected to closely monitor Binance’s activities to ensure compliance with regulations and safeguard the interests of investors.

The $2 million penalty imposed on Binance reflects the challenges and complexities of operating in the cryptocurrency space, particularly in jurisdictions with evolving regulatory frameworks.

Despite these challenges, Binance appears determined to overcome hurdles and reestablish its foothold in the Indian market.

The reentry of Binance could also reignite discussions about the regulation of cryptocurrencies in India. As policymakers continue to grapple with the complexities of digital assets, the return of a major player like Binance is likely to spark debates about the appropriate regulatory approach to the cryptocurrency industry.

Overall, Binance’s decision to pay the penalty and pursue reentry into the Indian market underscores the exchange’s strategic vision and long-term commitment to serving users in one of the world’s largest cryptocurrency markets. As developments unfold, stakeholders will closely monitor Binance’s comeback and its implications for India’s crypto landscape.

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Ethereum

ETH to NGN: How Nigerian Crypto Traders Can Convert Ethereum to Cash

Learn how to convert your ETH to NGN seamlessly, speedily, and profitably
using the best method in Nigeria.

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Ethereum is a big player in the Nigerian crypto market, and rightfully so. With a market cap only surpassed by Bitcoin, it’s a no-brainer that most crypto enthusiasts have this coin in their portfolio.

But it doesn’t end there—after profitably trading Ethereum, there’s the million-dollar question: How do they seamlessly convert it to Naira? Given the complicated crypto market, this question is valid.

This guide is the answer to this question as it explores the smoothest method for Nigerian (and Ghanaian) crypto traders to sell their ETH for cash.

Why OTC is the Best Choice To Convert Ethereum to Cash

Traditional exchanges and P2P trading have loads of shortcomings, including, complex trading, risk of fraudulent traders, and so much more. This puts over-the-counter methods at an advantage, especially for traders who value straightforward, clear, and profitable means to sell their Ethereum for Naira (and Cedis). To support this point, here are the reasons:

  • Simplicity:OTC platforms favor the simpler way of doing crypto trading over the more complicated means of traditional exchanges or the informal and risky means of P2P trading.
  • Security:Most OTC trading platforms are built on state-of-the-art security frameworks which offer way better customer protection than P2P trading.
  • Competitive Rates:OTC platforms follow the market trends and offer fees according to the performance of the market. So, you’re bound to find fees that are favorable to you and get premium value for your ETH profits.

Introducing Breet: Your One-Stop Shop for Selling ETH for Naira

Breet stands out as the leading OTC platform for Nigerian crypto traders. Here’s what makes Breet the perfect choice:

  • Effortless Selling:In a few clicks you can effortlessly sell your ETH for cash with a few clicks. Following a near-automated process, say goodbye to complex processes with Bret doing all the heavy lifting behind the scenes.
  • Enhanced Security:Confidently sell your ETH, knowing that you have foolproof security to keep out unauthorized access with methods like two-factor authentication, biometrics, and transaction PINs.
  • Fast and Direct: Breet is laser-focused on crypto-to-cash and crypto-to-crypto transactions. As a result, it is a non-custodial exchange, meaning that it doesn’t store your funds. This results in extremely fast transactions and direct deposits in your bank account.

Selling ETH on Breet: A Step-by-Step Guide

Getting started with Breet is easy! Here’s how to sell your ETH in a few simple steps:

  1. Download the App:Breet is available on Google Play Store, iOS App Store, and a web app to directly register.
  2. Sign Up and Verify:Follow the simple prompts to register and get started. Then, verify your account through KYC by submitting the required information.
  3. Sell Your ETH:Navigate to “Crypto-to-Cash” and select “Ethereum.” You’ll be presented with your unique wallet address, which was generated at sign-up. Copy it or scan the QR code to send your ETH.
  4. Relax and Wait:Breet automatically detects the incoming ETH and displays the conversion amount in NGN. Sit back and let Breet handle the rest.
  5. Receive Your Funds:Once the transaction is confirmed, your NGN balance will be updated. Withdraw your funds directly to your bank account.

Bonus Tip: Next time, for a more seamless experience, enable “Automatic Settlement” and have your funds automatically deposited into your bank account.

Conclusion

Selling your ETH for Naira doesn’t have to be a hassle. With Breet, Nigerian crypto traders can enjoy a smooth, secure, and profitable experience when converting their ETH to NGN. So ditch the complexities and embrace the ease of Breet!

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Bitcoin

Bitcoin (BTC) Holds Steady Above $70,900 as Grayscale Bitcoin Trust (GBTC) Outflows Increase

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bitcoin to Nigerian Naira - Investors King

Bitcoin (BTC) maintains its stronghold above $70,900 despite increasing outflows from the Grayscale Bitcoin Trust (GBTC).

As reported by CheckonChain, a total of $124.9 million flowed out of GBTC recently, contrasting with modest inflows into other investment vehicles like Fidelity’s FBTC and Bitwise’s BITB.

This trend has prompted speculation within the market regarding its impact on Bitcoin’s price dynamics.

While some believe that continued outflows from GBTC may exert selling pressure on BTC, driving down prices, others adopt a more cautious approach.

They argue that such outflows are expected from GBTC, given its relatively higher fee structure compared to alternative investment options.

Traders, however, seem to be pricing in a degree of stability for Bitcoin in the coming weeks, with optimistic forecasts on platforms like Polymarket.

According to predictions, there’s a 60% chance that BTC will reach $75,000 by the end of April, while the likelihood of it hitting $80,000 stands at 32%.

Despite the varying sentiments among market participants, Bitcoin’s resilience above the $70,900 mark underscores its status as a cornerstone asset in the crypto space.

Investors continue to monitor developments closely, navigating through the complex interplay of factors influencing Bitcoin’s price trajectory.

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