One of the world’s leading cryptocurrency exchanges, Coinbase is ramping up its expansion into Singapore. The foremost US crypto exchange has also signed a pact with Standard Chartered Bank to provide service for its operation in the city.
This latest expansion move and the partnership with Standard Chartered Bank is coming amid stiff crypto regulations in the United States and the recent collapse of three crypto-friendly banks.
Last week, Silvergate Capital, Silicon Valley Bank (SVB), and Signature Bank were forced to shut shops and wind down their operations due to issues related to liquidity. This has left most crypto firms signing new partnerships with banks.
According to a statement released by the crypto exchange, Coinbase Singapore customers will be able to transfer funds to and from their Coinbase account using any local bank in the city-state for free.
The company noted that the aim is to offer users more flexibility and control of their assets by enabling them to cash in or cash out of their Coinbase account using bank transfers.
Investors King understands that this development, especially the partnership with Standard Chartered Bank will enhance crypto adoption in Singapore. It would be recalled that the Asian city announced plans to become a crypto and Blockchain hub.
Just last month, Singapore was ranked as the 4th most ready crypto city in the world after London, Dubai, and New York. The study was conducted by a well-known crypto tax software company “Recap”.
Commenting on the development, experts and crypto enthusiasts expressed a positive sentiment toward Coinbase’s expansion to Singapore. They positioned that such a move will aid adoption around Asia and create an alternative to unfriendly regulation in the United States.
In recent times, regulators in the United States have been very critical of cryptocurrency, stating that stablecoins such as BUSD are unregistered securities.
Binance Reaffirms Commitment to Fraud-Free Trading Amid Nigeria’s Currency Concerns
In response to growing concerns about exchange rate manipulation in Nigeria, Binance, one of the world’s leading cryptocurrency platforms, has issued a resolute statement reaffirming its commitment to maintaining a fraud-free trading environment.
The announcement comes amidst reports of heightened tensions regarding the devaluation of the Nigerian currency and suspicions of illicit activities on digital asset platforms.
Binance emphasized its dedication to providing users with a market-driven, transparent, and manipulation-free platform.
The company stressed its unwavering responsibility to safeguard users against fraudulent behavior and ensure the integrity of the trading ecosystem.
Binance asserted that any users found engaging in malicious or manipulative activities would face swift removal from the platform in line with its zero-tolerance policy for market manipulation.
The cryptocurrency exchange also highlighted its ongoing investment in enhancing processes and tools aimed at preventing fraudulent practices.
Measures include setting upper limits for advertisements, implementing rigorous ad screening procedures, and increasing deposit requirements for merchants posting ads.
As industry leaders, Binance reiterated its commitment to working closely with stakeholders to promote innovation while prioritizing user protection.
The platform assured users of its adherence to strict global security protocols across all products and services offered.
Binance’s statement underscores its proactive stance in addressing concerns related to market manipulation, emphasizing transparency, accountability, and the preservation of market integrity in Nigeria’s evolving cryptocurrency landscape.
Meanwhile, there were unconfirmed reports that the Nigerian government is considering blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.
Nigeria Mulls Blocking Binance, Crypto Platforms Over Forex Manipulation
Nigeria’s government is contemplating the drastic step of blocking Binance and other cryptocurrency platforms amid concerns over alleged forex market manipulation and illicit financial activities.
According to officials familiar with the matter, the move comes as the Nigerian currency experiences an unprecedented depreciation to an all-time low of N1,800 against the dollar in the parallel market.
Presidential and regulatory sources have cited reports indicating that currency speculators and money launderers are exploiting platforms like Binance to orchestrate criminal activities, which are believed to be contributing to the naira’s weakening.
Binance, a prominent digital assets platform, facilitates peer-to-peer transactions, allowing users to advertise their interest in buying or selling currencies.
Despite a warning issued by Nigeria’s Securities and Exchange Commission (SEC) in September 2023, cautioning against Binance’s operations as illegal, the platform continued to operate, drawing significant patronage, especially among urban youths and suspected speculators and money launderers.
Officials have raised concerns not only about economic sabotage but also about national security implications as these platforms are reportedly used by criminal groups for activities such as ransom payments.
Law enforcement sources have described the exploitation of digital asset platforms as a sophisticated scheme against the Nigerian economy, involving the manipulation of forex values through fake deals to influence market dynamics.
A senior executive at the Central Bank of Nigeria (CBN) emphasized the troubling trend of the naira’s depreciation, attributing it to artificial devaluation caused by speculative sites like Binance.
The potential ban on Binance and other crypto firms could follow actions taken by other countries like Malaysia, France, and Malta, which have implemented restrictions on such platforms due to similar concerns.
Bitcoin Market Cap Tops $1 Trillion Amid Broad Cryptocurrency Rally
The cryptocurrency market reached a significant milestone as Bitcoin’s market capitalization surpassed $1 trillion amidst a broad rally across various digital assets.
The climb, reflective of Bitcoin’s 22% year-to-date gain, marked the first time the cryptocurrency reached such heights since December 2021, as reported by data from CoinGecko.
This monumental achievement underscores the resurgence of Bitcoin and the broader cryptocurrency ecosystem, signaling a renewed investor confidence in digital assets.
Ether, the second-largest cryptocurrency, joined in the rally, ascending back to levels unseen since the collapse of the TerraUSD stablecoin nearly two years ago.
Ether’s 5% rise, coupled with the rally of altcoins like Avalanche, Polkadot, and Polygon, further fueled the overall market optimism.
Despite a higher-than-expected US inflation report on Tuesday which typically impacts risk sentiment, the digital asset market remained steadfast in its recovery.
The recent approval of Bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC) has bolstered market sentiment, solidifying the narrative of cryptocurrencies as a legitimate investment avenue.
While Bitcoin’s resilience amidst market volatility is commendable, some analysts have cautioned about potential short-term corrections based on technical signals.
Nonetheless, the overall sentiment remains bullish, with investors eyeing the upcoming Bitcoin halving in April as a potential catalyst for further price appreciation.
The market’s response to the ETFs, coupled with anticipation surrounding the Bitcoin halving, underscores the growing mainstream acceptance and adoption of cryptocurrencies.
As Bitcoin continues its meteoric rise, traders and investors alike are poised for a potential continuation of the digital asset’s historic rally, with options markets signaling bullish sentiments towards surpassing previous price records.
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