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$102,525.00 1.20355
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Ethereum
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$3,886.21 0.42952
Ethereum price
BNB
BNB (BNB)
$716.12 0.44956
BNB price
Solana
Solana (SOL)
$219.40 -1.3792
Solana price
XRP
XRP (XRP)
$2.41 0.4754
XRP price
Shiba Inu
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$0.0000277 0.93954
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Pepe
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$0.0000236 0.22519
Pepe price
Bonk
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$0.0000364 -1.6842
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dogwifhat
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$2.86 0.31218
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Popcat
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$1.14 1.85295
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Bitcoin
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$102,525.00 1.20355
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Ethereum
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$3,886.21 0.42952
Ethereum price
BNB
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$716.12 0.44956
BNB price
Solana
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$219.40 -1.3792
Solana price
XRP
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$2.41 0.4754
XRP price
Shiba Inu
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$0.0000277 0.93954
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000236 0.22519
Pepe price
Bonk
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$0.0000364 -1.6842
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dogwifhat
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Popcat
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$1.14 1.85295
Popcat price
Bitcoin
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$102,525.00 1.20355
Bitcoin price
Ethereum
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$3,886.21 0.42952
Ethereum price
BNB
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$716.12 0.44956
BNB price
Solana
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$219.40 -1.3792
Solana price
XRP
XRP (XRP)
$2.41 0.4754
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000277 0.93954
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000236 0.22519
Pepe price
Bonk
Bonk (BONK)
$0.0000364 -1.6842
Bonk price
dogwifhat
dogwifhat (WIF)
$2.86 0.31218
dogwifhat price
Popcat
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$1.14 1.85295
Popcat price

Regulatory body in Nigeria wants Binance banned

regulatory-body-in-nigeria-wants-binance-banned
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Regulatory body in Nigeria wants Binance banned

On Aug. 9, 2023, local reports revealed that the Association of Bureaux De Change Operators of Nigeria (ABCON), responsible for formulating regulatory frameworks for naira-dollar exchange, wants Binance banned.

Nigeria taking action

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. 

The SEC emphasized that Binance Nigeria lacks proper registration and regulation, rendering its operations in Nigeria illegal. 

As the guardian of investor interests, the SEC underscored the substantial risks of dealing with Binance Nigeria or similar unregistered platforms. 

Notably, in May 2022, the SEC also issued a rulebook categorizing all cryptocurrencies as securities.

The association noted a shift in sentiment in the prevailing foreign currency market scenario. He highlighted that confidence dwindles when market sentiment turns pessimistic, a crucial factor for any currency. 

This situation reflects the current trend where optimism is waning, investor interest is declining, and Nigerians lack market confidence, prompting the pursuit of external financial solutions for a swift remedy.

Navigating regulation

Binance is the world’s largest cryptocurrency exchange by client count but has been making headlines as governments crack the whip on crypto businesses.

In the United States, Binance is being scrutinized for allegedly mishandling billions, risking investor funds. Prior, Binance withdrew from Canada and discontinued services in the Netherlands.

Despite challenges in Nigeria and exits from other countries, Binance is leading the way in adapting shifting regulations. Their focus is currently on South East Asia and Latin America where it has been approved by Japan and El Salvador regulators.