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Update 11:45 am UTC: The central bank is denying they have issued a directive.

The Central Bank of Nigeria (CBN) has been forced to deny a report saying it issueda directive requiring all banks and financial institutions to identify individuals or entities engaging in transactions with cryptocurrency exchanges and to ensure that such accounts are put on Post No Debit (PND) instruction for six months.

A Post No Debit instruction is a directive issued by a bank or financial institution to restrict certain transactions on a customers account. When a PND instruction is in place, the account holder is prohibited from making debit transactions, meaning they cannot withdraw funds or make payments using the affected account.

Confusion occurred when the central bank denied the story on X but then deleted the denial. Some hours later they claimed the allegations were indeed false.

The bank said it would catch anyone it believes is buying and selling Tether (USDT) on the listed platforms illegally, especially those using peer-to-peer (P2P) methods.

The alleged circular also stated that regulated financial institutions engaged in crypto or facilitating payments for crypto exchanges are prohibited. However, this contradicts an earlier ban lifted in December 2023,allowing banks to facilitate transactionsfor crypto exchanges.

The central bank lifted the ban nearly two years after enforcing a comprehensive ban on banks engaging with digital currencies.

According to a statement by the CBN at the time, it recognized that the increasing global demand and adoption of crypto make it unjustifiable to maintain the stringent restrictions imposed on financial institutions in 2021.

Related: Binance exec will remain in Nigerian custody until May 17 bail hearing: Report

However, due to the swift devaluation of the naira and the subsequent inflation rate of 29.9%, the government shifted its attention to platforms offering cryptocurrency services. It disabled websites associated with crypto trading that had gained notoriety for setting informal valuations for the naira.

Binance encountered significant scrutiny when the CBN raised concerns regarding suspicious financial transactions occurring through Binance Nigeria in 2023.

CBN head Olayemi Cardoso said $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.

Binance is facing further challenges in Nigeria, with its executive Tigran Gambaryan, who is based in the United States, being detained in the country. Hes facingfive charges linked to money laundering following a meeting with Nigerian officials regarding Binances regulatory compliance.

Nadeem Anjarwalla, one of the executives who met with Nigerian officials about Binances regulatory issues, subsequently escaped custody and was tracked down to Kenya, where he faces extradition.

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Link:

Nigeria's central bank forced to deny claims of crypto account freeze - Cointelegraph

A new Canadian class action againstBinanceaccuses the company of selling digital asset derivative products to retail investors without registrationand revealsthat the company is still under investigation by the Ontario SecuritiesCommission,despite having announced its departure from the country in May 2023.

A class action lawsuit filed last week with the Superior Court of Justice in Ontario, Canada, accused Binance of violating localsecurities lawsby sellingdigital assetderivative products to retail investors without registration.

According to the April 19certification motion, the plaintiffs, represented by Christopher Lochan and Jeremy Leeder, allege Binance violated the Ontario Securities Act (OSA) and federal law by selling digital asset derivatives products, with the lawsuit seeking damages and rescission of unlawful derivatives trades.

The plaintiffs claim to represent tens of thousands of Canadian users of the Binance website who invested in cryptocurrency products and who claim that those productswere soldby the Defendants illegally.

The filing also noted that cryptocurrency derivatives traders include a great many retail investors, adding that more than 50% of Canadian digital asset owners have at least $5,000 in the market, according to the Ontario Securities Commission (OSC).

This latest class action against Binance comes a couple of years after the exchange announced plans to cease operations in Ontario. The move followed a March 2021warningissued by the OSC to digital asset platforms trading in derivatives or securities, whichstated they must bring their operations into compliance with Ontario securities law or face potential regulatory action.

Binance decided not to bring its operations into compliance, instead withdrawing from the jurisdiction, so in December2021the OSC published another release notifying investors, Binanceis not registeredunder securities law in Ontario.Thismeans they are not authorized to offer trading in derivatives or securities to persons or companieslocatedin the province.

However, last weeks court document suggests that, despite failing to register and announcing its withdrawal, Binance did not cease its derivative trading:

As a result ofits failure to adhere to this announced cessation of sales, in early 2022, the OSC notified the defendants of its intention to seek a cease trade order.

Perhaps sensing its jig was up in Canada, on May 12 last year, Binanceconfirmedit would be exiting the country amid increased regulatory requirements introduced by the Canadian Securities Administrators (CSA), the umbrella organization for the countrys securities regulators.

The company cited new guidance related to stablecoins and investor limits, which made the Canadian market no longer tenable for Binance at this time.

Unfortunately, evenitannounced its departure from Canada, local authorities continued to pursue the exchange, with the latest court motion confirming that the OSCs investigation into the Defendants is ongoing.

Bad week for Binance PR department

Binances recent woesare not restrictedto Canada. Putting to one side that the companys founder and former CEOChangpeng CZ Zhaois currentlyawaiting sentencingin the United States afterpleading guiltylast November to violating the Bank Secrecy Act, and causing a financial institution to do likewise, the company continues to create negative headlines around the globe on an almost weekly basis.

On Monday, the Kenya Police Service arrested another criminally charged Binance executive, Nadeem Anjarwalla, who decided to go on the run rather than face his punishment.

Anjarwalla was initiallydetained in Nigeriaalongside another Binance executive, Tigran Gambaryan, in February, as Nigerian authorities accused the exchange of manipulating the local exchange rate, tax evasionandmoney laundering. A British-Kenyan dual national, Anjarwallareportedlyfled the country in March using a Kenyan passport.

After his alleged capture on Sunday evening, Interpol will extradite Anjarwalla from Kenya to Nigeria within the week, according to areportfrom Nigerian news outlet Punch, citing sources familiar with the case.

Only a day after the reported arrest of the fleeing executive, Binances week went from bad to worse as its international PR house fire spread to the Philippines.

On April 23, the Securities and Exchange Commission (SEC) of the Philippinesannounced that it was working with Google (NASDAQ: GOOGL) and Apple (NASDAQ: AAPL) on the removal of applications operated by Binance in app marketplaces accessible in the Philippines.

In separate letters addressed to Google and Apple, the SECrequestedthe removal of applications controlled by Binance.com fromGooglePlay Store and the Apple App Store, respectively.

The SEC has identified [Binance] and concluded that the publics continued access to these websites/apps poses a threat to the security of the funds of investing Filipinos, SEC Chairperson Emilio B. Aquino said in the letter.

The letter also accused the exchange of the sale or offer of unregistered securities to Filipinos and operating as an unregistered broker, constituting a violation of Republic Act no.8799, the Securities Regulation Code (SRC).

Binance has not secured from the SEC a license to solicit investments from the public, nor to create or operate an exchange for the buying and selling of securities, as required by SRC, the SEC said.

The regulator hopes thatthe removal ofthe Binance app from leading app stores will prevent the further proliferation of its illegal activities in the country and protect the investing public from its detrimental effects on our economy, Aquino said.

As well as warning the public against investing in and using the exchange, Tuesdays SEC announcement noted that the regulator had been studying the possible blocking of Binances website and other online presence in the Philippines, as early as November 2023.

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See the rest here:

Binance kicks off embarrassing week with class action lawsuit in Canada - CoinGeek

Tigran Gambaryan, a Binance executive detained in Nigeria since February, will reportedly remain in custody until a bail hearing on May 17.

According to April 23 reports from local news outlets, Gambaryan will remain in Nigerias Kuje prison until at least May 17, when a judge will decide whether to grant the Binance executive bail. He initially traveled to Nigeria in February with fellow Binance executive Nadeem Anjarwalla to address claims the exchange manipulated the countrys fiat currency, the naira.Nigerian authorities detained both Binance executives as the crypto exchange announced that it intended to cease all naira transactions.

Gambaryan was expected to return to courton April 19 following an initial postponement, and the question of bail was to be addressed on April 22. He has pleaded not guilty to tax evasion and money laundering charges brought by Nigerias Economic and Financial Crimes Commission, with a trial scheduled for May 2.

Anjarwalla reportedly escaped Nigeria custody in March, using his Kenyan passport he is both a British and Kenyan national to fly out of Abuja. Reports from April 22 suggested that Kenyas police arrested Anjarwalla and may extradite him to Nigeria to face criminal charges.

Related: Nigeria launches first multilingual large language model in Africa

Many have criticized the governments charges as lacking merit, as Binance said Gambaryan had no decision-making power at the crypto firm. On March 30, Yuki Gambaryan, Tigrans wife, launched a petition for the U.S. State Department, Nigerias Economic and Financial Crimes Commission, the Nigerian government and U.S. President Joe Biden to to return him to the United States. As of April 23, the petition had 3,960 signatures.

In a separate case in the United States, former Binance CEO Changpeng Zhao is expected to be sentenced on April 30 following his guilty plea for failure to maintain an Anti-Money Laundering program while leading the exchange. He could face up to 10 years in prison.

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Binance exec will remain in Nigerian custody until May 17 bail hearing: Report - Cointelegraph

The Philippines SEC has issued directives to both Google and Apple, instructing them to remove the Binance application from their respective app stores.

The Philippines Securities and Exchange Commission (SEC) has issued directives to both Google and Apple, instructing them to remove the Binance application from their respective app stores for users located in the Philippines. In a press release dated 23 April 2024, the SEC stated that it had collaborated with these tech giants to remove 'applications operated by cryptocurrency giant Binance,' with letters sent to the companies on 19 April regarding the removal of the apps from local marketplaces.

The SEC cited concerns regarding the security of funds belonging to investing Filipinos, identifying Binance as a threat due to its status as an unregistered entity offering securities to locals and operating as an unregistered broker, in violation of the country's securities regulations. Representatives from the SEC emphasised the necessity of removing Binance applications to prevent the further proliferation of its activities in the country, which could have detrimental effects on the local economy.

This action follows the SEC and the National Telecommunications Commission (NTC) blocking access to Binance websites on 25 March, with prior warnings issued by the SEC against using Binance for investments since November 2023. Despite being one of the world's largest crypto exchanges, Binance has yet to secure a licence to solicit investments or operate a securities exchange in the Philippines.

In response to the enforcement of the ban, an SEC official reiterated on 8 April that users were provided with a three-month period, with an extension, to withdraw their funds from Binance, after which the SEC would not endorse any methods for retrieving funds.

The SEC and the NTC had previously cracked down on unlicenced crypto trading platforms in the country, although Binance was unaffected at that time. Binance faces regulatory challenges globally, including a new class-action lawsuit in Canada for allegedly violating local securities laws.

However, Binance announced its intention to return to India after paying a USD 2 million fine for previous non-compliance with local regulations. Simultaneously, reports emerged that Binance obtained its crypto license in Dubai, also known as the Virtual Asset Service Provider (VASP) licence, following its co-founder Changpeng Zhao's relinquishment of his voting power in the exchange's local entity.

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Philippines SEC Orders Binance App Removal - The Paypers

13h02 3 min of reading by Eddy S.

The former titan of the crypto industry finds himself in an incredibly delicate situation. Changpeng Zhao now faces a potential 3-year prison sentence, requested by the Department of Justice. However, behind this claim lies a complex and disturbing story for the former CEO of the crypto exchange Binance.

The Department of Justice (DOJ) has been outspoken. According to their statements, Binance, through its former CEO, allegedly allowed bad actors to use its crypto platform for money laundering and to finance all kinds of illegal activities.

Furthermore, they claim that the exchange facilitated transactions linked to the black market, ransomware, and scams. Organized crime also would have benefited from Binances lack of regulation. As a result, the DOJ considers the initial sentence of 18 months for Changpeng Zhao to be insufficient.

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For the Department of Justice, this case is of critical importance. Indeed, they consider the sentencing of CZ to be a strong message to the entire crypto sector. On one hand, it will harshly punish the person who built a financial empire by violating US law. On the other hand, it will deter anyone who might be tempted to follow this path.

In clear terms, the DOJ is therefore seeking an exemplary sanction, especially since Changpeng Zhao himself was aware of these violations. A lenient sentence would have been a sign of weakness. The message is clear: no one is untouchable, not even the big names in crypto.

Although the outcome of this case remains uncertain, one thing is clear: the case of Changpeng Zhao will be etched in the annals. However, beyond the legal implications, this case raises fundamental questions. How can the crypto industry regain public trust? Remember that a few days ago, Binance co-founder Yi He claimed that Zhaos legal situation in the United States was largely favorable. It seems that may no longer be the case. One thing is certain, only the future will tell.

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Le monde volue et l'adaptation est la meilleure arme pour survivre dans cet univers ondoyant. Community manager crypto la base, je m'intresse tout ce qui touche de prs ou de loin la blockchain et ses drivs. Dans l'optique de partager mon exprience et de faire connatre un domaine qui me passionne, rien de mieux que de rdiger des articles informatifs et dcontracts la fois.

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Crypto - Things are getting dangerously complicated for the former CEO of Binance! Will he get out of it? - Cointribune EN