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In a mounting crisis for Binance CEO Richard Teng, regulators in the Philippines are working with tech giants Google and Apple to remove the crypto exchanges applications from their local app stores, the agency confirmed in a statement on April 23.

The move marks an escalation after the Securities and Exchange Commission blocked the website of the worlds largest cryptocurrency exchange at the end of March.

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 Chair Emilio B. Aquino said in the letters sent on April 19.

Aquino said the removal and blockade of Binance apps are essential steps to prevent the proliferation of illegal activities by the platform in the Philippines and to shield the investing public from its adverse effects on our economy.

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Binance media representatives did not respond to a request for comment by DL News.

The action comes as Teng struggles to revamp the freewheeling business model left by his predecessor, Changpeng Zhao, or CZ.

Zhao eschewed obtaining licences or registering with the regulators in markets where Binance operated.

Now that lack of compliance is backfiring in not only the Philippines but also in Nigeria, where the company has been charged with money laundering and tax evasion.

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Two Binance executives, Tigran Gambaryan and Nadeem Anjarwalla, have also been charged in Nigeria, and the former, who pleaded not guilty, is incarcerated in a prison pending trial.

The crackdown in Manila follows a November warning, when the SEC announced plans to block access to Binance due to it operating without a licence in the country.

The agency said that salesmen, brokers, and influencers promoting its services could face up to 21 years in prison and fines of $90,000.

The SEC also said it provided ample warning and opportunity for investors to withdraw from Binance and reallocate their funds to authorised investment platforms.

But a lack of clarity as to exactly when it would happen led to a rush of users trying to withdraw funds from the platform when the website block was implemented.

As a result, vendors on the Binance peer-to-peer marketplace offered Tethers USDT at a discount of 5 to 7% as they attempted to liquidate their holdings.

The SEC has not yet announced any actions against other international exchanges which continue to operate in the Philippines without the correct licences.

Got a story about crypto in Asia? Contact Callan Quinn at callan@dlnews.com.

Here is the original post:

Apple and Google to boot Binance apps in the Philippines for 'posing a threat' to investors - DLNews

The Central Bank of Nigeria (CBN) has issued a new directive requiring all banks and financial institutions in the country to identify individuals or entities engaging in transactions with cryptocurrency exchanges.

The circular also requires the bank to place their accounts under a Post No Debit (PND) instruction for a period of six months.

Key points:

A PND instruction is a directive issued by a bank or financial institution that restricts certain transactions on a customers account. A PND instruction prohibits the account holder from making debit transactions.

Also read: Binance Founder Changpeng Zhao Should Face 3-Year Prison Sentence: DOJ

The CBNs decision to target unlicensed crypto exchanges comes as a surprise. This is because the bank lifted a comprehensive ban on banks engaging with digital currencies in December 2023.

The recent devaluation of the naira and the subsequent inflation rate of 29.9% appear to have prompted the government to shift its attention to platforms offering cryptocurrency services. The CBN has even blocked websites associated with crypto trading.

Also checkout:Crypto Industry Groups Sue SEC Over Expanded Dealer Definition

Binance is also facing ongoing scrutiny from the Nigerian government. The CBNs latest directive has raised questions about the future of cryptocurrency in Nigeria.

Vignesh Karunanidhi

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Milk Road Writer

Vignesh has been a seasoned professional in the crypto space since 2017. He has been writing for over 6 years and specializes in writing and editing various types of crypto content, including news articles, long-form pieces, and blog posts, all focused on sharing the beauty of blockchain and crypto.

Original post:

Central Bank of Nigeria To Freeze Bank Accounts Linked With Binance, Bybit, KuCoin - Milk Road

Binance burned 1.94 million Binance Coin tokens, removing them from circulation.

The cryptocurrency exchange Binance announced the completion of its 27th quarterly Binance Coin (BNB) token burn, removing $1.17 billion worth of coins from circulation. The volume of BNB destroyed was approximately 1.3% of the total supply of the asset.

However, this time, the procedure did not include burning tokens as part of the Pioneer Burn program.

The BNB tokens price failed to react to the news about the burning of tokens. According to CoinMarketCap, in 24 hours, the token lost 0.9% from its previous value, falling to $600 at the time of writing.

Over the past week, the tokens price rose by 13% despite recent news about the U.S. seeking to impose a three-year jail sentence onBinancefounder Changpeng Zhao.

BNBsmarket capitalization dropped by 2.2% to $88 billion, while trading volumes increased slightly by 1.4%.

Before this, Binance removed approximately 2.14 million BNB worth $636 million from circulation in January. The volume of BNB destroyed was approximately 1.38% of the total supply of the asset.

During the launch of BNB in 2017, a commitment was made to destroy 100 million coins half of the coins entire supply through burning. The offer is automatically executed every quarter and calculated using the auto-burn formula.

Binance representatives explained that this provides atransparent, auditable, and objective processindependent of the centralized exchange. In addition, BNB Chain continuously burns a portion of the gas fees on the blockchain in real-time.

Excerpt from:

Binance burns over $1.17b in BNB tokens - crypto.news

A recent recommendation by the U.S. Department of Justice [DOJ] for Changpeng Zhao, the founder of Binance has caused uproar in the market. CZ pleaded guilty to violating the Bank Secrecy Act last November. This further prompted his resignation as Binances chief executive. The exchange also admitted to the violations which resulted in a substantial penalty of $4.32 billion. Now, as Zhao faces sentencing on April 30, the DOJ was seen pushing for 36 months in prison alongside a $50 million fine.

JUST IN: US Government seeks 3 year prison sentence for ex-#Binance CEO Changpeng Zhao (CZ).

The severity of the recommended sentence is notable for several reasons. One of them is that federal sentencing guidelines typically cap the maximum prison term at 18 months for violations of this degree. However, the DOJ argues that Zhaos misconduct was not only willful but also had a wide range of ramifications. The latest filing read,

The sentence in this case will not just send a message to Zhao but also to the world. Zhao reaped vast rewards for his violation of U.S. law, and the price of that violation must be significant to effectively punish Zhao for his criminal acts and to deter others who are tempted to build fortunes and business empires by breaking U.S. law.

Also Read: Philippines SEC Orders Apple & Google To Remove Binance

While the DOJ puts forth the magnitude of Zhaos violations, several critics of the regulator have been highlighting CZs contributions to the industry. Binance, for instance, emerged as one of the largest and most influential exchanges across the globe. This was under CZs leadership.

In addition to his potential situation, Zhaos personal circumstances add complexity to the whole scenario. This includes his inability to return to Dubai where his family resides. The postponement of his sentencing hearing from late February to April 30 further prolongs the uncertainty around his fate.

Just last week, Binances co-founder He Yi instilled hope in the market by suggesting that CZs situation in the U.S. is perceived to be relatively stable. However, the looming prospect of a lengthy sentence casts a shadow over Binance and the entire cryptocurrency market.

Also Read: Binance $1 Billion Emergency Fund Converted to USDC

Go here to see the original:

Binance: DOJ Recommends 3-Year Sentence for CZ's Violations - Watcher Guru

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.

Magazine: Less flashy Mashinsky set for less jail time than SBF: Inner City Press, X Hall of Flame

Link:

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