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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

Cryptocurrency exchange Binance has been slapped with a new class-action lawsuit in Canada, with plaintiffs alleging that the firm has violated local securities laws.

Ontarios Superior Court of Justicepublished a certification motion on April 19 for a class-action lawsuit against Binance alleging that it sold crypto derivative products to retail investors without registration.

According to plaintiffs represented by Christopher Lochan and Jeremy Leeder, Binance sold crypto derivatives products in violation of the Ontario Securities Act (OSA) and federal law.

The lawsuit seeks damages and rescission of unlawful derivatives trades.The plaintiffs argued that tens of thousands of Canadian users of the Binance website invested in its cryptocurrency derivatives products.

It is noteworthy here that cryptocurrency derivatives traders include a great many retail investors, the certification motion reads, adding that more than 50% of Canadian crypto owners have at least $5,000 in the market, according to the Ontario Securities Commission (OSC).

Binance is a major global cryptocurrency exchange accounting for 58% of the total spot trading volumesamong centralized exchanges as of March 2024. Apart from its leading position as a major spot crypto trading venue, Binance also operates the biggest derivatives market among other exchanges like Bybit and OKX.

According to data from Bybit, the derivatives market for centralized exchanges (CEXs) is almost entirely dominated by Binance, OKX and Bybit.

The latest class action against Binance comes a few years after the crypto exchange announcedin June 2021plans to cease operations in Ontario after the OSC approached the firm with a warning.

Related: SEC seeks $5.3B judgment against Terraform Labs and Do Kwon

As a result of its 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, the new court document reads.

Even after Binance announced departure from Canada in May 2023, local authorities have continued to crack down on the exchange. The OSCs investigation into the defendants is ongoing, the court motion reads.

Cointelegraph approached Binance for a comment regarding the class action lawsuit in Ontario but did not receive a response at the time of publication.

Magazine: Bitcoin Halving will pump games, Shrapnels simple secret revealed: Web3 Gamer

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Binance sued in Canada for securities law violations - Cointelegraph

Last updated: April 23, 2024 23:44 EDT | 2 min read

Web3 gaming guild GuildFi which raised $140 million from Binance Labs, Coinbase Ventures, Animoca, Pantera Capital, Hashed and others, has been rebranded to Zentry.

In an announcement, Zentry said the rebranding was a strategic decision and as part of this revamp the firm will relaunch GuildFi. Zentry will introduce a new token conversion program where holders of the original GuildFi token $GF will be able to convert to the new Zentry token $ZENT.

Zentry said it will build a Superlayer to reunite three billion gamers in one economy, regardless of the platform used. Gamers will be unified. The Superlayer will combine loyalty systems, gamer identities, and cross-world activities from countless games and platforms into a single overlay experience.

In addition to linking Web3 and Web2 games, social media and in real-life (IRL) activities will unify the community of gamers. This tech also creates a new game of games in itself, said the firm.

Were reshaping how gamers are recognized and rewarded by enabling how a players gaming activities benefit their real-world self, and their real-world actions to boost their digital self, said Jarindr Thitadilaka, founder and CEO of Zentry, in a press release.

Zentry aims to unite the silos in gaming, and also bridge the silos between our physical and virtual lives. Its all about gamifying daily life, because most peoples real life includes untold hours spent online, explains Thitadilaka. In this new Play Economy, you can buy a coffee from your barista and your Zentry character gets a perk, or vice versa.

In 2024, web3 gaming is growing rapidly with the space attracting more VC investment. In 2023, it is estimated that the blockchain gaming-related rounds reached $1.7 billion which is a significant part of that has flowed to the 270 blockchain games in development on Immutable.

Recently King River Capital, blockchain gaming firm Immutable and Polygon Labs announced they had teamed up to launch a $100 million gaming fund.

Web3 gaming platform Elixir Games raised $14 million in a seed funding round from Square Enix, the Solana Foundation and Shima Capital, and others. The funding will be used by Elixir Games to launch its native token $ELIX and its Launchpad & Incubation Program which go live later this year.

Web3 gaming firm Illuvium announcedit had raised $12 million in a series A funding round with contributions from investors such as Australian venture capital firm King River Capital, Arrington Capital and Animoca Ventures.

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Binance Labs, Coinbase Backed Web3 Gaming Guild GuildFi Rebrands to Zentry - Cryptonews