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UK govt bans cryptocurrency platform, Binance

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2 years ago

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The United Kingdom’s financial regulatory body, the Financial Conduct Authority (FCA) has banned  Binance, top cryptocurrency trading platforms.

In a notice dated June 25, FCA said Binance Markets Ltd “must not, without the prior written consent of the FCA, carry out any regulated activities… with immediate effect.”

The FCA has told Binance that by June 30 it must display a notice stating “BINANCE MARKETS LIMITED IS NOT PERMITTED TO UNDERTAKE ANY REGULATED ACTIVITY IN THE UK” on its website and social media channels.

It must also secure and preserve all records relating to UK consumers and inform the FCA this has been done by July 2.

Though trading of cryptocurrencies is not directly regulated in Britain, services such as trading in cryptocurrency requires authorisation by the FCA.

The FCA is carrying out its oversight powers over cryptocurrency trade as bodies and regulatory powers address concerns relating to its potential role in aiding money laundering and fraud.

In January, the FCA put out a requirement for all firms offering cryptocurrency-related services to register and show they comply with anti-money laundering rules. However earlier this month it said that only five firms had registered with it.

As of May 12, another 90 have temporary registration, allowing them to continue trading while their applications are assessed. The FCA noted that this status did not mean the registered bodies were “fit and proper.”

Binance has garnered global scrutiny over the past couple of months. In June, Japan said that the crypto trading platform was operating in the country illegally. This announcement was made on Japan’s Financial Services Agency website.

In May, Peoples Gazette reported that the trading platform came under investigation by officials from the U.S. Justice Department and Internal Revenue Service, who probe for money laundering and tax offences.

In April, Reuters reported that Germany’s financial regulator BaFin said the exchange risked being fined for offering digital tokens without an investor prospectus.

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Business

CBN warns banks over foreign exchange malpractices

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2 years ago

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September 11, 2021

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The Central Bank of Nigeria, CBN, has insisted that the FX operating license of any bank or banks that are found guilty of ongoing investigations in foreign exchange malpractices would be suspended for at least a year.

The circular signed today by the Director Trade and Exchange Department, CBN,  Ozoemena Nnaji stated: “In line with the continuing close surveillance of our financial markets in general and the FX market in particular, the CBN wishes to remind all banks that it is their responsibility to not only Know their Customers (KYC requirements) but also Know their customers’ business (KYCB requirements).

“Given these responsibilities and in view of recent occurrences in the market, the CBN would like to remind banks to desist from all and any forms of FX malpractices.

“We wish to reiterate that the FX operating license of any bank or banks that are found culpable with ongoing investigations would be suspended for at least one year. Please note and ensure compliance.”

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Naira hits historic low of 543 against dollar

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2 years ago

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September 9, 2021

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The naira has continued to depreciate on the parallel market, selling for N543 to the dollar on Thursday.

The bureau de change operators in Abuja bought dollar at N540, then it was sold for N543.

The British Pound was also sold for £1/N740.

This comes 44 days after the Central Bank of Nigeria barred sale of Forex to all bureau de change operators across the country.

On June 27, 2021, the CBN ended the sales of Forex to BDCs saying the parallel market had become a conduit for illicit Forex flows and graft.

The CBN said it would also no longer process applications for BDC licences in the country.

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Zugacoin hits $87,000 against Bitcoin $41,000

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2 years ago

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July 30, 2021

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Zugacoin, a cryptocurrency  founded by Professor Archbishop Sam Zuga AKA Jehovah’s Field Marshall is now trading at the value of 87,000 dollars against Bitcoin 41,000 dollars.
Africans are advised to take advantage of Zugacoin for their financial freedom especially as it is also on binance network SZCB and has been listed on 10 different Exchange including VinDAX and Pancakeswap.
Zugacoin which is barely a year old is currently on 3 different Blockchains, Ethereum, Binance and Samzuga Blockchain.
This is also coming after the first Blockchain Main Net in Africa was successfully launched by the philanthropic cleric.
Samzugacoin Blockchain Mainnetwork And Zugacoin (Zugascan) Explorer, is the first Blockchain Network created from Africa by an African and for Africa tech space.
Archbishop Sam Zuga, who was recently honored as the first Professor of Digital Economy in the world, is focused at providing ways to help every willing average Nigerian to fight poverty and earn a better living.
According to the cleric, the poverty in Nigeria and Africa is artificial and God has given him the ability to alleviate the citizens out of its shackles.
If possible, eradicate it.
Explaining further how he intends to see his mission and vision accomplished, Sam Zuga stated that with ZUGACOIN every willing Nigerian and African should be able to begin their journey into financial freedom.
He also said he would teach Nigerians how to grow money through digital economy principles.

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