Tag: crypto

Crypto Firms in US Spent Nearly $19 Million on Lobbying in First 3 Quarters of 2023, on Track for Record Year

The cryptocurrency industry was on track to hit a new record for federal lobbying spending, after a year in which firms scrambled to repair their reputations and advance friendly legislation, according to data provided to Reuters by nonprofit research group OpenSecrets.

Crypto companies spent $18.96 million (roughly Rs. 158 crore) in the first three quarters of 2023 on lobbying, compared with $16.1 million (roughly Rs. 134 crore) during the same period in 2022. That was despite last year’s spectacular meltdown of crypto exchange FTX, which had been a top-ten spender. Last year, companies including FTX spent nearly $22 million (roughly Rs. 183 crore) on lobbying in total.

Coinbase, the largest US crypto exchange, led the pack again, spending $2.16 million (roughly Rs. 18 crore), followed by Foris DAX, which operates Crypto.com, the Blockchain Association and Binance Holdings.

“Our goal is to engage directly with policymakers, build relationships and bridge the education gap to build a commonsense regulatory framework,” said Kristin Smith, CEO of the Blockchain Association, in a statement.

Crypto companies have been expanding in Washington, in part to try to mend their reputations following a string of scandals last year, including the collapse of FTX, whose former CEO Sam Bankman-Fried had been a familiar presence in Washington. He was found guilty of fraud last month by a jury in a Manhattan federal court.

Crypto firms have also been trying to combat growing regulatory scrutiny, especially from the US Securities and Exchange Commission which says the industry has been flouting its rules. Lobbying escalated after the SEC sued Coinbase and Binance in June for allegedly failing to register tokens, claims they deny.

The industry has also been pushing the SEC to approve a spot bitcoin exchange-traded fund (ETF), which would open up the world’s largest cryptocurrency to millions more investors. Optimism that the agency will green-light the product after losing to a key court on the matter in the summer helped drive bitcoin to a 20-month high on Monday.

Crypto companies have also been trying to advance friendly legislation in the House of Representatives and scored a victory in July when a congressional committee in that chamber passed two major bills that lobbyists say would help provide clarity over which existing financial rules apply to crypto companies.

Although those bills have yet to advance further, crypto lobbyists are not letting up. Coinbase, which in September launched a grassroots advocacy campaign, is continuing its push with more lawmaker meetings in coming weeks, a spokesperson said.

Binance and Crypto.com did not respond to requests for comment.

© Thomson Reuters 2023

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PayPal to Stop Sale of Cryptocurrencies in the UK Until 2024: Details

Payments giant PayPal will stop allowing UK customers to buy cryptocurrencies through its platform from October as it works to comply with new rules on crypto promotions.

Britain’s financial regulator is due to bring in tougher rules to limit how crypto is advertised to British consumers, including requiring crypto firms to carry warnings about the risk and scrapping “refer a friend” bonuses.

PayPal will “temporarily pause” the ability for customers to buy crypto on its platform from October 1 as it works to satisfy the new regulations, which come into effect on October 8, it said in an email to customers on Tuesday. It said it expects to re-start in “early 2024”.

“PayPal consistently works closely with regulators around the world to adhere to applicable rules and regulations in the markets in which we operate,” it told customers in the email, a copy of which it shared with Reuters. 

It said customers could hold and sell their crypto “at any time.”

The news was earlier reported by crypto media outlets including CoinJournal.

PayPal first launched crypto buying and selling in the UK in 2021.

Regulators around the world are increasingly seeking to regulate crypto assets, after the collapse of several crypto firms including FTX last year left amateur investors with large losses.

After token prices slumped dramatically last year, the price of top cryptocurrency bitcoin has gradually recovered, up around 76 percent so far this year. Still, its price is at less than half of the all-time high reached in November 2021.

Earlier this month, PayPal’s shares got a boost when it announced that it has launched a US dollar stablecoin – a kind of cryptocurrency designed to keep a constant price by being pegged to a stable asset.

© Thomson Reuters 2023

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Bharat Web3 Association Notes India’s Interest in DeFi as Country Posts G20 Presidency Note on Crypto

India is making its name as a lucrative startup hub for Web3 projects with its large pool of developer talent, the Bharat Web3 Association (BWA) has said sharing an analysed observation. India’s own crypto advocacy group, the BWA, was established in November last year, aiming to bridge the communication gap between industry players and the government. In the last nine months, the BWA has observed that Indians could ramp-up experiments with DeFi because it offers almost tax-free, cheap alternatives to traditional, centralised banking services.

DeFi or Decentralised Finance lets financial products appear on a public blockchain network, which is not regulated by a central bank or intermediary. People looking to deposit their money somewhere other than a bank can consider investing in DeFi protocols.

Indians are particularly being drawn towards exploring the DeFi sector because from loans to exchanges, DeFi applications are exploding in numbers and use-cases. As per Finder.com, the value of DeFi transactions for individuals as well as retailers is highest in India. A contributing factor to this trend is the large volume of remittances that is wired back to India from its citizens working abroad, which can be sent faster and more cost-effectively through cryptocurrency.

“India is among the fastest global adopters of DeFi, which can boost financial inclusion through expanded access to credit to the MSME sector and those unable to access credit from banks. The quality of startups being founded in India is top notch,” Dilip Chenoy, Chairman, BWA told Gadgets 360.

Once the nation gets its framework of crypto laws, Chenoy notes that there will be a boom in Web3 initiatives from India.

At present, India, as the president of the G20 nations is working on a set of crypto rules that will work on a global level.

On August 1, the country posted a presidency note on crypto, giving a status update on the crypto laws work.

As per that note, the Interntional Monetary Fund (IMF) and the Financial Stability Board (FSB) are expected to be jointly presenting a synthesis paper on their crypto rules suggestions by the end of this month.

This paper will note the possible impacts of crypto on macro-financial implications while also outlining the risks of crypto to emerging markets and economies under development. In addition, the paper is also expected to highlight ways to spread awareness around crypto, so that everybody who chooses to engage with digital assets are aware of the pros and cons.

India has also submitted a similar note with its ideas, suggestions, and concerns around crypto to the G20 group as its president, Ajay Seth, a senior official of the Indian Finance Ministry had said last month.

“The very nature of virtual digital assets (VDAs) being cross-jurisdictional, has made the case for a coordinated regulatory mechanism for such assets rather than individual countries adopting different stances. The regulatory landscape for virtual digital assets is continuously evolving,” Chenoy said.

He further added that despite India not having a concrete regulation to oversee Web3, the sector has been explicitly brought within the ambit certain provisions.

These include income tax framework for VDAs, the Indian Computer Emergency Response Team (CERT-IN) guidelines to ensure compliance of VDA service providers, the ASCI guidelines for responsible advertising and the latest inclusion of VDA service providers in the Prevention of Money Laundering Act (PMLA) recognising them as reporting entities.

“These developments can signal India moving in the right direction, wherein regulators understand the risks associated,” Chenoy added.

India’s presidency of the G20 will conclude in December this year, which is also around when the first draft of global crypto rules is expected by.

Meanwhile, Chenoy said, Web3 elements like asset tokenisation and the eRupee CBDC are likely to make Indians more comfortable with dabbling in the Web3 sector via real estate, art, supply chain, and gaming among other avenues in the times to come.

Recently, the Telangana government in India announced the launch of its Asset Tokenisation Standard Framework, providing a common set of rules and guidelines for the tokenisation of assets.

After having analysed India’s internal response to making the VDA sector safer, the BWA chief has said under its leadership, the G20 nations could just get the crypto rules detailed and right.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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World Fintech Day: Blockchain Is Here to Stay, Existing Fintech Players Must Welcome Web3, Say Experts

Indian Web3 experts and industry insiders believe that blockchain and cryptocurrencies are here because they were needed to finetune existing financial systems and benefit global fintech setup. Crypto experts echoed the sentiment on World Fintech Day, observed each year on August 1. The date marks the death anniversary of Cosimo de’ Medici, a 15th-century Italian politician and banker who established the Medici Bank and influenced the present-day banking system.

Experts maintain that the speed of adoption is a crucial metric for nations looking to lead the sector.

“The dynamic landscape of digital assets calls for adaptability. Digital assets have become immensely significant, bridging the gap between Web2 and Web3,” Dhruvil Shah, SVP – Technology, Liminal, told Gadgets 360. Shah further claimed that digital assets add transparency to financial ecosystems and promote financial inclusion. “As technology progresses, digital assets are poised to shape a decentralised and equitable global economy even further,” he added.

Limitations in Web3 and Possible Solutions

The global blockchain in banking and financial services market has reportedly grown from $1.89 billion (roughly Rs. 15,552 crore) in 2022 to $3.07 billion (roughly Rs. 25,262 crore) in 2023 at a compound annual growth rate (CAGR) of 62.1 percent.

Presently, due to the lack of concrete laws to oversee the new fintech branch of Web3 and cryptocurrencies, countries like India are taking a sceptical approach before integrating them closely with existing financial systems.

Industry insiders are, however, urging online payment players like Google Pay and Paytm to work on policies that could help them integrate Web3 services to their users as well.

“Traditional wallets deal with regulated fiat currencies, while digital assets lack comprehensive regulations. To address this, collaboration within the existing regulatory framework is crucial. One viable solution is the development of a hybrid platform, enabling seamless money transfers between traditional and digital wallets, thus expanding their services to a broader user base,” the Liminal official further noted.

Liminal is a digital wallet player based in India. The startup has hosted six rounds of fundings up until February 2023 and has managed to bag as much as $31 million (roughly Rs. 255 crore) in funding from over twelve investors. The company is among the around 450 Web3 startups that have cropped up in India in recent years.

Despite India’s stern approach towards taking gradual steps into the crypto and digital assets sector, the country’s tech talent has managed to garner the interest of venture capitalists as well as industry players seeking a blockchain workforce.

As of April 2022, Web3 funding in India had peaked to $1.3 billion (roughly Rs. 11,525 crore). At the time, a NASSCOM report had said that 11 percent of the world’s Web3 talent, resides in India, making the nation the third largest home for Web3 workforce. By 2024, the report projected, India’s group of 75,000 blockchain professionals to swell up by 120 percent.

Web3 Roadmap Predictions from Industry Insiders

Speaking to Gadgets 360, Purushottam Anand, Advocate and Founder of Crypto Legal noted that internationally, the fintech industry is already soaking in Web3 elements.

“Global consensus towards digital asset regulation seems overwhelmingly tilted in favour of regulation as against an outright ban. No major economy except China has banned digital assets while many international blocks or organisations like Europe, FATF and World Economic Forum (WEF), IMF and countries including India, Japan, Singapore, UAE and Hong Kong have either finalised or issued some draft framework of regulation. I believe, by 2025, majority of countries will have some form of digital asset regulation in place,” he said.

If not cryptocurrencies, nations around the world are now working on their respective Central Bank Digital Currencies (CBDCs). Created on blockchains, CBDCs are the digital representations of fiat currencies that eliminate the need for paper-based physical notes while also recording the details of all transactions in an unchangeable format on the blockchain.

Nischal Shetty, CEO of WazirX crypto exchange, told Gadgets 360 that CBDC trials are disrupting the fintech landscape, particularly for existing UPI players in India.

“With transactions settling in real-time directly through the central bank’s digital currency infrastructure, the need for intermediaries like payment gateways might diminish, leading to cost savings and more streamlined processes for UPI players. Scalable blockchains, with their high throughput capabilities, can facilitate instant transaction confirmations, making them well-suited for supporting the seamless and fast settlement of CBDC transactions,” Shetty said.

Currently, around $100 million (roughly Rs. 826 crore) in CBDCs are in circulation in different parts of the world where governments are carrying out trials. By 2030, this figure is expected to reach $213 billion (roughly Rs. 17,60,880 crore) with an estimated growth of 260,000 percent, a recent study by Juniper Research had said.

Meanwhile, banking giants like JP Morgan, Goldman Sachs, and Mastercard among others, are already testing Web3 waters with select crypto and digital assets-related offerings.

Samsung launched the Galaxy Z Fold 5 and Galaxy Z Flip 5 alongside the Galaxy Tab S9 series and Galaxy Watch 6 series at its first Galaxy Unpacked event in South Korea. We discuss the company’s new devices and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Web3 Funding from Venture Capital Firms Register 78 Percent Dip From Last Year: Crunchbase

The funding into the Web3 ecosystem has dropped significantly between June 2022 and June 2023. In the first half of last year, projects and startups related to Web3 had managed to raise $16 billion (roughly Rs. 1,31,404 crore) in funding. On the other hand, up until June this year, only $3.6 billion (roughly Rs. 29,568 crore) have been invested by venture capital firms in Web3 initiatives. This marks a decline in funding by 78 percent in the benefit of the digital assets sector, as per a Crunchbase report.

Companies that are engaged in activities related to cryptocurrencies, non-fungible tokens (NFTs), metaverse, as well as blockchain gaming — all fall under the umbrella of the Web3 categorisation. In the lack of regularity clarity, several promising Web3 projects rely heavily on securing external fundings to launch their operations.

Between April and June this year, a total of 322 deals were finalised between Web3 projects and investment capitalists. Collectively, these deals have managed to garner $1.8 billion (roughly Rs. 14,782 crore).

On the contrary, between April and June 2022, Web3 startups had managed to raise $7.5 billion (roughly Rs. 61,585 crore), the Crunchbase report said.

“While seemingly all sectors are seeing a slowdown in venture capital, Web3 — defined here as cryptocurrency and blockchain startups — has been hit hardest. In fact, deal flow hit its slowest pace since the final quarter of 2020, when only 291 deals were announced for a total of $1.1 billion (roughly Rs. seven crore). Large rounds definitely played a role in the dramatic year-to-year drop Web3 funding witnessed,” the report noted.

While the digital assets sector remains grappled with market volatility as well as lack of regularity clarity — the attention of venture capital firms has shifted to other tech spheres.

Companies working in the field of Artificial Intelligence (AI) have attracted the attention of venture capital firms lately.

“However, there is no denying the massive collapses of large crypto exchanges — we all know the names — and recent regulatory actions in the US likely have shaken some investors from looking into the digital asset space. Will those investors come back, or will current investors invite more? The numbers certainly aren’t trending that way. Now investors seem very wary of putting money into anything — except, of course, AI,” the Crunchbase report noted.

Most recently, music NFT startup ‘Sound’, and Web3/AI firm Olympix managed to bag millions in funding.

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Account Abstraction Could Onboard Billions of Asians to Web3, Experts Predict: Here’s What It Means

Asia, the largest continent comprising 51 nations, is garnering the attention of Web3 players from different parts of the world, owing to its diverse market. ‘Account abstraction’ or Blockchain-based smart accounts could be the next thing that could onboard billions of Asians onto Web3, industry experts seem to believe. Essentially, account abstraction is a blockchain technology that lets users use smart contracts as their primary accounts.

More Web3 players and dApps developers are customising their products in alignment with the needs and popular patterns of the Asian market. The observation was highlighted by Laura Shi, the director of strategic initiatives at ConsenSys, during a recent interview with CoinTelegraph. ConsenSys is an Ethereum software solutions provider.

In the coming times, account abstraction or smart accounts could gain popularity as they would not only keep account details invisible on the Ethereum blockchain, but also allow users to control and decide how individual accounts are operated and managed.

This would add more layers of security to the financial activities being processed on the Ethereum blockchain.

Shi reportedly said that account abstraction brings more customisable functionality to financial activities while also offering more traditional bank-like features than usual crypto wallets.

Vitalik Buterin, the creator of the Ethereum blockchain, first proposed the concept of account abstraction back in September 2021.

Its adoption in Asia is being foreseen now, as Asian nations are tech savvy and the scope of experimenting with new technologies ranges from the gaming industry to the finance industry.

Last year’s Chainalysis Global Crypto Adoption Index said that Vietnam, Philippines, Thailand, China, and India are among the top drivers of Web3 growth on the continent. The report had also highlighted that in the second quarter of 2022, 58 percent of web traffic from Asian nations to crypto services was NFT-related. Another 21 percent traffic was related to play-to-earn blockchain games.

This year, Japan, too, has embraced the Web3 sector with open arms, inviting Web3 players to setup shop in the country.

The combined region of Central & Southern Asia and Oceania (CSAO) was the third largest cryptocurrency market last year. Residents of nations in these regions reportedly generated $932 billion (roughly Rs. 75,09,170 crore) in cryptocurrency value from July 2021 to June 2022.

Owing to these factors among others, Shi believes, blockchain use cases will continue to entice people.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Web3, Crypto are Future of Internet, but Lack of Regulations Can Stir Chaos: IT Minister Rajeev Chandrasekhar

Authorities in India seem to be warming up to the crypto sector, as we get closer to December when India’s G20 Presidency will conclude, hopefully with a detailed set of regulations to govern the sector. Rajeev Chandrasekhar, the Union Minister of State for Electronics and Information Technology, has acknowledged that crypto and Web3 are indeed, elements of the next generation of Internet. Having said that, the minister did add that rules and regulations are most needed to govern the space to make it safe for everybody to use and engage with.

Chandrasekhar, 59, was speaking on a podcast hosted by Indian YouTuber Ranveer Allahbadia when he said that the topic of cryptocurrencies has come up for discussion several times among the policy makers of India.

“Crypto, Web3, and Blockchain we cannot fight because it is the inevitable future of the Internet,” he said while emphasising on the utmost need for regulations in the sector.

As per the IT minister, crypto and Web3 without a guard have the capability of creating chaos and has a scope for misuse by notorious elements.

“On crypto, while everybody loves the technology, we think that the issue of INR to dollar conversions, that whole fungibility, exchange, and money transfer needs to be governed by some bond. And unfortunately, in India what happened, as well in the US, billions of dollars have been lost with the (industry) meltdown,” Chandrasekhar said, notably referring to the collapse of FTX and Terra last year, that left the crypto sector dry for months as investors flocked to safer, more traditional investment options.

FTX, the US-based crypto platform succumbed to liquidity crunch and shook-up the crypto market in November last year, leading to the wipe-off of nearly $200 billion (roughly Rs. 16,40,298 crore) from the market. The drastic reaction from investors who pulled back capital from digital assets, left several crypto firms gasping for breath.

In a December report last year, research firm Glassnode estimated that around 550,000 Bitcoin had left crypto exchanges in 2022. At the time, BTC was trading at $16,858 (roughly Rs. 13.9 lakh) that bought the value of 550,000 to $9.2 billion (roughly Rs. 76,760 crore).

Chandrasekar said, concerns had begun to brew when Indians started looking at Bitcoin and other cryptocurrencies as speculative assets, betting on how their prices would go up or down to churn profits.

“People started saying, how much is BTC today, how much will it be day after tomorrow, instead of saying I want to use BTC to transact my finances. So, when it became a speculative asset class in a bubble, the government had to intervene and say no. And as a matter of fact, the way we (India) approached it way back in March 2022, was the reason why many young Indians saved themselves from the meltdown that happened afterwards,” the minister noted.

In India, crypto profits are taxed by 30 percent, a rule that went live in March last year. In addition, one percent TDS is also deducted at each transaction in order to keep some trace of these largely anonymous fund transfers.

At this point, India is spearheading the formulation of global rules to regulate this volatile digital asset space as the President of the G20 group. Clarity on the situation is expected by December this year.

“Crypto is a great area, I encourage innovations to continue there – but it certainly needs some global rules before it could be widely used,” Chandrasekar added.

From the Nothing Phone 2 to the Motorola Razr 40 Ultra, several new smartphones are expected to make their debut in July. We discuss all of the most exciting smartphones coming this month and more on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
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Clothing Brand Lacoste Forays Deeper Into Web3 Exploration, Brings NFT Rewards System

Lacoste, a French designer brand that has been pro-Web3 for a while already, is stepping into deeper waters with its blockchain exploration. The company has decided to add more functionality to its NFT ecosystem, that it first brought to life in June 2022 with its UNDW3 collection. Lacoste wants to reward the holders of these 11,212 UNDW3 NFTs, which is what its new reward system is all about. The brand sees a long-term vision for integrating more Web3 elements to its operations and identity.

Lacoste wishes to let the holders of its ‘Genesis Pass’ UNDW3 NFTs be treated with special creative sessions, video games, exclusive contests, as well as interactive conversations with fellow community members.

Interested holders of Lacoste’s last year’s NFTs will have to connect their digital wallets to a dedicated site, UNDW3.lacoste.com, to unlock these rewards.

“Beyond the fleeting trends surrounding NFTs and the metaverse, we see blockchain as an accelerator, ushering in a more inclusive and experiential digital realm. By rewarding creators and fostering horizontal relationships with our customers, we invite them into our creative process,” Forbes quoted Lacoste deputy CEO Catherine Spindler as saying.

As the participators increase their activities on the rewards site, they’ll earn leadership points and in-turn, enhance the rarity quotient of their NFTs.

“The holders of the Lacoste UNDW3 Card will have the mission to solve quests, engage with the brand, and unlock exclusive benefits that will only be accessible to Lacoste UNDW3 Card holders. Every week, raffles will be organised for all community members, with the opportunity to win exclusive rewards (merchandise, digital twins, etc.),” Lacoste’s new website mentioned.

The more a member engages with the brand, the more they will get a decision-making say in the future of the brand.

In recent days, several fashion brands have taken their first steps into the metaverse and NFT arenas.

In March this year, Adidas, Tommy Hilfiger, and Vogue Digital took part in the Metaverse Fashion Week (MVFW) 2023. The virtual event was hosted by Decentraland, where over 60 fashion brands, both physical as well as digital native ones, showcased their spring collections on the digital runway.

To bridge the gap between digital and physical fashion, SYKY has initiated a one-year incubator programme that will help digital designers make improvements to their skills. The virtual fashion platform has onboarded the British Fashion Council, Vogue’s creative editorial director Mark Guiducci, and Calvin Klein’s chief marketing officer Jonathan Bottomley to be part of the mentor panel established by SYKY to assist its group of up-and-coming designers.

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Credit Agricole’s CACEIS Registers as Digital Asset Custody Provider With French Regulator AMF

CACEIS, the asset servicing business owned by Credit Agricole and Santander, has registered with France’s markets regulator AMF to provide custody services for digital assets, such as cryptocurrencies.

The company registered as a digital asset service provider (DASP) on June 20, according AMF’s website, adding a major traditional financial services group to the growing number of crypto companies registered by the French watchdog.

France has been supportive of the nascent industry and was the first major European country to grant registration to the world’s biggest cryptocurrency exchange, Binance.

Subsidiaries of other big names in French finance, such as Societe Generale and AXA, are also listed among the DASPs registered with AMF.

CACEIS had EUR 4.1 trillion (roughly Rs. 3,36,37,200 crore) in assets under custody at end of last year, according to its website. Credit Agricole SA is its majority owner with a 69.5 percent stake, while Santander holds a 30.5 percent of the group.

On the other hand, months before cryptocurrency exchange Coinbase became the biggest target of the US crackdown on digital assets, the company launched an unusual legal offensive, recruiting top lawyers to try to shape court rulings in other cases.

Before the US Securities and Exchange Commission sued Coinbase on June 6, the company had weighed in on two other crypto-related lawsuits brought by the regulator and urged judges to adopt views on open legal questions that are now at the heart of its own case.

In each case, Coinbase filed briefs as an “amicus,” or friend of the court.

While common at the US Supreme Court, amicus briefs are filed in just 0.1 percent of cases in federal trial courts, according to law firm Gibson Dunn & Crutcher, although crypto industry groups have been filing an increasing number in SEC cases in support of defendants.

© Thomson Reuters 2023

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Binance Operations Declared Illegal by Nigerian Market Regulator, Asked to Discontinue

Nigeria’s markets regulator has ordered the world’s largest cryptocurrency exchange Binance to halt its operations in the country, saying a local unit that courted Nigerian investors through a website was illegal.

“Binance Nigeria Limited is hereby directed to immediately stop soliciting Nigerian investors in any form whatsoever,” the Securities and Exchange Commission (SEC) said in a statement dated June 9. It said the company was not registered or regulated, making it illegal.

Binance could not be immediately reached for comment.

The US Securities and Exchange Commission this week sued Binance and Coinbase for allegedly breaching its rules.

Last year, Nigeria’s SEC published a set of regulations for digital assets, signalling Africa’s most populous country was trying to find a middle ground between an outright ban on crypto assets and their unregulated use.

That was after Nigeria’s central bank in 2021 banned banks and financial institutions from dealing in or facilitating transactions in digital currencies.

Nigeria’s young, tech-savvy population has eagerly adopted cryptocurrencies, for example using peer-to-peer trading offered by crypto exchanges to avoid the financial sector ban.

Meanwhile, the US affiliate of Binance said it was halting dollar deposits and gave customers until Tuesday to withdraw their dollar funds, after the US securities regulator asked a court to freeze its assets.

Binance.US, the purportedly independent partner of Binance, said in a tweet on Thursday that its banking partners were preparing to stop dollar withdrawal channels as early as June 13.

The SEC sued Binance, its CEO and founder Changpeng Zhao, and Binance.US’s operator on Monday, in a dramatic escalation of a crackdown on the industry by US regulators. The SEC sued major US exchange Coinbase a day later.

Binance.US said in the tweeted customer notice that it would no longer accept dollar deposits as part of plans to change to a “crypto-only exchange”. It called the SEC’s civil charges “unjustified” and said it would “vigorously defend” itself.

© Thomson Reuters 2023

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