Nigeria Crypto Ban: Bitcoin Sells For $76K As Deposits On Centralized Exchanges Plummet

Nigeria Crypto Ban: Bitcoin Sells For $76K As Deposits On Centralized Exchanges Plummet

According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges are currently quoting.

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

This spike in the premium charged on bitcoin follows the recent Central Bank of Nigeria (CBN) directive that targets cryptocurrency traders and exchanges. According to the CBN order, which became effective on February 5, banks and other financial institutions were asked to end relationships with entities that are associated with cryptocurrencies. Since then, many crypto exchanges have seen activity drop drastically as institutions complied with the directive.

News.Bitcoin.com reached out to Chiagozie Iwu, the CEO at Naijacrypto cryptocurrency exchange for his perspective on the surging premium. Iwu starts by confirming that different exchanges have different prices for BTC, and he says this has been necessitated by increased costs of acquiring crypto assets. Before CBN issued the directive, “all crypto exchanges had a unified liquidity source” and this source ensured that getting “naira against crypto was easy.”

However, after financial institutions began implementing the CBN order, the liquidity situation has changed for the worse. As Iwu explains, prior to the CBN order:

Trading in Nigeria was smoother than ever, all exchanges had unified liquidity and the markets were very liquid. There was basically little to no spreads in the market.

As a result of the changes in the liquidity situation, the gap between the BTC price in Nigeria and that across global exchanges has been widening.

Regarding the price disparities, the Naijacrypto CEO says these reflect the cost of getting the naira currency to exchanges. This increased cost, in turn, eliminates any arbitrage opportunities that might exist as a result of the price differences. However, Iwu does concede that for users with “better access” these arbitrage opportunities are real and can be exploited.

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Turning to the impact of the CBN order, Iwu also explains how this has badly affected the operations of his company. According to the CEO, deposits on the Naijacrypto exchange dropped by 80% on the day the announcement was made. Before the CBN directive, crypto exchanges had arrangements with banks that enabled “automated deposits” as well as “easy withdrawals.” While activity has since picked up, Iwu reveals that deposits are still 20-25% lower than their usual levels.

The CEO also observes how this CBN order appears to be affecting locally established exchanges more than it has those based outside Nigeria. In explaining this observation, Iwu said:

For the foreign cryptocurrency exchanges its been different since they do not operate from Nigeria so they can flout laws.

Meanwhile, despite the CBN order, which has sent the Nigerian crypto industry back to the “Wild West”, Iwu says he is hopeful that “the ban will be lifted and things will be better than before.”

What else do you think is causing the BTC price in Nigeria to surge? Tell us what you think in the comments section below.

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Source: www.newzpick.com

Author: John Smith


‘Evil VASP’ Simulation Preps Crypto Exchanges for FATF Travel Rule

‘Evil VASP’ Simulation Preps Crypto Exchanges for FATF Travel Rule

Getting crypto exchanges across the world to plug into each other and share sensitive customer data is proving to be a complex problem. 

Nonetheless, firms have to show real progress on this by June of this year, according to new anti-money laundering (AML) rules from global AML watchdog the Financial Action Task Force (FATF).

Announced Thursday, the Travel Rule Information Sharing Alliance (TRISA), one of the better-known solutions being proposed, is launching a testnet that includes a directory of virtual asset service providers (VASPs) and scenario testing for inevitable contact with non-compliant firms. 

The FATF rules require crypto companies to share personally identifiable information (PII) for transactions over a certain amount. While a global cohort of compliance-minded exchanges will begin implementing the new rules later this year, there will be many stragglers including smaller firms in far-flung jurisdictions. This is expected to create a so-called “sunrise problem,” as some parts of the crypto world become regulated ahead of others. 

The TRISA testnet begins to address that looming challenge by including a dummy version of an “evil VASP” that will provide false authentication, attempt to steal data and so on.

There are two compliant VASPs as well as the non-compliant exchange on the testnet, explained John Jefferies, co-chairman of TRISA. 

“The evil VASP isn’t part of TRISA and it will try and trick people into sharing information,” said  Jefferies. “So what we are building out gives firms the opportunity to test out domains and do interoperability testing from a security dimension and messaging dimension.”

TRISA is backed by blockchain analytics company CipherTrace and has support from the likes of Paxful’s Lana Schwartzman, Bradley Arant Boult Cummings LLP attorney Carol Van Cleef, and Thomas Hardjono of MIT Connection Science & Engineering. 

The solution leverages battle-tested certificate authority infrastructure that allows VASPs to mutually authenticate one another, Jeffries explained. Post-testnet, TRISA will be issuing know-your-VASP certificates, validated by a registration authority.

“The cool thing about having a proper certificate authority is that it has the concept of revocation,” said Jeffries. “So if a VASP turns evil – say they pull some sort of exit or fraud or their licenses are revoked – that public key infrastructure that sets up the relationship can also take it back if the whole community has to stop communicating with a VASP, at least for a little while.”

Source: onecryptonews.com

Author: By OneCryptoNews


Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet – Emerging Markets Bitcoin News

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet – Emerging Markets Bitcoin News

According to a website that tracks the price of bitcoin across the globe, the crypto asset’s selling price in Nigeria as of February 18 stood at $ 76,000. At this price, the crypto asset is selling for $20,000 more than the approximately $52,000 that most cryptocurrency exchanges are currently quoting.

Nigeria Crypto Ban: Bitcoin Sells for $76K as Deposits on Centralized Exchanges Plummet

This spike in the premium charged on bitcoin follows the recent Central Bank of Nigeria (CBN) directive that targets cryptocurrency traders and exchanges. According to the CBN order, which became effective on February 5, banks and other financial institutions were asked to end relationships with entities that are associated with cryptocurrencies. Since then, many crypto exchanges have seen activity drop drastically as institutions complied with the directive.

News.Bitcoin.com reached out to Chiagozie Iwu, the CEO at Naijacrypto cryptocurrency exchange for his perspective on the surging premium. Iwu starts by confirming that different exchanges have different prices for BTC, and he says this has been necessitated by increased costs of acquiring crypto assets. Before CBN issued the directive, “all crypto exchanges had a unified liquidity source” and this source ensured that getting “naira against crypto was easy.”

However, after financial institutions began implementing the CBN order, the liquidity situation has changed for the worse. As Iwu explains, prior to the CBN order:

Trading in Nigeria was smoother than ever, all exchanges had unified liquidity and the markets were very liquid. There was basically little to no spreads in the market.

What cryptocurrency will become the main one in a year?
BitcoinEthereum

As a result of the changes in the liquidity situation, the gap between the BTC price in Nigeria and that across global exchanges has been widening.

Regarding the price disparities, the Naijacrypto CEO says these reflect the cost of getting the naira currency to exchanges. This increased cost, in turn, eliminates any arbitrage opportunities that might exist as a result of the price differences. However, Iwu does concede that for users with “better access” these arbitrage opportunities are real and can be exploited.

Turning to the impact of the CBN order, Iwu also explains how this has badly affected the operations of his company. According to the CEO, deposits on the Naijacrypto exchange dropped by 80% on the day the announcement was made. Before the CBN directive, crypto exchanges had arrangements with banks that enabled “automated deposits” as well as “easy withdrawals.” While activity has since picked up, Iwu reveals that deposits are still 20-25% lower than their usual levels.

The CEO also observes how this CBN order appears to be affecting locally established exchanges more than it has those based outside Nigeria. In explaining this observation, Iwu said:

For the foreign cryptocurrency exchanges its been different since they do not operate from Nigeria so they can flout laws.

Meanwhile, despite the CBN order, which has sent the Nigerian crypto industry back to the “Wild West”, Iwu says he is hopeful that “the ban will be lifted and things will be better than before.”

What else do you think is causing the BTC price in Nigeria to surge? Tell us what you think in the comments section below.

$76k, Bitcoin, Bitcoin (BTC), BTC, CBN crypto ban, Central Bank of Nigeria, Chiagozie Iwu, Crypto asset, crypto exchange, cryptocurrency arbitrage trading, Financial Institutions, Liquidity, naira

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Source: news.bitcoin.com

Author: by
Terence Zimwara


US crypto exchange suspends XRP trading in light of SEC lawsuit

US crypto exchange suspends XRP trading in light of SEC lawsuit

A major United States-based cryptocurrency exchange has halted all XRP trading on its platform in the wake of the Securities and Exchange Commission’s ongoing lawsuit against Ripple Labs.

The PayBito exchange, which processed $1.1 billion worth of trades in 24 hours leading up to the time of publication, will suspend all XRP trading pairs, as announced on Feb.18. Four XRP trading pairs have historically been available on PayBito, with XRP/USDT trades proving the most popular.

Notably, the trading suspension will not affect users’ holdings, and those with coins held on the exchange will still be able to transfer them out of the platform, said PayBito managing director Raj Chowdhury:

“Our decision for suspending XRP trading will certainly not affect our users’ access to factors like security and compliance, thereby allowing them to transfer XRP’s from their wallets to other exchanges.”

PayBito said it would continue to monitor the ongoing legal dispute between the SEC and Ripple Labs, suggesting it could reinstate XRP trading depending on the outcome of the lawsuit.

In December 2020, the SEC filed a lawsuit against Ripple Labs, alleging that the sale of XRP coins constituted a violation of securities laws. Ripple Labs continues to deny the allegations and has since demanded that the SEC explain why XRP is classed as a security, while Ether (ETH) isn’t. Officials from the SEC had previously stated publicly that coins like Bitcoin (BTC) and Ether were sufficiently decentralized so as to not represent security issuances.

PayBito joins a long list of major exchanges that have opted to steer clear from XRP while the lawsuit is underway. Binance.US, eToro, Coinbase, Bittrex and OKCoin have all either halted XRP trading or delisted the coin completely.

Ray Schuetz received a Masters Degree in computer science from The University of Texas (Austin). Ray has been working as a full-time blockchain consultant for the past 3 years. In his spare time, Ray enjoys writing for EthereumCryptocurrency.com and other crypto news publications.

Source: ethereumcryptocurrency.com

Author: by Ray Schuetz


Crypto exchange technology platform HollaEx gets upgraded suite

Crypto exchange technology platform HollaEx gets upgraded suite

Crypto exchange technology platform HollaEx gets upgraded suite

bitHolla, a Korean crypto exchange platform technology company, today announced the launch of the HollaEx Kit 2.0. The suite provides users a cloud-based toolkit to create a custom crypto exchange.

HollaEx Liquidity Network – An inbuilt crypto market for exchange operators. The first operational pairs are BTC/USDT and ETH/USDT. In March, the kit will add more popular altcoin markets.

Market Creation – The HollaEx Kit makes market creation easy by allowing anyone to add/create new crypto assets on the dashboard and then pair them up with USDT or other assets. When a new asset/coin has been verified and activated; users on an operator’s exchange will be able to see the new corresponding asset in their wallet page which can be used for depositing and withdrawing the asset.

Customization – Once an exchange is set up and live; the main admin operator will be able to upload new graphics, re-label text, and adjust colors in real-time. One new capability in Kit 2.0 is being able to not only specify different colors for each theme but different graphics, like new loading gifs for each theme. This gives the fine-tune control required to get things just as an operator wants.

Automated Cloud – The Kit will remain free as an open-source crypto exchange software but those that require a little assistance or who want to speed up the process can apply for a cloud subscription service that gets the exchange operating fast. Those that choose to run the software free, DIY style; are given full control over the software to do what they like; and have the option to plug into the automated liquid markets such as BTC/USDT and ETH/USDT provided by HollaEx Network.

Source: www.cryptoninjas.net


Crypto Currency Exchange Coinbase Receives $ 77 Billion Valuation • Coinexc

Crypto Currency Exchange Coinbase Receives $ 77 Billion Valuation • Coinexc

Coinbase is ready to go public and Receives $ 77 billion in valuation from Nasdaq. Coinbase, which settled at $ 303 per share last week, will be larger than NYSE owner ICE.

Cryptocurrency exchange Coinbase will go public in a few months with a valuation of $ 77 billion.

The firm, the largest cryptocurrency exchange in the USA, will be listed on NASDAQ at $ 303 per share. This will make the exchange more valuable than the Intercontinental Exchange, which owns the New York Stock Exchange. One source used the following statements:

“The third weekly transaction closed at $ 303 per share on Friday. The first week was $ 200, the second week it reached $ 301, and the third week it reached $ 303. Right now, it’s kind of a price discovery. “

Coinbase declined to comment on the matter.

Coinbase is waiting for an IPO. The current sale allows employees and investors to receive cash. 254 million shares of the company will be open to trade after being listed on the stock exchange, according to some sources.

Coinbase’s pre-IPO future contracts are traded on the FTX market at $ 386.

Coinbase’s public offering excited the cryptocurrency community. Developments have raised expectations in the cryptocurrency community, especially considering that the price of Bitcoin (BTC) has exceeded $ 50,000.

When high expectations are taken into account, the value of all shares in the company can be much different.

However, it was explained by some sources that Coinbase shares changed hands in a significant amount:

“Only a certain number of shares change hands at $ 300. Tens of millions of dollars are processed every week. That’s a huge amount. “

We share the current data of the Altcoin market with you. As of Thursday morning, …

Source: coinexc.com

Author: imsicoinexc


Nigeria Crypto Ban: Bitcoin Sells For $76K As Deposits On Centralized Exchanges Plummet

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