Richard Teng, the CEO of Binance, has been invited to appear before the Nigerian House of Representatives Committee on Financial Crimes due to allegations of money laundering and terrorism financing.Punch, a local news source, reports that Ginger Onwusibe, the chair of the committee, gave the Binance management until March 1 to come before the committee by March 4, 2024, at the latest.On February 27, the governor of Nigeria’s Central Bank (CBN) expressed worries regarding Binance, citing “suspicious flows” of funds through the exchange in 2023. Onwusibe issued a warning, stating that the committee would use its constitutional authority and take appropriate action if Binance disregarded the summons.In a letter dated December 12, 2023, and signed by Onwusibe, Punch claims that the committee requested that Teng show up for a hearing on December 18, 2023. Onwusibe voiced his disappointment in Teng for declining several offers to attend.Onwusibe underlined that it has to do with the regulations that currently regulate the nation’s financial and corporate operations being completely disregarded.Reiterating the committee’s resolve to fight financial crimes, Onwusibe emphasized that they are empowered by the constitution to protect Nigerians against financial crimes, especially those involving foreign corporations. In an effort to quell speculation over the country’s fiat currency, the Nigerian naira, the National Security Adviser’s office is also said to have detained two senior Binance officials in Abuja, the capital of Nigeria.Amid an ongoing crackdown on the cryptocurrency exchange, Binance suspended the naira from its peer-to-peer (P2P) service on Wednesday, February 28.Users can transact without the involvement of a third party by using the P2P capability.Under the administration of former President Muhammadu Buhari, it gained popularity in Nigeria in 2021 as a result of the government’s prohibition on the country’s booming cryptocurrency business. But in December 2023, the CBN simultaneously released regulations for virtual asset service providers and repealed a two-year restriction on banks doing cryptocurrency transactions.In 2022, Nigeria became the second nation to introduce a digital currency issued by its central bank.The cNGN stablecoin, pegged to the naira, was also introduced by the Africa Stablecoin Consortium in February under a CBN regulator sandbox.

The Securities and Exchange Commission (SEC) requested an extension of time to file a submission that would conclude Ripple Labs’ legal dispute, and Judge Analisa Torres granted the request.The SEC was given an extension to file its discovery papers pertaining to remedies that Ripple had offered, according to court records filed on March 1.The regulator has until March 22 to submit its opening brief thanks to the delay.Additionally, Ripple’s opposition brief deadline has been extended to April 22, and the SEC’s new reply deadline is May 6, 2024.A document outlining prospective legal remedies and actions that might be taken into consideration or pursued in connection with the dispute is known as a remedies-related briefing. The SEC filed a lawsuit against Ripple Labs in December 2020, alleging that the company, its co-founder Chris Larsen, and CEO Brad Garlinghouse had conducted an unregistered securities offering through sales of the XRP coin, worth $1.3 billion. The SEC claims that the token ought to be categorized as a security and be governed by stringent laws.Conversely, Ripple contended that XRP is not a security and that they were not given adequate notice by the SEC about its classification.Over the years, the lawsuit has witnessed a number of developments and court battles.The debate around the “Howey test,” which establishes whether a transaction meets the requirements to be classified as a “investment contract” under US law, is one important component.The SEC claims that XRP satisfies the Howey test requirements, although Ripple disputes this. Judge Analisa Torres made a significant ruling in July 2023, partially supporting Ripple Labs by ruling that XRP was not a security in relation to its programmatic sales on digital asset exchanges.But the judge also decided that when XRP was offered to institutional buyers, it was regarded as a security.After contacting Ripple, Cointelegraph has not heard back as of yet.

Giovanni Vicioso, the executive director of equity and alternative products at the CME Group, told Cointelegraphin an exclusive interview that the impending introduction

In the midst of a crackdown on cryptocurrency exchanges, the Nigerian government is requesting $10 billion in reparations, thus cryptocurrency trading site Binance

According to a study report released on February 29 by blockchain security company Immunefi, over $200.4 million in cryptocurrency has been lost to

The world’s biggest cryptocurrency exchange, Binance, has announced the launch of a new program that enables new users to become eligible for its VIP Invitation Program based on the total volume of their traditional assets or cryptocurrency from outside trading venues.The enlarged VIP program was unveiled by the exchange on February 28. It was dubbed the “first of its kind” by a major cryptocurrency exchange serving high-volume traditional asset traders.In order to qualify for the incentive, new platform users must meet the trading volume requirements of the Binance VIP Program, which are equivalent to a 30-day aggregate spot or futures trading volume in cryptocurrencies or traditional assets.These users will, per the announcement, be “instantly upgraded” to a VIP level higher on the exchange for a period of two months. Catherine Chen, the head of Binance VIP and Institutional, commented that the evolution of crypto mainstream acceptance has played a big role

Following Bitcoin’s peak since 2021, Daniel Yan, co-founder of the Singaporean crypto services company Matrixport, predicts an impending market drop. “The sentiment of the market has come to a level where I think we should be cautious,” the co-founder wrote on February

In a move that came less than a week after its well-publicized separation from blockchain lending platform Aave, cryptocurrency risk manager Gauntlet said on Tuesday that it is joining up with competitor decentralized lender Morpho.In line with the new strategy, Gauntlet will develop its own loan products and will rely on MorphoBlue, a service that was introduced by Morpho in January and lets anyone build a lending pool for a specific pair of digital assets. MorphoBlue is a direct rival to Aave. “Gauntlet has decided it could better pursue its mission of making DeFi safer and more efficient by joining forces with Morpho, which

Investment banking firm Benchmark stated in a research report on Tuesday that it began covering the stock that MicroStrategy (MSTR) has a unique business model centered on the acquisition and holding of bitcoin (BTC), which accounts for the majority of the software company’s valuation.The shares are rated as buy by Benchmark, with a $990 price target.In early Tuesday trading, MicroStrategy gained around 8% to $860.75. “We believe the boost in demand for bitcoin resulting from the launch of multiple spot bitcoin ETFs, combined with the reduced pace

Following Binance’s significant $4.3 billion plea deal, market watchers are keeping a careful eye on the expected price of Bitcoin and looking for

Changpeng “CZ” Zhao, the former CEO of Binance, has been subject to new travel restrictions, which the US Attorney’s Office has asked a

Holding a newly airdropped cryptocurrency token for longer than 14 days has, almost half the time, resulted in missing the chance to sell