Binance faces calls for ban by Nigerian Bureau De Change association
Binance continues to experience an increase in regulatory heat as the Federal Government of Nigeria is being urged by the Association of Bureaux De Change Operators of Nigeria (ABCON) to prohibit the activities of Binance within the nation.
ABCON is a self-regulatory body and an umbrella for all the Central Bank-licensed Bureaux de Change (BDC). This action comes in response to the association reportedly recognizing Binance as a significant contributor to the pressure on the naira. As reported by Nairametrics, a local news agency, Alhaji Aminu Gwadebe, the President of ABCON, provided this counsel in an interview held on August 8, in Lagos.
Gwadebe reportedly emphasized that Binance trading has increasingly established itself as a central point for both the Investor and Exporters window as well as the parallel market, highlighting that the platform records remarkable liquidity with 1.2 million transactions occurring every second. He remarked that this stands as a competitive challenge of which the solution lies in prohibiting Binance and the sole strategy to achieve this is by bolstering our own liquidity.
According to the report, the ABCON president noted a transition from a positive outlook to a negative one in the prevailing landscape of the Nigerian foreign exchange market. Gwadabe reportedly emphasized that the prevalence of pessimism in the market’s sentiment has the potential to induce a decrease in the confidence of citizens, a crucial element influencing currencies globally.
The Nigerian Securities and Exchange Commission (SEC) cautioned domestic investors about engaging with the cryptocurrency exchange known as Binance on July 28. This advisory referenced a prior circular that had been issued to address the activities of a deceitful entity unlawfully exploiting the Binance brand. In response, Binance issued a cease and desist notice to Binance Nigeria.
The regulatory agency reaffirmed that the platform lacks the necessary authorization to operate within the country and stressed that its operations are in violation of the law.
Related: Binance receives licenses to offer crypto services in El Salvador
Nigeria adopts a vigilant approach to the cryptocurrency sector while concurrently advocating for its central bank digital currency (CBDC). In July, it upgraded the CBDC system with near-field communication technology, enhancing contactless payments.
Cointelegraph reached out to Binance for commentaries on the ABCON’s calls for a ban but is yet to get a response at the time of publication.
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Health Secretary Wes Streeting has told the BMA doctors’ union to “pick a side” between Reform and Labour over their pay dispute.
Mr Streeting, talking to Sky News political editor Beth Rigby on the Electoral Dysfunction podcast, said the Labour Party will always be on the side of the NHS, while Reform leader Nigel Farage would “check your credit card before your pulse”.
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The health secretary sits down with Sky’s Beth Rigby in the latest episode of Electoral Dysfunction.
In July, resident doctors, previously known as junior doctors, went on strike over their pay and are threatening to strike again following years of walkouts under the previous Tory government.
In a preview of what his speech on Tuesday to the Labour Party conference will focus on, Mr Streeting said: “I’d say to the BMA, pick a side because you’ve got a choice here and there’s a government that wants to work with you.”
During a live recording of Electoral Dysfunction at the conference in Liverpool, he added: “What I’ve said to the BMA is the NHS is hanging by a thread, don’t pull it.
“It wouldn’t be in the interest of the BMA – there isn’t a more pro-doctor, pro-NHS government waiting in the wings.”
He mentioned Mr Farage’s plan to introduce health insurance, adding: “The BMA should really think about this in terms of their members.”
Mr Farage has also pledged to abolish indefinite leave to remain and put in place a minimum salary of £60,000 for skilled worker visas.
Speaking on the Electoral Dysfunction podcast, Wes Streeting told the BMA to ‘pick a side’
The health secretary said that would be “shooting ourselves in the foot” when it comes to NHS staff.
“Farage says ‘go home’, the Labour Party says ‘this is your home and with us this will always be your home’,” he said.
Lib Dems are ‘frenemies’
Mr Streeting said he thinks there will be lots of disaffected Conservative voters who do not want to see Reform in government, and said they are “welcome to get behind us”.
He added some of those voters will support the Lib Dems, who he called “frenemies” of Labour – “some days they’re friends, some days they’re enemies” – but said “we have a common enemy in Reform”.
Greater Manchester mayor Andy Burnham
We need Burnham on the pitch
Mr Streeting also addressed the potential of Greater Manchester mayor Andy Burnham challenging Sir Keir Starmer for his premiership.
He said he thought Mr Burnham claiming there is a “culture of fear” within the Labour Party “was an overstatement”.
Asked if the mayor is a team player, Mr Streeting said: “On his best days, yes.”
But he said recently “he’s had his ups and downs”.
However, he added: “I think the thing about Andy, he’s one of our star players, and we need him on the pitch.”
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