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.
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.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.