Shen Chao, Binance has removed the peer-to-peer (P2P) trading function for the Nigerian currency Naira. Nigerian Binance users have expressed dissatisfaction and concern. It is reported that the P2P function allows users to trade directly without a third party. Binance has also attracted the attention of the Nigerian central bank because the bank is concerned about possible "suspicious fund flows." There have been reports that the National Security Adviser's office has detained two Binance executives in Abuja. Local cryptocurrency analysts are disappointed with the government's unfriendly attitude and believe that the government should focus on manufacturing and exporting rather than confronting cryptocurrencies.
Binance becomes the only Web3 award-winning company in the 2023 Hong Kong Cyber Security Elite Award Program
The "Network Security Elite Award Program" jointly organized by the Hong Kong Police Force, the Hong Kong Government Computer Emergency Response Team Coordination Centre (GovCERT.HK), and the Hong Kong Computer Emergency Response Team Coordination Centre (HKCERT) held its 4th award ceremony, recognizing outstanding performances by network security personnel in various industries in their respective fields. Among them, Binance won the Excellence Award in the Banking and Finance category, and Binance was also the only Web3 enterprise representative to receive an award this year. The Network Security Elite Award Program was first held in 2016 and is a landmark network security professional award in Hong Kong. Its aim is to commend outstanding achievements and professional skills of network security personnel in different industries. Carlos Mak, a member of the Binance investigation team, said: "Binance believes that close cooperation with law enforcement and regulatory agencies is an indispensable part of eliminating illegal elements in the industry. We are pleased to be able to work with Hong Kong law enforcement officers to make contributions in network security. In the future, Binance will continue to make efforts to improve the security of the global Web3 and build a reliable Web3 ecosystem."
Binance has announced that it has successfully recovered $4.4 billion worth of digital assets over the past two years. These assets were originally not properly accounted for due to user errors such as inputting incorrect wallet addresses, depositing incompatible tokens, and blockchain upgrade issues. In 2022 and 2023, Binance resolved 381,616 cases of cryptocurrency not being properly accounted for.
Nigeria Detains Binance Executives Amidst Allegations of Currency Manipulation and Illicit Fund Movements
The Nigerian government has detained two senior executives of Binance, a cryptocurrency exchange platform, as part of a wider crackdown on crypto platforms. The move comes amid concerns over currency manipulation and illicit fund movements, which have been blamed for weakening the value of the local currency, the naira. The Central Bank of Nigeria has raised concerns over the flow of funds through Binance Nigeria, highlighting the need for regulatory scrutiny and collaboration among government agencies. Binance has disabled its peer-to-peer function for Nigerian users in response to the crackdown, raising uncertainties about trading on the platform. The future of crypto trading in Nigeria remains uncertain.
According to Bloomberg, Binance is launching a new VIP invitation program in hopes of attracting a new group of traders from traditional markets. The program lowers the threshold for becoming a VIP user and allows new users to apply for the Binance VIP program using the total amount of cryptocurrency and traditional assets (such as stocks) held on other external trading platforms. Previously, Binance users needed to have a total monthly trading volume of at least $1 million on the exchange platform to become a VIP. VIP users enjoy benefits such as lower trading fees and exclusive participation in events.
Binance will carry out scheduled system maintenance on selected trading pairs of Binance Convert, which is expected to enhance the overall system performance and stability. The maintenance is scheduled to take approximately two hours and will start at 09:30 (UTC) on February 28th, 2024. During the system maintenance period, the following trading pairs will temporarily be unavailable for trading on Binance Convert: WBNB-BNB, WETH-ETH, GXS-REI, BTTOLD-BTTC, TRXOLD-TRX, STGOLD-STG, RDNTOLD-RDNT, QUICKOLD-QUICK, AVAOLD-AVA, OPUSDCE-USDC, MATICUSDCE-USDC, ARBUSDCE-USDC, TUSDOLD-TUSD, PAX-USDP, BUSD-FDUSD.
Binance pleaded guilty to violating sanctions and anti-money laundering laws last year.
US Judge Richard Jones has approved the plea agreement for Binance to pay a fine of $4.3 billion. A Binance spokesperson stated in a statement, "Binance takes responsibility for its past actions and has made significant progress in taking the measures required by the plea agreement terms."
Bloomberg reported that the judge responsible for handling the Binance case has approved Binance's admission of guilt and payment of a $4.3 billion fine.
According to OKX market information on February 21, BNB broke through $370 and is currently priced at $372.4, with a 24-hour increase of 4.52%.