by admin_786 | May 1, 2023 | Banking
Nigeria’s Securities and Exchange Commision has expressed interest in licensing digital assets companies to operate in the country. The Commission, however, wants to allow the trading of assets based on financial products like Equity, Debt or property but not cryptocurrencies.
Nigeria SEC: Digitize traditional financial products but not cryptos!
The Western African country is gearing up to legalize the trading of traditional financial products in the tokenized form at the expense of cryptos like BTC, ETH and other altcoins.
According to the head of Nigeria’s SEC, Abdulkadir Abbas, the country will only authorize listings of tokens that are not essentially crypto. He added that the Authority aims to register Fintech Firms as digital sub-brokers, crowdfunding third parties, tokenized coin issuers and fund managers. However, the Authority will not register crypto exchanges until there is a clear regulatory framework for the crypto market in the country.
He noted that the license applicants would also have to undergo a year of ‘incubation’, allowing the country’s SEC to study their operations, work culture and how they will render their services. He added that by the 10th month of the applicant’s stay in the country, the SEC would be able to determine whether the applicant is fit to hold the license or would have to be asked to stop offering services there.
The new report regarding SEC’s stance on crypto regulation comes after Nigeria’s Central Bank banned financial institutions from offering crypto services earlier in the year. The bank had launched the digital Naira, and its adoption was going slower than expected. As a result, it banned the usage of other cryptocurrencies as means of payment.
Despite that Ban, Nigeria is still topping in P2P trading of digital assets. According to data from Google Trends, Nigeria ranks second in the world y search interest of crypto assets behind El Salvador. Other data from Chainalysis shows that the country was among the top 20 globally regarding crypto adoption in 20233.
Keep watching Fintech Express for updates on this and other crypto-related news.
by admin_786 | May 1, 2023 | Cryptocurrencies
Binance has warned Justin Sun of possible legal action if he uses TUSD to farm SUI tokens on the Binance Launchpool. The exchange’s CEO, Changpeng Zhao, has asked Justin Sun not to try to farm SUI tokens using TUSD after he deposited over $59M in TUSD today.
Binance CEO Changpeng Zhao fires warning shot at Justin Sun
Justin Sun, the founder of the Tron Network, is known for his witty usage and investments in the crypto market. He has made several large transactions that made him huge profits, a trend that has been noticeable over the past years.
Due to these trends, Binance CEO has warned Sun to avoid using TUSD to join the SUI LaunchPool, saying that legal action may be taken.
Sun replied that his colleagues did use the opportunity and TUSD tokens to participate in the SUI token launch but are regretful.
In a statement, Sun said
“Regrettably, some of our team members were not fully aware of the intended purpose of these funds and inadvertently used a portion of them to participate in exchange campaigns. Upon realizing this error, we immediately contacted the exchange team and arranged for a full refund of the funds.”
Neither Binance nor its CEO has issued a stance on the next steps they will take on Sun for defying their directives. Also, Sun seems apologetic and willing to cooperate with the exchange. Keep watching for updates, as this is a developing story.
by admin_786 | May 1, 2023 | Banking
U.S. banking giant JP Morgan has been confirmed as the new owner of First republic bank after presenting a winning bid. The First Republic Bank collapsed in April, prompting the regulators to take control of it. It’s now the third major bank to fail in only two months.
JP Morgan to the rescue!
JP Morgan, one of the largest banking institutions in the U.S., has rescued the drowning First Republic Bank. JP Morgan presented a winning bid and took control of the FRB bank on MAY 1, 2023, in a deal spearheaded by the California Department of Financial Protection and Innovation (DFPI).
The DFPI appointed the Federal Deposit Insurance Corporation (FDIC) as the receiver in the deal it accepted from JPMorgan Chase bank to assume all deposits. It said that the reason behind the deal was to protect investors, as the bank did not have any feasible plan to revive its operations.
‘To protect depositors, the FDIC is entering into a purchase and assumption agreement with JPMorgan Chase Bank, National Association, Columbus, Ohio, to assume all of the deposits and substantially all of the assets of First Republic Bank,” the Federal Deposit Insurance Corporation said in a statement
The bank had a valuation of over $200B before April 13, 2023, only to disclose that it had lost over $100B in customer deposits in Q1 2023, which made its shares collapse. The bank’s $3.51 on Monday’s Pre Market, which is too low, is considered to be the $170 per share it was trading in the past year.
The FRB bank has become one of the recent major banks to fall after Credit Suisse and Silicon Valley Bank. The trend of these banks collapsing has become an issue to investors and customers who have seen the loss of deposits across all banks. Leaders like President Biden and the Governor of the Bank of England also think that banks will be tested for a while longer.
Keep watching FintechExpress for updates on banking and other finance-related news.
by admin_786 | May 1, 2023 | Cryptocurrencies
Meme coins, the coins driven by speculations only have showcased an increased growth in the past 24 hours. They have claimed the top four spots of the highest gainers in the crypto market today even as the whole crypto market dropped by 1.98% to $1.18T total valuation.
PEPE breathes back life to meme coins?
PEPE, one of the newest meme coins in the Crypto market seems to have brought back life to the meme culture in the crypto market. This coin became notable over the past weeks when a person turned around $60 to over a million dollars in a few days.
Now, meme coins have been receiving increased attention from crypto investors on social media which reflects even in the market. Today, these coins claimed the top four spaces on the five best-performing cryptos. They performed as follows:
Notably, there were no meme coins in the top 5 losers of the day. DeFi coins took the highest number among the top 5 losers with 3 coins while socials tokens took two spots.
Disclaimer: none of the information in this article should be considered investment or financial advice. Always DYOR and only invest what you can afford to lose. Follow us on Twitter to see our news as soon as we post them.
