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FULL LIST: US, UK, Canada, other countries where Binance is banned, restricted

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FULL LIST: US, UK, Canada, other countries where Binance is banned, restricted
Flags of countries where Binance is restricted
Access to websites of top global cryptocurrency exchanges and virtual digital asset service providers such as Binance, Kucoin, OKX, and others, have been blocked and restricted in some countries.

Major economies like China, India, Turkey, and Nigeria have restricted and curtailed crypto trading.

Authorities are wary of how exchanges may be laundering the proceeds of criminal activity, or aid tax offenders, or host the perpetrators of crypto scams.

In the past few years, the platform has landed itself in a fix over compliance issues in several countries. Binance has been slow to comply with local money laundering laws, and has failed to register to do business in many countries.

On May 12, 2023, Binance exited the Canadian marketplace due to stricter requirements around stablecoins and investor limits.

Canada tightened regulations for crypto asset trading platforms with the introduction of a pre-registration process.

For Nigeria, telecommunications firms have been instructed to restrict access to the websites of cryptocurrency firms such as Binance, OctaFX, Coinbase and others, months after its Central Bank issued a guideline to govern digital asset operators’ activities.

This new restriction on crypto websites is aimed at slowing currency speculation activities in the country, with Binance stating that its platform is not for currency pricing. The platform said this after users complained about their inability to buy dollars.

When Nigeria banned Twitter in 2021, Nigerians continued using the platform with Virtual Private Network (VPN) apps. The same is expected, with the country boasting one of the largest crypto populations in the world.

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Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of daily trading volume of cryptocurrencies.

SEE ALSO:  Junior Pope is alive — AGN president, others

It was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.

Binance was initially based in China, then moved to Japan shortly before the Chinese government restricted cryptocurrency companies.

Binance subsequently left Japan for Malta and currently has no official company headquarters.

Cryptocurrency trading platform is facing restrictions in multiple jurisdictions, such as the United States, Singapore, Canada and the United Kingdom.

In 2021, Binance was put under investigation by both the United States Department of Justice and Internal Revenue Service on allegations of money laundering and tax offenses.

Also, the UK’s Financial Conduct Authority ordered Binance to stop all regulated activity in the United Kingdom in June 2021.

Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, had advocated that Binance and other crypto platforms should be banned from operating in Nigeria.

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Onanuga’s call for a ban on cryptocurrency trading platforms followed the directive of the CBN on February 5, 2021, to banks, non-bank financial institutions (NBFIs), and other financial institutions (OFIs), to close accounts of persons or entities involved in crypto transactions.

The regulator also warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.

CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

Majority of restrictions across countries stem from licensing and money laundering issues.

The countries where Binance has been restricted or banned in no particular order are as follows:

United States

United Kingdom

SEE ALSO:  N193bn intervention loans declared lost by CBN

Japan

Italy

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Canada

Belgium

Nigeria

Australia

India

Netherlands

Thailand

Philippines

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Germany

France

Bangladesh

Iran

Vietnam

Kazakhstan

Malaysia

China   (The Nation)

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Police Inspector ‘kills self’ in Maiduguri

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Nursing student commits suicide over unwanted pregnancy

A police inspector (name withheld) has reportedly committed suicide in Maiduguri, Borno State capital.

The late officer was attached to Gwange Divisional of Borno Police Command.

According to community sources, he was looking healthy when he was last seen three days ago.

It is unclear why the policeman took the action. His neighbors at Layin Bayan, Wulari Jerusalem area of Maiduguri raised the alarm on Saturday morning when they noticed his door was locked from behind and a strange oduor was emanating from there.

The matter was immediately reported to metro Division of Borno Police Command and some officers were deployed to the scene.

“It was early this morning that people in the compound observed strange odor emanating from his apartment; his door was shut from behind.

“The men of police from Metro and Gwange Divisions respectively came to break the door and his lifeless body was found on the floor of his bedroom. They are currently in the compound.” the source said.

As of the time of filing this report police authorities have not issued any statement on the incident.

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Police Public Relations Officer in Borno, ASP Kenneth Daso, did not answer calls when Daily Trust attempted to reach him. The telephone line rang out repeatedly.

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SEE ALSO:  Police Inspector ‘kills self’ in Maiduguri
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Junior Pope is alive — AGN president, others

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How boat conveying Junior Pope collided with another on Anambra river -Eyewitness
Junior Pope

Nigeria’s Nollywood actor, Junior Pope Odowondo, earlier reported dead in a boat accident, has come back to life.

Several media reports earlier said that Odowondo and three other actors on their way to a location died in a sea crash.

They were said to have died inside a river in Anambra State when their boat capsized.

However, reports later had it that Odowondo was resurrected.

The development was confirmed by the President not the Actors Guild of Nigeria, Emeka Rollas, in a post on social media.

Rollas said: “What God cannot do does not exist.

“Junior Pope is alive.

“He is taking treatment in the hospital.”

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A comedian, Arole, also confirmed the development among other persons.

Arole said he made a call to someone with Odowondo who confirmed he is alive.

This is coming after videos and photographs showed the four actors lying down dead.

In fact, the heads of two or three of them were covered.

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SEE ALSO:  Police Inspector ‘kills self’ in Maiduguri
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N193bn intervention loans declared lost by CBN

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CBN uncovers $2.4bn foreign exchange scam
CBN Governor Olayemi Cardoso

A report by the Central Bank of Nigeria (CBN) has revealed that out of the total loans of N10.3 trillion disbursed as intervention, N193 billion has been declared lost and another N418.9 billion remains doubtful.

According to the report, which was last updated in September 2023, detailed the breakdown of the bank’s intervention funds over the years.

A doubtful loan is one for which full repayment is questionable and uncertain. The degree of repayment of loans in question ranges from a complete loss to an uncertain loss unless corrective actions are taken.

According to the report, out of the N10.3 trillion in intervention funds, N4.4 trillion has been repaid, while approximately N5.8 trillion remains outstanding. Some of the loans are tenured, meaning they only fall due when the principal repayments mature.

However, only N969.8 billion of the outstanding amount was past due, as some loans had repayment tenures extending years beyond 2023. Based on this, the report claimed the percentage of repayments to amounts due was 75.8%.

The apex bank report also indicates that N289 billion of the loans are performing, N67.9 billion is substandard and N418.9 billion is doubtful and N193.9 billion of the loans are lost.

The apex bank governor, Yemi Cardoso, has repeatedly criticised the intervention funds carried out under the leadership of Godwin Emefiele, claiming that the bank could not implement the interventions appropriately. (Daily Trust)

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SEE ALSO:  N193bn intervention loans declared lost by CBN
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