Connect with us

Business

Binance Connect shuts down services as Crypto market stays red

Published

on

In a notable turn of events that sent shockwaves across the cryptocurrency community, Binance, a prominent player in the crypto space, has announced its decision to shut down its fiat-to-crypto payments platform, Binance Connect.

This unexpected move comes amidst a broader slowdown in the crypto market, attributed to underlying structural issues within the digital landscape.

Recent market fluctuations have been a rollercoaster ride, with prices experiencing swings in response to various factors. The past 24 hours witnessed a market slump, following a brief upward trend observed over the preceding 7 days, according to the latest market reports.

Within this timeframe, a staggering total of 60,786 traders found themselves in liquidation, resulting in a cumulative liquidation volume of approximately $134.86 million USD.

The most significant liquidation event occurred on the Binance platform involving the ETHUSDT trading pair, with a hefty sum of $2.34 million USD involved.

Today, a chapter comes to an end for Binance Connect, the regulated avenue for purchasing and selling cryptocurrencies affiliated with the Binance exchange.

The decision to terminate operations for @Binance_Connect, effective August 15th, stemmed from the platform’s service provider discontinuing support for card payment services. Speaking on this development, a Binance spokesperson stated:

  • “Our continuous evaluation of products and services ensures the alignment of our resources with our long-term strategic objectives at Binance. Over the past six years, Binance has evolved from a mere exchange into a global blockchain ecosystem, encompassing diverse business segments. We remain agile in adapting our business strategy to cater to evolving market dynamics and user preferences.”

Launched under the name “Bifinity” on March 7, 2022, Binance Connect served as an intermediary, facilitating fiat-to-crypto transactions by bridging the gap between the cryptocurrency sphere and conventional financial systems.

Resultantly, Bitcoin’s value encountered a dip over the past 24 hours, resting at approximately $29,000. However, it’s noteworthy that Bitcoin’s dominance over alternative coins (altcoins) has substantially increased.

This rise in dominance is attributed to the ongoing downturn in most altcoins, including notables like XRP, meme-inspired coins, EOS, and Solana, which have experienced losses of up to 5%.

Not long ago, Bitcoin surged by more than $1,500, touching a multi-week high above $30,000. Despite this rally, Bitcoin’s momentum faltered, leading to a significant drop the following day.

Interestingly, the cryptocurrency demonstrated stability over the week despite limited trading activity.

Furthermore, analytical chart patterns illustrate Bitcoin’s struggle to break free from the tight trading range hovering between $29,200 and $29,500, resulting in a lack of heightened price volatility, as anticipated.

This period of price calm for Bitcoin coincides with a decline in trading volume and year-on-year volatility for Bitcoin derivatives.

The 30-day average trading volume for both Bitcoin options and futures has hit its lowest point since January 2023, totalling approximately $487.37 million and $16.7 billion, respectively.

Amidst these fluctuations, industry experts remain optimistic about Bitcoin’s prospects.

Analysts at Delphi Digital assert that a consolidation phase akin to the period between 2015 and 2017 is underway around the $30,000 mark, with indicators pointing towards a potential all-time high (ATH) for Bitcoin in Q4 2024.

In parallel news, the U.S. Securities and Exchange Commission (SEC) seems to be inching closer to greenlighting the launch of a Bitcoin Spot ETF investment vehicle after a protracted period of regulatory compliance.

In a strategic move, BlackRock, the world’s largest asset management firm, has furnished additional details to its Bitcoin ETF applications currently under SEC review.

This development has rekindled investor interest in the cryptocurrency realm both nationally and globally.

Taking a proactive stance, the company has forged a “supervisory sharing agreement” with Coinbase, a significant player in the crypto exchange arena.

This decision comes on the back of reports suggesting the SEC’s openness to considering ETF applications structured under such arrangements.

BlackRock joins the ranks of several entities awaiting regulatory approval for their crypto ETF submissions within the SEC’s domain.

Among them, ARK Invest, helmed by CEO Cathie Wood, submitted an application for an ARK 21Shares Bitcoin ETF listing in May 2023.

The company has recently faced a regulatory setback, encountering an additional 21-day delay from the SEC, providing the regulator with a three-week window to open the proposal for public input.

Business

Allegation of missing fund untrue, says Access Bank

Published

on

By

Access Bank Limited has dismissed as untrue allegations of missing fund and unethical behaviour.

The Bank in a statement said: “Our attention has been drawn to a video on social media wherein allegations of missing funds and unethical behaviour have been made against Access Bank PLC.

“First and foremost, we wish to emphasise that the safety and security of our customers’ funds are core priorities which we take seriously. Second, Access Bank Plc does not engage in or condone any unethical behaviour.

“In the instant case, the allegations of missing funds in the Bank are most untrue and baseless.

“There is no N500million or any other fund or amount missing from the subject customer’s account or from any other customer’s account with us.

“We and other independent stakeholders in the banking industry have thoroughly investigated these allegations and independently arrived at the same conclusions.

“Access Bank PLC operates with the highest ethical standards, and we protect our customers’ interests whilst also respecting privacy laws.

“Consequently, whilst we have engaged and will continue to engage with our customers, we must advise the public not to rely on or believe sensational and unverified claims that are designed to titillate and mislead the public.

“We remain committed to serving our customers.”

Continue Reading

Business

31 electricity towers affected as vandals destroy transmission lines in Edo communities

Published

on

By

The Transmission Company of Nigeria (TCN) says vandals in Benin, Edo state, have destroyed 31 transmission towers.

In a statement on Friday, Ndidi Mbah, TCN’s director of public affairs, confirmed that vandals attacked transmission towers in Okada and Ofosu communities along the 330kV Benin-Egbin and Benin-Omotosho transmission lines.

Mbah said the vandalised towers, which suffered significant damage with critical components removed earlier in November, were discovered by TCN linesmen during a routine patrol.

“A total of 31 towers were affected in this incident,” she said.

“TCN engineers from the Benin Sub-Region have initiated repairs to prevent the collapse of the affected towers and to avoid disruption of bulk power supply.”

‘AHOADA-YENAGOA LINE UNDER REPAIR TARGETED BY VANDALS’

Mbah also said its Ahoada-Yenagoa 132kV line, which was under repair following a previous attack, was once again targeted by vandals.

The TCN spokesperson confirmed that the attack, which occurred on November 19, affected towers 29 to 31 and resulted in the theft of approximately one-third of the conductor.

On August 14, TCN announced that Bayelsa state would face a prolonged power outage following the destruction of 13 transmission towers along the Ahoada-Yenagoa 132kV double circuit transmission line by vandals.

The transmission company, on October 29, reported that 65 percent of the damaged transmission towers had been repaired.

The company said 17 transmission towers had been successfully erected, with work continuing on the remaining three.

“A team of TCN engineers, led by Engr. Emmanuel Akpa, General Manager of the Port Harcourt Region, has conducted an inspection of the site,” the statement reads.

“Preliminary findings indicate that the incident occurred at night. In an attempt to prevent further theft while repair arrangements are being made, local security has been engaged at Ula Ikata in Ahoada East LGA to secure the site until repairs are completed.

“Additionally, the line will be energized from the Ahoada end as a preventive measure.”

Mbah added that efforts are underway to replace the stolen 250mm conductor.

Despite challenges posed by difficult terrain and flooding, she said the restringing of the Ahoada-Yenagoa 132kV line is approximately 85 percent complete.

The public relations officer stressed that the incidents underscore the urgent need to address the growing problem of vandalism and theft, which continue to affect Nigeria’s power infrastructure.

She urged the public to support efforts to tackle such criminal acts, which have hindered the expansion and stability of the national grid.

Mbah also called on security operatives and local communities to remain vigilant in protecting power infrastructure in their areas as TCN intensifies its efforts to safeguard its installations.

Continue Reading

Business

NCAA issues aerodrome certification for Lagos, Abuja international airports

Published

on

By

The Nigeria Civil Aviation Authority (NCAA) has issued Aerodrome Certification for Murtala Muhammed International Airport in Lagos and Nnamdi Azikiwe International Airport in Abuja.

This recertification is a significant achievement, highlighting the ongoing improvements in the safety standards of Nigeria’s international airports.

The announcement was conveyed via a post on the official X (formerly Twitter) account of the Federal Airports Authority of Nigeria (FAAN) on Friday.

The Aerodrome Certificates were formally presented to the Managing Director/Chief Executive of FAAN, Mrs. Olubunmi Kuku, by the Acting Director General of the NCAA, Capt. Chris Najomo.

“@NigeriaCAA just issued Aerodrome Certification for the Murtala Muhammed International Airport Lagos and the Nnamdi Azikiwe Airport Abuja. The recertification is a major boost and attestation to the continued improvements of the safety standard of our Airports,” the tweet read in part.

The certification confirms that Lagos and Abuja airports adhere to the strict safety, operational, and technical standards of the International Civil Aviation Organization (ICAO). This milestone is anticipated to enhance trust among domestic and international airlines, strengthening Nigeria’s standing in global aviation.

Continue Reading

Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

Most Read...