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Cryptocurrency

Over 40,000 Bitcoins withdrawn from BitMEX

The total amount pulled from the exchange over the past day is now nearly 40,000 $BTC.

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dollars, Bitcoin has halved, what happens next?, Naira should watch out; Nigeria leads in the peer to peer use of Bitcoin than all African countries combined

These are surely bad times for a leading crypto exchange caught in the crossfire of U.S financial regulators.

Data retrieved from Glassnode, a crypto analytic firm, revealed Bitcoin outflows from BitMEX addresses continue – our data shows that in the past hour another 7.200 BTC were withdrawn.

The total amount pulled from the exchange over the past day is now nearly 40,000 $BTC.

READ: Binance offers DeFi coders $100,000; DeFi market value hits $8 billion

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READ: Ripple opens 1,000,000,000 XRP

Why it’s happening now: U.S. regulators a few days ago brought a series incriminating charges against BitMEX a Seychelles-based crypto exchange. Since then over 40,000 Bitcoins were withdrawn from the Seychelles-based crypto exchange.

Failure to adhere to proper KYC rules is among the charges against BitMEX by the U.S. Commodity Futures Trading Commission (CFTC).

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READ: Nigerians bypassing bank transfers with crypto

Once the leading crypto derivatives exchange, BitMEX’s market share has dwindled in recent times with many other virtual service providers offering a variety of crypto derivatives trading instruments.

Data shows much of it went to its crypto exchange rivals that include Gemini, Binance, and Kraken.

BitMEX’s bitcoin sudden outflow to these crypto exchanges reveals that global investors and traders are placing a high importance on better compliance with regulations or better-leveraged bitcoin trading products.

Gemini, the U.S.-based and Winklevoss brothers-owned exchange is known for strict “know-your-customer (KYC)” procedures.

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READ ALSO: States’ IGR hits N1.16trn in 2018, as Lagos maintains first spot

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Recall CipherTrace research discovered that just this year alone, 56% of VASPs globally have weak or porous KYC processes, meaning money launderers can use these virtual asset service providers to withdraw or deposit their ill-gotten funds with very minimal to no KYC.

When looking at the weakest KYC countries in the world, CipherTrace analysts discovered that 60% of the top 10 worst KYC countries in the world are in Europe, 20% are in Latin American and Caribbean countries, and the final 20% is in APAC countries.

Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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Cryptocurrency

#EndSARS: Feminist Coalition raise Cryptos worth $126,000

Feminist Coalition has raised about 9.9 Bitcoins and other cash donations totaling N77.19 million for the #EndSARS movement.

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#EndSARS: Feminist Coalition raise Cryptos worth $126,000, #EndSARS: Protesters launch helpline centre, online radio platform, 'Soro Soke', EndSARS Protest: Feminist Coalition group raise additional N31 million crowdfund in four days

Feminist Coalition, a non-governmental organization originally created to push for gender equality in Nigeria, has become the forerunner of support for the #EndSARS protests. They joined millions of other Nigerian youths across the country to call for police reforms and have raised about 9.9 Bitcoins and other cash donations totaling N77.19 million.

Bitcoin, at the time of this report, traded at $12,887.81 with a daily volume of $27 Billion. BTC price is up 1.1% in the last 24 hours. This means the value of their crypto donation has now reached $126,720.

READ: EndSARS Protest: Feminist Coalition group raises additional N31 million crowdfund in four days

The funds have been largely disbursed to support the protests with hospital bills for injured protesters, food, water, first aid supplies, and more.

READ: #EndSARS: President Buhari asks international community not to make hasty decisions on developments

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READ: #EndSARS: Nigerian ex-presidential aspirant, Adamu Garba sues Twitter and its founder, Jack Dorsey for $1 billion

Why this matters

  • The donations are used in providing medical and legal bills for some Nigerians arrested in recent days, and most importantly to hire private security guards in protecting them against armed gangs, who of late have tried to discredit the theme of the peaceful protests.
  • Another critical reason many Nigerian millennials use crypto amid protest for police reforms is that the #EndSARS protests in principle are decentralized. There is no known centralized authority coordinating the protest and the much advantage cryptos have over fiat currencies is that they are decentralized finance assets, meaning funds can’t be controlled, blocked, or disengaged by any central authority.
  • Also, crypto donations are very secure, and privacy concerns kept at a minimal level, on the basis you don’t disclose your personal details when making such transfers.

READ: #EndSARS: How Nigerian football players have reacted

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What you should know

The Feminist Coalition is a group of young Nigerian feminists formed in July 2020, with a  vision of a country where equality for all people is a reality in our laws and a mission to champion equality for women in Nigerian society.

Its core focus is on education, financial freedom, and representation in public office.

Explore Data on the Nairametrics Research Website

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Cryptocurrency

Tether opens up 300,000,000 USDT

Tether’s Treasury minted a whopping 300 million USDT.

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Why OMG integrated with Tether

Tether, the most valuable stable coin by market value, has become a household name in the fast-changing crypto market.

The latest development is that Tether treasury minted a whopping 300 million USDT, as seen on Whale Alert, an advanced blockchain tracker and analytic firm.

READ: Large BTC entity transfers over $100 million worth of Crypto

READ: Bitcoin robbers transfer part of Bitcoin loot worth $1.4 billion

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At the time of this report, Tether traded at $0.999746, with a daily trading volume of $33,341,910,985. USDT price is flat in the last 24 hours. It has a circulating supply of 16 Billion coins and a max supply of 10.2 Billion coins.

To show how fast the third most valuable crypto by market value has become relevant, data from Glassnode, an on-chain analytics provider, showed Tether transaction volume increased by around 20% over the past 30 days, to reach that new cumulative milestone.

READ: 2 TRON whales transfer over 120,000,000 TRX

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What you should know

Tether is designed as a blockchain-based cryptocurrency whose digital coins in circulation are backed by the same value of traditional fiat currencies like the U.S dollar, Japanese Yen, or the Euro. It trades under the ticker symbol USDT.

READ: Ripple Whale transfers 20,000,000 XRP to Binance

Backstory

Nairametrics had earlier outlined a report on the organic growth of Tether’s market capitalization, as one of the major reasons for the gain Bitcoin (BTC) is presently having in the mid-term. Interest in digital links to the dollar represents the need to handle and store value in the world’s reserve currency, without an intermediary.

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Cryptocurrency

Paypal to offer Cryptos by early 2021

This offering was made possible through a partnership with Paxos Trust Company

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PayPal Holdings, Inc. on Tuesday announced it will be providing its users the opportunity to buy, hold and sell cryptos directly from their PayPal account by early next year.

It also hinted at a strategy to significantly boost its crypto’s utility capability by making it readily available as a funding source for purchases at its 26 million clients globally.

READ: Chatbot provider, eBanqo, builds value system for customer-facing organisations

In a press statement seen by Nairametrics, Dan Schulman, president, and CEO, PayPal, gave key insights on why the global payment company was going crypto; “The shift to digital forms of currencies is inevitable, bringing with it clear advantages in terms of ; 

  • financial inclusion and access,
  • efficiency
  •  speed 
  • resilience of the payments system 
  • and the ability for governments to disburse funds to citizens quickly.”

READ: Commercial Paper value appreciates by N243 billion YOY, hits N539.8 billion in H1, 2020

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“Our global reach, digital payments expertise, two-sided network, and rigorous security and compliance controls provide us with the opportunity, and the responsibility, to help facilitate the understanding, redemption, and inter-operability of these new instruments of exchange,” he said.

Furthermore, he said, “We are eager to work with central banks and regulators around the world to offer our support and to meaningfully contribute to shaping the role that digital currencies will play in the future of global finance and commerce.”

This offering was made possible through a partnership with Paxos Trust Company, a regulated provider of crypto services and products.

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READ: FG set to provide interest-free loans and agricultural inputs to farmers

PayPal was also granted a conditional Bitlicense by the New York State Department of Financial Services (NYDFS), In a statement credited to Linda A. Lacewell, superintendent, NYDFS, she said; “NYDFS’ approval today follows our June 2020 announcement for a new framework for a conditional Bitlicense to encourage, promote, and assist interested institutions to have a well-regulated way to access the New York virtual currency marketplace in a way that is both timely and protective of New York consumers, through partnerships with New York authorized virtual currency firms.”

She continued, “NYDFS will continue to encourage and support financial service providers to operate, grow, remain and expand in New York and work with innovators to enable them to germinate and test their ideas, for a dynamic and forward-looking financial services sector, especially as we work to build New York back better in the midst of this pandemic.”

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