

CRYPTOCURRENCY
Binance, Quidax, Buycoins Africa, Bundle obey CBN’s crypto ban
Crypto exchanges operating in Nigeria have reacted to CBN’s directive to financial institutions to discontinue dealings with crypto-related transactions.
The leader of the world’s biggest crypto exchange, Changpeng Zhao recently disclosed that Binance was complying with Nigeria’s Apex bank directive and has disabled deposits to prevent more NGN from coming in.
To err on the safe side, we have also disabled deposits to prevent more NGN coming in.
— CZ 🔶 Binance (@cz_binance) February 5, 2021
The highly revered crypto leader updated its clientele base by notifying them via Twitter it received notice from channel partners that NGN deposits and withdrawals will be affected.
What this means: Changpeng Zhao anticipates that the Nigerian banks will stop working with Crypto exchanges in line with the Nigerian Apex bank directive, meaning P2P trading will likely flourish as a result.
- He further advised Nigerian customers to withdraw their local denominated deposits as early as possible to avoid potential channel issues.
That being said, many Crypto pundits are of the opinion that although the Central Bank’s recent directive does not criminalize ownership of crypto, the circular will however make it difficult for them to process debit, credit card, and bank transfer transactions.
It is also interesting to note that most fintech startups like Paystack, Flutterwave, Korapay, usually partner with Deposit Money Banks, Non-Financial Institutions, other financial institutions to transact with Nigerian bank customers.
Also, Nigeria’s fast-growing crypto exchange, Quidax issued a press release on the CBN’s new instructions regarding crypto payments,
“We have seen CBN’s new policy but don’t worry your funds are safe and trading continues as usual. However, all Naira deposits have been temporarily paused as CBN’s policy affects our payment partners.
Thank you for your support,” Quidax stated.
Hey Quidaxians,
We have seen CBN's new policy but don’t worry your funds are safe and trading continues as usual.
However, all Naira deposits have been temporarily paused as CBN’s policy affects our payments partners.
Thank you for your support.— Quidax (@QuidaxAfrica) February 5, 2021
In addition, a Nigerian-based crypto exchange, Buycoins Africa has assured its clients via its Twitter handle, disclosing their funds were in good hands thus further assuring the public that the fintech company would ensure its services were compliant.
“Thanks to everyone who has reached out. We are fully aware of the newest CBN circular and are going to be working with regulators to ensure our services are compliant. All trading on our platforms continues as usual, and all user funds are safe,” BuyCoins tweeted.
Thanks to everyone who has reached out. We are fully aware of the newest CBN circular and are going to be working with regulators to ensure our services are compliant. All trading on our platforms continues as usual, and all user funds are safe.
— BuyCoins (@buycoins_africa) February 5, 2021
Furthermore, Bundle, a social payments app that offers crypto support, also disclosed that it was fully aware of the newly issued CBN directive and stated that customers’ funds remained safe as usual.
Here is an excerpt of Bundle Africa’s statement as regards the Nigerian apex bank’s directive recently issued;
“We’re aware of the notice on cryptocurrency-related Naira payments shared by the CBN today.
“Trading has not stopped and your assets remain as safe as ever. We are monitoring the situation closely and we’ll share updates as we have them. Thank you for your support!.”
Our message to all dear Bundlers. pic.twitter.com/L7BUpXL0J7
— Bundle (@BundleAfrica) February 5, 2021
In case you missed it
Recall, the Central Bank of Nigeria had recently notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.
In a circular dated 5th February 2021 and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for crypto exchanges.
- The apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating cryptocurrency exchanges.
- Also, the CBN further warned Nigerian financial stakeholders that any breach of this directive will attract serious regulatory sanctions.
CRYPTOCURRENCY
No retreat no surrender, Ethereum explodes
Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion.

Ethereum has been on a record buying spree amid its most recent price correction as institutional investors buy more at its dips.
At the time of drafting this report, Ethereum was trading at $1,532.05 on the FTX exchange with a 24 daily trading volume of $26.6 Billion. Ethereum is up 11.54% for the day.
Ether is the crypto asset that powers the Ethereum network. Crypto developers build apps on the Ethereum network, as it offers a unique type of decentralized software platform, which is different from the flagship crypto, which is designed to just be a currency or store of value.
Prakash Chand, Managing Director at FD7 Ventures also revealed also believes Ethereum would do far better than Bitcoin in the coming years;
“I’ve been lucky enough to spend lots of time with the brightest minds in crypto and I’m willing to bet that each of Ethereum, Cardano, and Polkadot will be more valuable than Bitcoin within the next few years,” he said.
That being said there has never been so much sustained activity of addresses interacting with Ethereum.
The 3-month average of aa’s has broken over its previous all-time high and it doesn’t look like it wants to go back!
There has never been so much sustained activity of addresses interacting with Ethereum.
The 3-month average of aa's has broken over its previous ATH and it doesn't look like it wants to go back! pic.twitter.com/Zmapg4Ah3l
— Elias Simos (@eliasimos) February 17, 2021
In addition, Ethereum (ETH) miners seem to have an edge now over their arch-rivals, as they have surpassed Bitcoin (BTC) miners on transaction fees charged for some months now.
Crypto market data aggregator, Messari revealed key metrics showing that it is the longest period for which Ethereum’s transaction fee revenue has surpassed BTC in the crypto asset’s history.
This prevailing macro is positive for Ether miners whose turnovers have been increased by higher fees and more transactions. In fact, Ethereum’s network hash rate has been growing consistently, having reached a near two-year high.
CRYPTOCURRENCY
Demand for Bitcoin is growing high amid tightened supply
The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.

Crypto experts argue that such strong demand in the Bitcoin market is largely attributed to the fact institutions are coming.
The market liquidity is tightening at the flagship Crypto market, as there are less than 4 million BTCs in circulation available for upcoming investors including the likes of Grayscale, Paypal, Microstrategy, hedge funds, and so on.
Only 21 million Bitcoins are ever going to be produced in total, and presently, there is about 18.9 million Bitcoin in circulation.
This shows a differential of about 2.1 million Bitcoin that are left to be produced, not forgetting about 4.5 million Bitcoins that have already been lost forever.
This also means that liquidity is drying up, as demand for the world’s most popular crypto hits record highs
The amount of illiquid Bitcoin supply in the network has grown more than the circulating supply since 2017.
Meanwhile, liquid supply continues to see a steep decrease.
The amount of illiquid #Bitcoin supply in the network has grown more than the circulating supply since 2017.
Meanwhile, liquid supply continues to see a steep decrease.
Pair this with the demand from MSTR, Square, Tesla, Grayscale et al., and understand how bullish this is. pic.twitter.com/wiZsswqXKp
— Rafael Schultze-Kraft (@n3ocortex) February 25, 2021
According to Yann & Jan:
“Float in the network is drying up faster than ever.
“Currently, about 78% of issued bitcoin’s are either lost or being hodled, leaving less than 4 million bitcoins to be shared amongst future market entrants (incl. Paypal, Square, SP500 Companies, ETF’s, etc).
It’s also important to understand Institutional investors love transparency, regulation meaning the more regulated Bitcoin mechanisms such as regulating Crypto exchanges handling it, the more value major institutions will place in it, thus making Bitcoin a less volatile asset in the long term.
Glassnode also revealed that a million Bitcoins (BTC) or almost $30 billion in actual prices, disappeared from the liquid supply in 2020. This process even outperformed the inflow of new Bitcoins (BTC) into the network:
“Currently, we are at a stage in which the illiquid supply is growing more than the total circulating supply according to the report. A similar pattern presently played out again during the bullish rally of 2017.”
CRYPTOCURRENCY
Coinbase executes over $1 billion Crypto trades for world’s biggest clients
The world’s most valuable crypto exchange revealed it has executed $1 billion-plus crypto trades for some of the biggest institutions in the world.

In its recently filed documents with the U.S. Securities and Exchange Commission, the world’s most valuable crypto exchange, Coinbase revealed has executed $1 billion-plus crypto trades for “some of the biggest institutions in the world.”
The leading American Crypto exchange, however, revealed its major objective remains to provide credible crypto services for both institutional and retail clients as crypto continues to expand across financial sectors, according to Coinbase SEC filing.
“Our goal is to become the primary financial account for our retail users and the one-stop-shop for institutions’ crypto-asset investing needs. To achieve these goals, we are developing and launching innovative products and services across our platform to serve each customer’s distinct needs. For example, in 2020 we launched support for post-trade credit to enable institutional customers to instantly invest in crypto assets without pre-funding their trade. For retail users, we have added support for staking, offering our users a simple way to earn rewards on their crypto asset holdings.”
Recall, the fast-rising American crypto exchange financials revealed the crypto startup grew rapidly from 2019 to 2020.
Coinbase was founded was about 9 years ago and allows its customers to buy and sell Crypto Like Bitcoin, Ethereum Polkadot. The fintech company had earlier raised over $540 million in funding as a private company.
In 2019 Coinbase’s net income was- $30.4 million against $533.7 million in revenue. Just last year the crypto juggernaut net income rose to $127.5 million against $1.28 billion in revenue.
The unicorn grew just over 139% in 2020, a massive improvement in its 2019 results.
In an IPO filing, Coinbase says “Address not applicable” in the spot companies usually list their headquarters.
In a footnote, it explains “In May 2020, we became a remote-first company. Accordingly, we do not maintain a headquarters.”
As a risk factor, it cites: “The identification of Satoshi Nakamoto, the pseudonymous person or persons who developed Bitcoin, or the transfer of Satoshi’s Bitcoins.”
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