🔥Binance Under Fire in Nigeria and the Philippines,🛫Tether’s Eastern European Expansion,📱Bitso Launches Non-Custodial Wallet

May 11, 2024

Your 5 minute emerging markets web3 weekly update

In This Issue

Africa
🔸Nigeria Denies Binance's $150M Bribery Allegations Amid Cryptocurrency Crackdown
🔸Facing a Ban, NoOnes CEO Says Nigeria's P2P Crypto Trading Market Could Be Worth Half a Trillion Dollars

Asia
🔸Philippines SEC to Release New Crypto Regulations to Protect Investors, Cracks Down on Binance
🔸As India's CBDC Pilot Achieves 1 Million Daily Transactions, Central Bank Aims to Boost CBDC Accessibility with Offline Mode

Eastern Europe
🔸Tether Expands in Eastern Europe with Strategic Investment in CityPay.io's E-Wallet Solutions, Targeting 400K Users and 500K Crypto Payment Points
🔸Exiled Russian Opposition Leader Organizes Anonymous Blockchain Referendum Against Putin's Election Win

Latin America and the Caribbean
🔸Bitso Unveils Non-Custodial Wallet To Securely Access Five Blockchains, Hints at Future Innovations
🔸Eco-Friendly Bitcoin Mining: Genesis Digital Assets Partners With YPF Luz to Launch Sustainable Bitcoin Mining Facility in Argentina

Catch up on the latest episodes and clips from the third season of the EmergingVoices Podcast on YouTube!

Africa

Image Credit: Dall-E 3

The Nigerian government has firmly denied bribery allegations made by Binance CEO Richard Teng, asserting that the claims are a diversion from the cryptocurrency exchange's ongoing criminal investigations. Teng's blog post claimed that Nigerian officials demanded a secret payment of $150 million in cryptocurrency to resolve criminal charges, which the Ministry of Information called baseless and an attempt to undermine the government. Meanwhile, Nigeria's SEC is tightening cryptocurrency regulations, banning person-to-person naira trades and planning new rules to curb speculation against the depreciating currency.

Ray Youssef, CEO of the P2P crypto app NoOnes, claims that peer-to-peer cryptocurrency transactions in Nigeria are vastly underreported, suggesting the real market value exceeds $500 billion annually compared to the officially reported $59 billion. Amid looming government regulations to ban P2P crypto trading in the country, Youssef said, "Most peer-to-peer doesn’t happen on Binance P2P or NoOnes or any of these other platforms. They happen on WhatsApp, Telegram, the coffee shops, everywhere on the streets. That’s where most peer-to-peer is really happening." This crackdown reflects government concerns that crypto platforms manipulate exchange rates, leading to orders for Coinbase, Quidax, and Binance to cease operations in Nigeria.

Asia

Image Credit: Dall-E 3

The Philippines Securities and Exchange Commission (SEC) is set to release new regulations for cryptocurrency trading by the second half of this year to protect investors. SEC Chairperson Emilio Aquino emphasized the importance of licensing and registration for trading platforms, as the commission cracks down on unregistered exchanges like Binance, which recently had its apps removed from Apple and Google markets in the Philippines. The SEC aims to learn from the FTX collapse and will intensify its regulatory actions to ensure compliance and investor protection.

The Reserve Bank of India is working to make its Central Bank Digital Currency (CBDC) available offline to ensure seamless access, similar to cash, according to Governor Shaktikanta Das. With over 1.3 million customers and 300,000 merchants using India's CBDC in the pilot phase, usage has reached 1 million transactions daily, though many still prefer instant mobile payments. Despite concerns about cybersecurity and data privacy, Das emphasized that the non-interest-bearing nature of India's CBDC aims to prevent bank disintermediation and support efficient transactions.

Eastern Europe

Image Credit: Dall-E 3

Tether is expanding its footprint in Eastern Europe by further investing in CityPay.io, a Georgia-based payment processor that enables cryptocurrency payments at over 2,000 locations. This investment will help CityPay.io introduce innovative e-wallet and card solutions to over 400,000 users while establishing 500,000 crypto payment points across Georgia, Armenia, Kazakhstan, and more. Tether's support aims to boost cryptocurrency adoption in emerging markets and disrupt traditional payment systems.

Exiled Russian opposition leader, Mark Feygin, is organizing a blockchain-powered referendum via the Russia2024 app, allowing Russians to anonymously register their dissent against Vladimir Putin's election victory. Using Rarimo’s Freedom Tool and zero-knowledge cryptography, the app ensures voter anonymity while requiring Russian passport verification to cast a "protest vote" against Putin's leadership. Although the vote will not impact Putin's presidency directly, it aims to boost opposition morale, leverage blockchain technology to protect voter identities, and offer a secure channel for Russians to express discontent in a country where dissent is heavily punished.

Latin America and the Caribbean

Image Credit: Dall-E 3

Mexican cryptocurrency exchange, Bitso, has launched a digital wallet to let users self-custody their crypto assets and navigate the web3 ecosystem. The wallet enables customers to trade across five blockchains, Ethereum, Polygon, Arbitrum, Base, and Optimism, while offering Multiparty Computation to ensure safe key storage. Bitso's CEO, Daniel Vogel, emphasizes that the wallet will help clients easily and securely access liquidity pools, NFT games, and other web3 protocols while hinting at future innovations in decentralized finance.

Genesis Digital Assets (GDA), one of the largest Bitcoin mining firms, has opened its first South American data center in Argentina, powered by the Bajo del Toro Thermal Power Plant and utilizing stranded gas from YPF Luz. This new facility in Neuquén Province will house 1,200 Bitcoin mining machines, reduce emissions by repurposing methane gas that would otherwise be flared, expand Bitcoin mining in the region, and demonstrate how Bitcoin mining can positively impact the environment. GDA believes Argentina's favorable energy resources, political climate, and crypto-friendly ethos position it as a crucial hub for environmentally responsible mining.

Thanks for reading and have a great week ahead!

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Written by Jon Lira. Connect with him on LinkedIn.

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