Binance in talks to develop crypto-friendly economic zone in Nigeria | Crypto

Binance in talks to develop crypto-friendly economic zone in Nigeria

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– Binance is partnering with NEPZA to create a virtual free zone in Nigeria
– The partnership aims to build a crypto-friendly zone similar to the Dubai Virtual Free Zone
– NEPZA is holding talks with Binance and technology infrastructure company Talent City to discuss the first Virtual Free Zone
– The zone aims to facilitate a business space that harnesses the advantages offered by a blockchain-driven virtual economy
– Nigeria leads the world in terms of cryptocurrency adoption
– Binance has been criticised by several countries around the world for its unwillingness to protect customer interest, prevent money laundering, and operate without authorization
– In June last year, the exchange was warned by the Financial Conduct Authority (FCA) in the United Kingdom for exposing consumers to risks through its complex and high-risk financial products.
– In June, the U.S SEC launched an enquiry into Binance to determine if the companys initial coin offering (ICO) of BNB tokens in 2017 amounted to an illegal sale of a security.
– A January 2022 report by Reuters alleged that while Binance claimed to welcome government oversight, it was withholding information from regulatory bodies, not keeping checks on its customers.
– A June 2022 report by Reuters said that Binance served as a conduit for money laundering of at least $2.35 billion in illicit money during 2017-21.

cryptocurrency 6850639 1280 Binance in talks to develop crypto-friendly economic zone in Nigeria

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