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Binance Hits Record $1.2Bn Inflows in 24 Hours

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Binance, the world’s largest cryptocurrency exchange, saw a net inflow of $1.2 billion in just 24 hours following massive sell-offs due to Monday’s market crash.

This inflow is the highest recorded in a single day this year, according to  Richard Teng, CEO, Binance.

Richard Teng, CEO of Binance, cited data from Defi Llama showing the large inflows on the exchange, attributing this to growing investor confidence. He shared this observation with his over 300,000 followers on his X page.

Binance Records Significant Net Inflow Amid Market Downturn

Amid the macroeconomic climate and yesterday’s market downturn, Binance recorded a net inflow of $1.2 billion in the past 24 hours, according to Defi Llama’s CEX Transparency metrics. This marks one of the highest net inflow days of 2024, indicating strong investor confidence.
Yesterday also saw one of the highest trading volumes on Binance year-to-date. Major token prices are now rebounding, with current market trends validating this positive shift.

Since the market crash, Bitcoin and Ethereum have recovered significantly, trading at $55,131 and $2,460 respectively.

Bitget’s Anton Toroptsev Predicts Bitcoin Could Reach $60,000 This Week

Anton Toroptsev, the CIS Region Marketing Director at Bitget, has forecasted that Bitcoin might surge back to $60,000 before the end of the week.

Toroptsev stated that BTC prices could return to $58,000 by the middle of the week. He further predicted that by the end of the week, Bitcoin could reach or surpass the $60,000 mark.

Binance Sees $1.2B Inflow; Robinhood Halts Overnight Trading

Binance, the world’s largest cryptocurrency exchange, experienced a significant net inflow of $1.2 billion following the trading frenzy triggered by Monday’s market crash.

The intense market activity led to some trading platforms struggling to handle the traffic. Brokerage firm Robinhood announced a temporary suspension of its overnight trading services due to execution issues.

Robinhood tweeted: “Robinhood 24 Hour Market’s execution venue, Blue Ocean ATS (BOATs), has suspended overnight trading for tonight. 24-Hour Market orders that are open as of approximately 8 PM ET will be routed for execution starting at approximately 4 AM ET tomorrow. You may cancel your order at any time and can still place an order for another trading session.” Robinhood, a US-based brokerage firm, supports the trading of various crypto assets.

In Summary
The recent market crash prompted a significant influx of over $1.2 billion into Binance, driven by a widespread selling frenzy. This crash was influenced by a mix of crypto-related issues and broader macroeconomic factors. Additionally, the uncertainty surrounding the upcoming US presidential elections contributed to the turmoil. Crypto asset holders, concerned about potential changes in the regulatory landscape, sought to withdraw their assets in anticipation of an unpredictable future for the industry in the United States.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

E-Financial

SEC Gives Reasons for Approving Digital Exchanges

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The Securities and Exchange Commission (SEC) has clarified that its recent decision to grant approval-in-principle to two cryptocurrency exchanges, Busha Digital Limited and Quidax Technologies Limited, is aimed at encouraging youth participation in Nigeria’s capital market while ensuring adequate investor protection.

Emomotimi Agama, the Director-General of the SEC, highlighted that the move aligns with President Bola Tinubu’s commitment to engaging Nigeria’s youthful population. Agama explained that the approval will create a structure that enhances the participation of young Nigerians in the capital market, particularly in the digital asset space.

“A lot of young Nigerians are fully involved in digital assets, and we cannot shut the door against them,” Agama said. “Rather, the intention of Mr. President is to have them inclusive in the capital market, and that is why we are ensuring that there is regulation and no one is hurt at the end of the day. That’s our responsibility at the SEC, by protecting investors and developing the market.”

Agama emphasized that the commission’s approval is still at an incubation stage, describing it as a “controlled experiment.” He said the SEC will closely monitor the operations of the exchanges to assess the risks they pose to the economy, investors, and themselves as operators.

“It gives us an opportunity to know exactly what they are doing, the risks they pose to our economy, investors, and even to themselves,” he explained. “We are making sure they operate within regulations similar to what is obtainable in other jurisdictions.”

Agama explained SEC’s regulatory approach to digital exchanges is part of a broader strategy to embrace innovation without compromising market stability.

The commission’s Virtual Assets Service Providers (VASP) Regulation framework allows the SEC to fully understand crypto exchanges and virtual financial assets, safeguarding the financial ecosystem from potential risks.

“In our bid not to stifle innovation, we set up a ‘Sound Box’ to understand exactly what these companies are getting into, how it affects customers, the Nigerian public, and the economy,” Agama added. “It is important that they meet the necessary regulatory guidelines before full approval is granted.”

He noted that the SEC is committed to fostering trust and confidence in the capital market, particularly as it relates to integrating digital asset exchanges into the regulated environment.

The introduction of these exchanges, Agama said, opens up new opportunities for younger Nigerians who have shown growing interest in the digital asset space.

“By including these innovations within the broader capital market structure, we are ensuring a balance between fostering innovation and protecting investors,” Agama concluded.

 


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Unity Bank Projects N27b in Q4 Earnings, Targets N4b Profit

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Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group.

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis.

This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflect a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.


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FRC Accuses Banks of Colluding with States to Bypass Fiscal Law

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Fiscal Responsibility Commission (FRC) has decried the rampant collusion between banks and state governments in violating the provisions of the Fiscal Responsibility Act.

FRC Accuses Banks of Colluding with States to Bypass Fiscal Law

Barrister Victor Muruako, chairman of FRC, who spoke at the National Summit of Fiscal Responsibility in Abuja, noted that banks had been aiding state governments in circumventing the law, particularly with respect to borrowing.

Muruako cited Section 44.1 of the Fiscal Responsibility Act which mandates that any government or its agencies intending to borrow funds must present a detailed cost-benefit analysis of the proposed borrowing.

He said, “We are witnessing a troubling decline in accountability. In one instance, a state government’s secretary simply signed a declaration claiming compliance with the Act, which then allowed the government to proceed with borrowing. This is deeply alarming.”

He further criticised banks for accepting such documents, noting that financial institutions had made it convenient to approve loans without thoroughly verifying compliance with the law.

He said, “We have reached out to banks and carried out extensive sensitisation efforts, but it is clear that more needs to be done. We cannot afford to remain silent any longer. This is a matter of national urgency.”

On his part, Senator George Akume, secretary to the government of the federation (SGF), directed the FRC to extend its technical support to local governments.

 

 

 


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