Binance Tax Case in Nigeria Delayed Until April 30

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By Shikha Singh

Binance Tax Case in Nigeria Delayed Until April 30.

A Nigerian court has postponed Binance’s tax evasion case to April 30, allowing the Federal Inland Revenue Service (FIRS) more time to respond. FIRS is seeking $2 billion in unpaid taxes and $79.5 billion in damages, claiming Binance’s operations harmed the economy. Binance argues it wasn’t properly notified, as it’s based in the Cayman Islands. The court will decide if FIRS can use email to serve legal papers.

Nigeria has been cracking down on crypto platforms like Binance, accusing them of destabilizing the currency market. In 2024, Binance executives were detained, and the government blocked access to Binance’s website after it halted peer-to-peer trading. The case highlights tensions between crypto innovation and financial regulation.

Singapore’s Crypto Ownership Exceeds 26%, With Youth Leading the Trend.

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In 2024, the percentage of Singaporeans holding cryptocurrency has risen to 26%, up from 24.4% in 2023, with younger generations leading the trend.

Gen Z (40%) and Millennials (39%) hold the largest share, while Gen X (19%) and Baby Boomers (9%) hold less. Younger users predominantly use crypto for e-commerce (41.1%), bill payments (35.9%), and in-store shopping (27%).

Older generations prefer peer-to-peer transfers (42.9%) and internet shopping (35.7%). Younger users also lead in remittance payments (33.6%) and bill payments (35.9%).

Singapore’s crypto payment ecosystem has seen growth, with over US$1 billion processed in Q2 2024. Major retailers like Charles & Keith and iStudio now accept crypto.

The rise in crypto usage is attributed to international acceptance, transaction speed, and lower fees. However, challenges like complexity, security, and limited merchant acceptance remain.

Changpeng Zhao to Serve as Advisor for Pakistan’s Crypto Council.

Changpeng Zhao, the former CEO of Binance, has joined the Pakistan Crypto Council as an advisor to promote crypto education in the country.

Pakistan aims to educate and employ 20 million out-of-school children, leveraging its young population (average age of 24) and widespread internet access.

The country has seen significant crypto adoption, with over 20 million residents having exposure to cryptocurrencies.

Zhao’s appointment follows high-level meetings chaired by Pakistan’s Finance Minister, Mohammad Aurangzeb, and attended by key officials from the State Bank of Pakistan, SECP, and the information ministry.

Freedx Secures Key DASP License in El Salvador.

Freedx, a centralized cryptocurrency exchange, has been granted a Digital Asset Service Provider (DASP) license by El Salvador’s Comisión Nacional de Activos Digitales (CNAD).

This milestone reflects Freedx’s commitment to compliance, security, and transparency in the crypto ecosystem.

El Salvador’s pro-crypto stance, which began in 2021 with Bitcoin’s recognition as legal tender and was strengthened by the Digital Assets Law of 2023, has positioned the country as a global digital asset hub.

The DASP license, which has a low application success rate, ensures that Freedx operates within El Salvador’s regulatory framework, offering users enhanced security and transparency.

Galaxy Digital Gains SEC Approval for Delaware Move; Nasdaq Listing Expected in May.

Galaxy Digital announced that the U.S. Securities and Exchange Commission has approved its S-4 registration statement for the company’s domestication from the Cayman Islands to Delaware.

This move is part of the firm’s expansion into the U.S., with plans to list on Nasdaq under the ticker GLXY next month.

A special shareholder meeting will be held on May 9 to approve the reorganization, with the Nasdaq listing expected soon after shareholder approval.

The reorganization process is expected to close by mid-May, subject to approval from shareholders and the Toronto Stock Exchange, where Galaxy is currently listed.

Additionally, Galaxy recently reached a $200 million settlement with the office of the New York Attorney General over its role in promoting the collapsed Luna cryptocurrency.

Hedera and DFINITY Join Forces to Power On-Chain AI.

A new technical group is working to enhance the Hedera network by integrating DFINITY’s Internet Computer Protocol (ICP) to address key challenges in blockchain, Web3, and AI.

The group aims to enable Hedera apps to run AI logic directly on-chain, removing the need for external servers and making decentralized apps faster, smarter, and more secure. They also plan to replace centralized cloud-based front-ends with ICP’s technology, creating fully decentralized user experiences for dApps.

Additionally, they’re working on seamless interoperability between Hedera and other blockchains through ICP, allowing smooth asset and data transfer across networks. This collaboration has the potential to set a new standard for decentralized AI, infrastructure, and interoperability in blockchain technology.

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