TechPression

Category: Cryptocurrency

  • Binance and KuCoin suspended exchanges due to AWS disruptions

    Binance and KuCoin suspended exchanges due to AWS disruptions

    Binance and KuCoin suspended withdrawals temporarily on Tuesday due to a disruption at Amazon Web Services (AWS), the cloud computing firm.

    The outage, caused by a network interruption at an AWS data centre, also impacted other crypto platforms, including wallet provider Rabby and analytics tool DeBank.

    Service interruptions and user frustrations

    Binance acknowledged the disruption in a post on X, stating, “We are aware of an issue impacting some services on the #Binance platform due to a temporary network interruption in the AWS data center.”

    The crypto exchange advised users to retry failed transactions, as some orders were pending due to the service disruptions.

    In a similar statement, KuCoin confirmed the outage, assuring users that backend engineers were working to fix the glitch and that all digital assets were secure.

    “Rest assured that your assets remain secure and all data is intact,” the crypto exchange platform said in a brief statement posted on their official X account.

    Withdrawals on Binance have since resumed, but some of the users are still having a hard time executing trades.

    KuCoin has not provided further updates on the service disruption.

    AWS later confirmed the issue was resolved, stating, “We are seeing initial signs of recovery but continue to monitor and work toward full recovery.”

    However, the outage reignited debates over crypto platforms’ reliance on centralised cloud providers. Auki Network co-founder Santeri Aramo stated, “Centralised fragility on full display… This is exactly why we build decentralized infrastructure.”

    Blockchain expert Austin Campbell added, “People complain about stablecoins being centralized while an AWS outage would take all of DeFi down.”

    The incident highlights the vulnerabilities of centralised infrastructure in the crypto space, raising questions about the industry’s path toward true decentralisation.

    About Amazon Web Services

    Amazon Web Services (AWS) stands as a comprehensive cloud computing platform that delivers a vast suite of on-demand services. The platform empowers users with tools for computing, storage, databases, and more to facilitate the building and management of applications in the cloud.

    Furthermore, it supports various cloud models, offering scalability and flexibility to adapt to changing demands. Its extensive features include a pay-as-you-go pricing model and a global network of data centres to ensure high availability and low latency.

    The company also focuses on security to continually innovate and introduce services like serverless computing and machine learning, aiming to serve a user base from startups to large enterprises globally.

  • Pi Network expands Ad network access to all mainnet-listed apps

    Pi Network expands Ad network access to all mainnet-listed apps

    On Monday, Pi Network, the decentralised cryptocurrency project, announced the expansion of its Pi Ad Network to all eligible apps listed in the Mainnet Ecosystem Interface.

    The move follows a successful pilot program involving five community apps, which have already begun generating ad revenue. According to the company, this aims to transform Pioneers’ collective attention into a sustainable monetisation mechanism, which will benefit both developers and the broader Pi community.

    Eligible developers are now invited to apply

    The Pi Ad Network represents a key platform-level utility, leveraging the engagement of millions of Pioneers to create real-world use cases for the Pi cryptocurrency.

    Developers who are interested can now apply to integrate ads into their apps, earning revenue in Pi based on user attention. However, approval depends on meeting Mainnet ecosystem listing requirements and adhering to developer guidelines.

    “The Pi Ad Network solves a critical challenge by allowing developers to monetize their apps directly in Pi,” the announcement stated. “This creates a full-circle system where advertisers spend Pi to access Pioneer attention, and developers are rewarded for building meaningful, high-quality apps.”

    For developers, the Ad Network provides a way to cover operational costs while incentivising innovation. “Building and maintaining apps that serve Pioneers requires significant resources,” the team noted. “The Ad Network ensures developers can sustain their efforts as app usage grows.”

    Pioneers, meanwhile, benefit from a stronger ecosystem where Pi is actively used. By requiring advertisers to transact in Pi, the network reinforces the cryptocurrency’s utility, encouraging more apps and services that accept Pi as payment.

    How developers can apply

    Eligible developers can apply through the Pi Developer Portal by:
    1. Accessing the portal via the Pi Browser’s “Develop” section.
    2. Selecting their app and completing the “Dev Ad Network” application.
    3. Following the Ads Checklist and submitting the required form.

    “This expansion marks a tangible step toward a more sustainable and utility-driven Pi ecosystem,” Pi Network emphasised. With the Ad Network now open to all compliant apps, the project moves closer to its vision of a thriving decentralised economy.

  • Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    Binance asks Nigerian court to dismiss $79.5bn tax lawsuit

    The cryptocurrency exchange Binance has petitioned the Federal High Court in Abuja to dismiss a contentious lawsuit worth $79.5 billion related to “purported substituted service.” Chukwuka Ikwuazom SAN, Binance’s attorney, submitted the motion on Monday.

    Ikwuazom argued that because Binance does not have a physical presence in Nigeria, the Federal Inland Revenue Service (FIRS) unlawfully attempted to serve court documents outside the country without the consent of a judge.

    The first complaint, filed by Kanu Agabi SAN, claims that Binance and its executives, Nadeem Anjarwalla and Tigran Gambaryan, violated Nigerian tax laws, resulting in substantial financial losses.

    Detention of Binance’s executives by Nigerian authority

    Gambaryan and Anjarwalla were detained by the Nigerian police for several months in 2024 on suspicion of participating in an alleged unlawful operation by the nation’s government. Gambaryan’s charges were later dropped, and Anjarwalla escaped the nation.

    Agabi explained that after unsuccessful attempts to directly serve documents to Binance, he sought alternative means, which the court approved on February 11.

    Chukwuka, however, argued during Monday’s session that such measures could only be implemented with appropriate certification from a foreign court regarding unsuccessful service attempts.

    However, Ikwuazom argued during Monday’s hearing that such measures could only be implemented with proper certification from a foreign court confirming the failure of service attempts.

    “Where an order for substituted service is issued by this honorable court, service of the order and the process or document to be served outside jurisdiction can only be made through the Federal Ministry of Justice,” he added, arguing that the order for substituted service is invalid and liable to be set aside.

    Tax evasion lawsuit against Binance adjourned to April 30

    Agabi also requested extra time to reply, telling the court that the cryptocurrency company had delivered the motion to them that morning.

    The court decided to postpone the tax evasion case against Binance until April 30 to allow the local tax authorities time to respond to a request from the cryptocurrency exchange.

    In addition to the substantial fine, the tax regulator is pursuing penalties for operational infractions and suspected tax evasion.

  • Google to enforce stricter crypto advertising rules in Europe under MiCA framework

    Google to enforce stricter crypto advertising rules in Europe under MiCA framework

    Starting April 23, Google, the world’s leading digital advertising company, will begin enforcing stricter advertising policies for cryptocurrency services in Europe, which will require exchanges and wallet providers to comply with the Markets in Crypto-Assets (MiCA) regulations.

    The move signals a significant shift for digital finance in Europe, particularly affecting exchanges and wallet providers aiming to market their services online.

    Stricter licensing requirements

    Under the new policy, crypto advertisers must hold a MiCA license or be registered as a Crypto Asset Service Provider (CASP) in their respective countries. Google also mandates adherence to local legal requirements and certification by the tech giant. The rules apply to most EU nations, including Germany, France, Italy, and Spain.

    While violations won’t trigger immediate account suspensions, Google will issue warnings at least seven days prior. The policy follows MiCA’s full implementation in December 2024, marking the EU’s first comprehensive crypto regulatory framework.

    Speaking on the development, Hon Ng, Bitget’s chief legal officer, called the policy a “double-edged sword,” noting that while it filters out unregulated players and reduces scams like ICO fraud, it risks being overly restrictive. “Smaller exchanges may struggle with MiCA’s capital requirements or dual certification hurdles,” he said. Transition periods for national licenses vary, potentially creating temporary enforcement gaps.

    Mattan Erder of Orbs questioned whether the changes protect investors or Google itself. “If MiCA registration is burdensome, smaller players will struggle to compete,” he warned.

    Meanwhile, the EU’s strict stance contrasts with approaches in the U.S., India, and Singapore, where regulatory clarity and lighter compliance burdens attract crypto firms. Particularly, MiCA’s rigid rules could stifle innovation, pushing startups to more crypto-friendly jurisdictions.

    Impact of Google’s ad policy on African crypto firms

    While Google’s new crypto ad policy under Europe’s MiCA regulation targets the EU, its effects may still reach African crypto communities.

    Many African-based exchanges and blockchain startups rely on Google Ads to reach European users, especially the diaspora market. Without EU licensing, these firms could be shut out of a key advertising channel, limiting visibility and growth opportunities.

    However, the policy doesn’t directly apply within African nations, meaning local operations remain unaffected for now. The bigger concern lies in reduced access to European markets, which could pressure African crypto startups to navigate complex and costly compliance requirements.

  • Paycoin to launch crypto-backed Mastercard on April 30

    Paycoin to launch crypto-backed Mastercard on April 30

    PayProtocol, the company behind Paycoin, has unveiled its plan to launch a Mastercard-powered debit card on April 30.

    The card, which was developed in partnership with Swiss neobank SR Saphirstein AG, aims to allow users to spend cryptocurrencies like Paycoin (PCI), Ethereum (ETH), and USD Coin (USDC) at Mastercard merchants worldwide.

    Read also: Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    Paycoin Mastercard features

    According to a statement on Monday, the Paycoin Mastercard will feature a self-custody structure, giving users complete control over their assets while accessing Mastercard’s global payment network.

    With a monthly top-up limit of 1,000 Swiss francs, the card will support both online and offline transactions and is compatible with Apple Pay and Google Pay. Initially, the card was already available in the EU and European Free Trade Association regions; PayProtocol plans to expand to more countries and add additional cryptocurrencies in the future.

    Paycoin has already gained notable recognition in South Korea, where it is accepted by over 10,000 merchants, including 7-Eleven, Domino’s Pizza, and KFC. Therefore, the new development signifies a strategic move to enhance its global adoption, starting in Europe.

    Following the announcement, Paycoin’s price surged 5.7 percent, while its daily trading volume increased by 900 percent to $7.8 million, according to CoinGecko. Despite being 98 percent below its all-time high, the card’s introduction could be a turning point for PCI’s utility and market presence.

    However, the card’s success will depend on regulatory compliance, user adoption, and how well it addresses challenges like crypto volatility and security. For now, the crypto community eagerly awaits its April 30 debut, viewing it as a major step toward mainstream crypto payments.

    Read also: Nigerian court adjourns Binance tax evasion trial to April 30

    How to obtain your Paycoin Mastercard

    Users interested in the Paycoin Mastercard can download the PayProtocol app, where the card will be issued.

    Holding PCI, ETH, or USDC will allow for seamless top-ups once the card goes live. As PayProtocol expands its services, this initiative could redefine how cryptocurrencies are used in daily transactions.

  • Former Twitter CEO Jack Dorsey advocates Bitcoin integration for Signal’s P2P payments

    Former Twitter CEO Jack Dorsey advocates Bitcoin integration for Signal’s P2P payments

    Former Twitter CEO and cryptocurrency advocate Jack Dorsey has urged Signal Messenger to adopt Bitcoin for its peer-to-peer (P2P) payment system. The suggestion comes as Signal currently utilises Sentz (formerly MobileCoin), an ERC-20 privacy-focused token, for in-app transactions.

    On April 9, Dorsey made this recommendation via a post on X, responding to a Bitcoin developer’s assertion that Bitcoin aligns perfectly with Signal’s emphasis on private communication.

    “Signal should use Bitcoin for P2P payments,” Dorsey stated, noting his belief in Bitcoin’s suitability for this purpose.

    Read also: Tether and Quidax collaborate on blockchain education in Africa

    Industry leaders echo support for Bitcoin adoption

    His stance has garnered support from other prominent figures in the financial technology space. Former PayPal president David Marcus echoed this sentiment, suggesting that “all non-transactional apps should connect to Bitcoin.”

    These endorsements underscore a growing movement advocating for Bitcoin’s utility as a functional payment method, moving beyond its perception as solely a digital store of value.

    Dorsey himself has indicated that relying solely on Bitcoin as a store of value might not guarantee its long-term success.

    A shift away from Altcoin focus?

    Over the years, several social media and messaging platforms have leaned towards integrating alternative cryptocurrencies rather than Bitcoin for payments.

    Despite Bitcoin’s foundational design for peer-to-peer transactions, as outlined by its pseudonymous creator, platforms like Telegram have actively promoted the use of Toncoin (TON), a cryptocurrency linked to its founders.

    Similarly, there have been long-standing speculations about Elon Musk’s X potentially launching its own digital currency, although Musk has recently denied these rumours.

    Therefore, Dorsey’s fresh suggestion could represent a potential shift in this trend, advocating for adopting the most established cryptocurrency for practical, peer-to-peer use within communication applications.

    Read also: China and Russia turn to Bitcoin for energy trade settlements

    About Signal

    Signal, an open-source encrypted messaging platform established in 2014, currently facilitates in-app payments through Sentz. This token, backed by notable investors like BlockTower Capital and Coinbase Ventures, was designed to be a fast, private, and easy-to-use cryptocurrency.

    However, Signal’s initial integration of MobileCoin in 2021 faced scrutiny due to concerns regarding potential connections between Signal’s founder and the token, as well as questions surrounding its issuance and price movements leading up to the partnership announcement.

  • China and Russia turn to Bitcoin for energy trade settlements

    China and Russia turn to Bitcoin for energy trade settlements

    On April 8, VanEck, the well-known investment management firm, released a report showing that Beijing and the Russian government were leaning towards cryptocurrency to make international trade.

    China and Russia, according to the report, were using Bitcoin for energy transactions, as a result of the escalating global trade tensions, particularly following the Trump administration’s recent tariff package targeting imports from China and other nations, announced on April 2.

    Read also: Russia adopts cryptocurrency to evade oil trade sanctions

    Expanding beyond bilateral trade

    Matthew Sigel, Head of Digital Assets Research at VanEck, commented on the trend, stating that “interest in Bitcoin as a settlement mechanism is becoming less speculative.” He elaborated in the report that “China and Russia have reportedly begun settling some energy transactions in Bitcoin and other digital assets.”

    The VanEck report further showed that Bolivia has joined this trend, announcing its intentions to import electricity using cryptocurrency. Likewise, French energy provider EDF is reportedly exploring the possibility of engaging in Bitcoin mining using its surplus electricity, which it currently exports to Germany.

    “That interest is no longer theoretical,” Sigel emphasised, underscoring the tangible nature of these developments. VanEck’s analysis positions these events within a larger context of digital assets gaining traction in global trade, particularly among nations seeking alternatives to the established U.S.-dominated financial infrastructure.

    Meanwhile, using digital assets to settle transactions could signify a strategic move by some countries to diversify their trade and payment systems.

    Read also: Bitcoin, Ethereum, Solana, others gain as cryptocurrency hits $2.84 trillion in 24 hours

    Investor sentiment and market signals

    Also, investors are closely monitoring the Federal Reserve’s stance, as noted in the report. Historically, “dovish turns in interest rate expectations and rising liquidity conditions have historically buoyed Bitcoin performance,” Sigel added. Furthermore, the U.S. Dollar Index (DXY) is being observed as a crucial indicator, with “persistent dollar weakness may bolster Bitcoin as a macro hedge.”

    Despite a recent increase in 10-year Treasury yields on April 7, “Bitcoin’s muted response indicates decreased sensitivity to traditional macro headwinds.” Data also reveals that “U.S.-listed spot Bitcoin ETPs are also net positive by around $600 million in the year, and inflows recommenced at the end of March.”

    The report suggests that “on-chain activity and possible retaliatory measures from China or the EU to circumvent dollar-based systems” could serve as an opportunity for further adoption of cryptocurrencies in international trade.

  • Ripple to acquire crypto broker Hidden Road in $1.25 billion deal

    Ripple to acquire crypto broker Hidden Road in $1.25 billion deal

    On Tuesday, Ripple, the blockchain-based payments network, announced its decision to acquire the crypto-friendly prime broker, Hidden Road.

    The deal, valued at $1.25 billion, reflects Ripple’s goal to draw in big financial institutions by integrating a wider range of services.

    Strategic expansion in a maturing market

    According to the announcement, the acquisition agreement involves a combination of mostly cash, an allocation of XRP tokens, and stock. Ripple’s CEO, Brad Garlinghouse, emphasised the rationale behind the acquisition, stating to Fortune, “Ripple needs to make sure we have the infrastructure in place to appeal and expand to a larger segment of the biggest bulge bracket institutions.”

    Read also: Kenya moves to regulate cryptocurrency with new virtual assets bill

    The acquisition of Hidden Road is anticipated to close in the coming months, pending the necessary regulatory approvals. As part of the agreement, Ripple has agreed to inject billions of dollars of capital to provide immediate scale and satisfy the demand for Hidden Road’s prime brokerage.

    Garlinghouse further noted the opportune timing of the acquisition, stating the shifting regulatory environment in the U.S. He stated, “We are at an inflection point for the next phase of digital asset adoption — the US market is effectively open for the first time due to the regulatory overhang of the former SEC coming to an end, and the market is maturing to address the needs of traditional finance.”

    However, Hidden Road’s primary offerings encompass cryptocurrencies and foreign exchange, placing it in a competitive space alongside platforms like Coinbase Prime and FalconX. The company reportedly facilitated the transfer of $3 trillion worth of funds in 2024 and completed a $50 million Series A funding round in 2022 with backing from notable investors such as Castle Island Ventures, Coinbase Ventures, and Citadel Securities.

    Leveraging synergies and future plans

    Meanwhile, Ripple’s president, Monica Long, speaking earlier at the Paris Blockchain Week 2025, indicated that the company’s current focus leans towards mergers and acquisitions rather than an immediate initial public offering (IPO).

    Read also: Ripple launches blockchain-based drought relief program in Kenya

    She explained, “I think an IPO makes more sense for a company where you’re looking for more liquidity, and that’s not our constraint to growth right now. We are more focused on growing the business as a private company and M&As organically.”

    Lastly, Hidden Road’s founder and CEO, Marc Asch, expressed optimism about the company’s future growth under Ripple’s ownership.

    He stated, “With new resources, licenses, and added risk capital, this deal will unlock significant growth in Hidden Road’s business, allowing us to increase capacity to our customer base, expand into new products, and service more markets and asset classes.”

  • Nigerian court adjourns Binance tax evasion trial to April 30

    Nigerian court adjourns Binance tax evasion trial to April 30

    On Monday, the Abuja Division of the Federal High Court postponed the tax evasion trial against cryptocurrency exchange Binance to April 30, granting the Federal Inland Revenue Service (FIRS) time to respond to the exchange’s request to dismiss a court order allowing legal documents to be served through email.

    Binance’s lawyer, Chukwuka Ikwuazom, argued that the order was improper, in that the tax authority did not obtain judicial leave to serve documents outside Nigeria.

    Read also: Binance taps Apple Pay, Google Pay for easier crypto purchases

    FIRS seeks $79.5 billion in damages

    “On the whole, the order for the substituted service as granted by the court on February 11, 2025, on Binance, who is registered under the laws of Cayman Islands and resident in Cayman Islands, is improper and should be set aside,” Ikwuazom stated. Binance, who has no physical presence in Nigeria, insisted that the FIRS’s approach was legally flawed.

    The FIRS alleged that Binance’s operations caused significant economic losses in the county and is demanding $79.5 billion in damages, alongside $2 billion in back taxes. Court filings reveal the tax authority claims Binance has a “significant economic presence” in the country, making it liable for corporate income tax for 2022 and 2023, plus a 10 percent annual penalty on unpaid amounts.

    The case is part of Nigeria’s broader crackdown on cryptocurrency platforms accused of destabilising the naira.

    In 2024, two Binance executives Tigran Gambaryan and Nadeem Anjarwalla were detained amid a probe into the company’s role in facilitating naira-denominated crypto trades. The federal government alleges that platforms like Binance have undermined official exchange rates and enabled capital flight through peer-to-peer trading.

    Read also: Binance Wallet to host 8th exclusive token generation event with StakeStone

    Nigeria’s shifting crypto regulatory landscape

    Nigeria’s stance on cryptocurrency has evolved over the years. In 2021, the Central Bank of Nigeria (CBN) barred financial institutions from crypto transactions but reversed the policy in December 2023.

    However, the Securities and Exchange Commission (SEC) declared Binance’s operations illegal at the time, as the exchange was not registered in the country.

    They further accused the crypto company of contributing to the naira’s devaluation, claiming $26 billion in untraceable funds flowed through the platform. The government then demanded data on Binance’s top Nigerian users, signalling heightened scrutiny.

    As a result, the FIRS is expected to defend its method of serving court documents as the case resumes on April 30. Binance maintains it is working to resolve historic tax liabilities.

  • Kenya moves to regulate cryptocurrency with new virtual assets bill

    Kenya moves to regulate cryptocurrency with new virtual assets bill

    Kenya has introduced the Virtual Assets Service Providers Bill 2025 as part of efforts to regulate its fast-growing cryptocurrency sector

    The proposed legislation, which was received on April 4, now before Parliament, seeks to bring oversight to digital assets by requiring licensing for crypto exchanges, wallet providers, and stablecoin issuers.

    Read also: Ripple launches blockchain-based drought relief program in Kenya

    Focus on identity disclosure and financial integrity

    Under the bill, the Central Bank of Kenya (CBK) and the Capital Markets Authority (CMA) will share regulatory responsibilities. The CBK will oversee stablecoin issuers and payment processors, while the CMA will license exchanges, investment advisors, and tokenisation platforms.

    A notable provision is the requirement for service providers to reveal the identities of individuals conducting crypto transactions. The legislation aims to end the anonymity often associated with digital assets and curb financial crimes such as money laundering and terrorism financing.

    “A virtual asset service provider shall conduct its business with integrity at all times and shall not undertake mixer or tumbler services,” states Section 22 of the bill. The move aligns with global anti-money laundering (AML) standards after Kenya was placed on the Financial Action Task Force’s (FATF) grey list in 2024 over weak AML controls.

    The bill also introduces strict rules for initial coin offerings (ICOs), requiring CMA approval and disclosures similar to traditional IPOs. Tokenisation platforms must register and provide details on asset valuation and storage.

    While the regulations aim to curb fraud and illicit flows, they also acknowledge Kenya’s high crypto adoption. A 2023 FSD Africa report found that 47 percent of Kenyans own digital assets, with stablecoins gaining traction for cross-border payments.

    “The government will develop a comprehensive law drawing from international standards,” the draft policy noted. Noncompliance penalties include fines of up to KES 20 million ($155,000) and potential jail terms.

    Read also: Ripple partners with Chipper Cash to drive crypto payments in Africa

    Benefits to Kenya and Africa

    If passed, the bill could position Kenya as a regional leader in crypto regulation, offering clarity for fintech firms while addressing financial risks.

    Furthermore, the bill will attract notable benefits, including enhanced investor confidence, reduced fraud, and stronger anti-money laundering controls. Regulating stablecoins and exchanges could boost remittance efficiency and financial inclusion.

    For Africa at large, the country regulatory framework will set a precedent for balanced crypto regulation, encouraging regional harmonisation. However, its success will depend on enforcement and adaptability to the evolving digital finance system.