TechPression

Tag: Binance

  • 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.

  • 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.

  • 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.

  • Binance taps Apple Pay, Google Pay for easier crypto purchases

    Binance taps Apple Pay, Google Pay for easier crypto purchases

    On Monday, Binance, the world’s largest cryptocurrency exchange, announced an expansion of its fiat gateway, which will enable users to seamlessly purchase cryptocurrencies using widely adopted mobile payment solutions like Apple Pay and Google Pay.

    The integration is made possible through a strategic collaboration with the global payments processing giant, Worldpay.

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

    Binance reveals in latest press release

    According to a statement issued by Binance, the incorporation of Apple Pay and Google Pay for cryptocurrency purchases through credit and debit cards signifies more than just a technological advancement. It embodies their dedication to meeting users where they are, bringing web3 to them on their own terms.

    The exchange noted the importance of this integration in regions where traditional credit card usage may be limited, yet mobile phone penetration remains high. Binance stated, “By supporting the most widely adopted digital wallets, Binance enables new users to explore digital assets using tools they already trust.”

    Recall that in 2022, the company attempted to integrate Apple Pay and Google Pay. However, that earlier endeavor encountered certain technological and geographical constraints.

    Meanwhile, the partnership will represent a further step for Worldpay in solidifying its presence within the growing cryptocurrency sector.

    Sanchit Mohl, Head of Web3 and Crypto for Worldpay in the Asia-Pacific region, articulated the company’s vision to “be part of the ecosystem from the ground up.” Notably, in 2024, Worldpay processed $1.3 billion in stablecoin transactions, although this still constitutes a relatively small fraction of its overall annual transaction volume, which reached $2.3 trillion.

    Read also: Binance suspends employee for insider trading, awards whistleblowers $100,000

    Fiat as a crucial on-ramp

    The integration of these popular digital wallets aligns with the increasing global preference for such payment methods, which, in many regions, serve as the primary point of access to financial services. Nabil Manji, Head of Fintech Growth at Worldpay, emphasized this point, stating, “That’s what makes Binance’s integration so powerful — it enables users to explore crypto with the same ease and confidence they associate with trusted e-commerce experiences.”

    Furthermore, Binance has been actively expanding its fiat capabilities, launching 18 new fiat channels in 2024 for retail and institutional clients. These channels encompass various options, including traditional bank transfers, card networks, mobile wallets, and regional payment providers.

    This focus on expanding fiat options has yielded positive results for Binance, attracting new users and fostering user retention. The exchange reported that over 60 percent of active fiat and P2P users in 2024 completed repeat transactions, indicating a positive and effective user experience. By the end of the previous year, Binance users could access cryptocurrencies using over 1,000 different payment methods spanning more than 125 fiat currencies.

    Furthermore, Binance has focused on geographic expansion, launching services in over 20 new countries, including nine countries across West and Central Africa.

  • Binance Wallet to host 8th exclusive token generation event with StakeStone

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

    On Thursday, Binance Wallet, a leading digital asset storage and management platform under Binance, unveiled its eighth exclusive Token Generation Event (TGE), featuring StakeStone, an omnichain liquidity protocol.

    The April 3 event offers participants a 30-minute window to subscribe for a share of StakeStone’s tokens.

    Read also: Binance Charity and CZ donate $1.5 million to Myanmar, Thailand quake victims

    A new opportunity for crypto enthusiasts

    According to Binance Wallet’s announcement on X, 10 million STO tokens have been designated for marketing purposes, with additional details expected in due course.

    StakeStone primarily aims to tackle liquidity fragmentation in decentralised finance (DeFi), a challenge caused by dispersed assets across multiple blockchains.

    The platform operates with two key tokens: STO and veSTO. STO, built on LayerZero technology, is an omnichain fungible token that can move across blockchains without burning or re-minting. It serves as StakeStone’s primary governance token. Meanwhile, veSTO is a derivative token obtained by locking STO, rewarding long-term holders with boosted staking rewards and governance power.

    Africa included in the opportunity

    This development is not exclusive to any particular region as African users can take advantage of the Binance Wallet TGE, except where regulatory restrictions apply. Africa has seen rapid growth in cryptocurrency adoption, with many users leveraging digital assets to navigate financial challenges, including limited access to traditional banking services.

    For those in regions where Binance Wallet is accessible, this event presents an opportunity to engage with a promising liquidity protocol, which could support financial inclusion and more seamless cross-border transactions across the continent.

    Read also: Binance suspends employee for insider trading, awards whistleblowers $100,000

    How to participate in the TGE

    Users must first set up and fund their Binance Wallet (Keyless) to engage in the TGE. Once logged into their Binance account, they can navigate to the Exclusive TGE Subscription Page to subscribe by connecting their wallet and depositing Binance Coin (BNB). Successful transactions will display the allocated STO tokens in participants’ accounts.

    Binance Wallet’s exclusive TGEs have historically introduced high-quality projects. Previous events have showcased Bedrock, Bubblemaps, MyShell, and Particle Network platforms.

    While these events offer promising opportunities, Binance Wallet encourages users to conduct thorough research before participating. As stated in their recent announcement, “Ensure sufficient BNB in your Binance Wallet (Keyless) before participating.”

    With its latest TGE, Binance Wallet continues providing crypto investors access to innovative blockchain projects, reinforcing its role as a key player in the evolving DeFi system.

  • Binance suspends employee for insider trading, awards whistleblowers $100,000

    Binance suspends employee for insider trading, awards whistleblowers $100,000

    On Tuesday, Binance, a leading global cryptocurrency exchange, suspended an employee for allegedly engaging in front-running trades using insider information.

    The company disclosed the findings of an internal investigation following a whistleblower complaint received on March 23.

    Read also: Scammers impersonating Binance steal cryptocurrency from over 130 Australians

    Investigation uncovers misconduct

    According to Binance, the employee—previously part of the BNB Chain business development team—leveraged non-public information from his former role to purchase tokens before a project’s public launch. 

    “The staff member used multiple linked wallet addresses to buy a large volume of tokens before the Token Generation Event (TGE) announcement,” the exchange stated. “He then sold portions of his holdings for significant profits, breaching company policy.”  

    While the employee was working in Binance’s Wallet team at the time of the incident, the investigation confirmed that the team had no access to insider information about the project in question. However, his prior role at BNB Chain allowed him to exploit confidential knowledge—an act Binance termed “a clear violation of trust.”  

    Binance took swift action, suspending the employee immediately. “We have zero tolerance for misconduct,” the company emphasized. “We are cooperating with relevant authorities and will pursue legal action where applicable.” 

    The exchange also assured that any assets tied to the misconduct would be handled in compliance with regulations.  

    To promote transparency, Binance awarded $100,000 to four whistleblowers who submitted valid reports via its official channel (audit@binance.com). 

    “We appreciate the community’s vigilance,” the statement read while urging future reports to be shared exclusively through official channels for security reasons.  

    Binance reiterated its dedication to maintaining a fair trading environment. “We will strengthen internal controls to prevent such incidents,” the exchange pledged, thanking users for their trust.  

    Read also: U.S. Secret Service recovers $7 million from cryptocurrency scam

    About Binance’s wallet 

    Binance Wallet is a non-custodial wallet offering seamless access to decentralised finance (DeFi) and Web3 services. Supporting multiple blockchains, it enables users to store, swap, and manage cryptocurrencies securely. 

    It’s also Integrated with Binance’s ecosystem to provide easy asset transfers between the exchange and decentralised apps (dApps). 

    With robust security features and a user-friendly interface, Binance Wallet empowers traders and investors with full control over their digital assets.

  • Binance Nairobi Meetup 2025: Driving crypto growth and regulation in Africa

    Binance Nairobi Meetup 2025: Driving crypto growth and regulation in Africa

    Binance, the world’s largest cryptocurrency exchange, reaffirmed its commitment to Africa’s digital economy at the Binance Nairobi Meetup 2025, which attracted over 430 attendees and 12 industry experts.

    The event, held on Wednesday in Nairobi, focused on the future of cryptocurrency and Web3 in Africa, with discussions on regulatory frameworks, cybersecurity, and financial inclusion.

    Read also: UAE’s MGX bets big on Binance with $2 billion investment

    Regulatory clarity and security

    Speaking at the event, Binance’s Global Chief Marketing Officer, Rachel Conlan, emphasised the importance of clear regulations for industry growth.

    “We’re excited that regulatory clarity being set by Europe and the U.S. is also being taken seriously by Kenya. This will help grow the industry and create more economic opportunities,” she said.

    With Kenya boasting over 4.4 million active crypto users, Conlan noted the potential for deeper market penetration. “With 74 percent of Kenya’s population under 35, the opportunity for integrating cryptocurrency into traditional finance is immense,” she added.

    Binance also underscored its commitment to security amid growing concerns over crypto-related scams. “We take security very seriously and work closely with local law enforcement to mitigate risks,” Conlan assured.

    Beyond regulation and security, the meetup featured panel discussions on how Web3 and blockchain could transform key sectors like finance, healthcare, and education in Africa. Attendees engaged in interactive sessions, networking, and product demonstrations.

    Participants described the event as a milestone for Africa’s crypto industry. “The #BinanceNairobiMeetup showcased the growing Web3 momentum in Africa,” an attendee, @SynergyMedia_, posted on X.

    As the event concluded, Binance reaffirmed its commitment to expanding its presence in Kenya and across Africa. “We’re at 5 percent penetration in Kenya now. I’d love to see that reach 20 percent in the next 24 months,” Conlan stated.

    With Africa’s digital economy evolving, Binance’s growing engagement with regulators and local communities signals a stronger push for Web3 adoption and financial empowerment across the continent.

    Read also: Binance launches advanced trading tools in Kazakhstan, empowering crypto traders

    Binance Nairobi Meetup 2025 purpose

    The BinanceNairobiMeetup aimed to foster crypto and Web3 adoption in Africa by bringing together industry leaders, enthusiasts, and innovators.

    The event highlighted Binance’s vision for financial inclusion, educated attendees on blockchain technology, and explored Africa’s role in the global crypto revolution.

    Through keynote speeches, panel discussions, and interactive sessions, the meetup empowered participants with knowledge and tools to drive growth and innovation in the region’s digital economy.

  • Scammers impersonating Binance steal cryptocurrency from over 130 Australians

    Scammers impersonating Binance steal cryptocurrency from over 130 Australians

    Australian authorities have uncovered a large-scale cryptocurrency scam in which fraudsters posed as representatives of Binance, the world’s largest crypto exchange, to deceive local investors.

    Over 130 victims have been identified, with scammers using fake messages that appeared within existing Binance chat threads to trick users into transferring their assets.

    Read also: Binance launches advanced trading tools in Kazakhstan, empowering crypto traders

    Scammers impersonation strategy

    The scam involved criminals sending SMS and encrypted messages claiming the recipient’s Binance account had been compromised.

    These messages included fake verification codes and a fraudulent support phone number. When victims called the number, they were told to move their funds into a “trust wallet” for security—only to have their cryptocurrency stolen by scammers.

    The Australian Federal Police (AFP), in collaboration with the National Anti-Scam Centre (NASC) and Binance Australia, identified the scam as part of Operation Firestorm, an initiative launched in early 2024 to combat global cyber fraud.

    AFP Commander Cybercrime Operations Graeme Marshall emphasised the challenge of recovering lost funds, as the stolen assets were quickly transferred through a network of laundering accounts.

    “Once funds reach the hands of scammers, they are rapidly moved through multiple wallets, making recovery extremely difficult,” Marshall stated. “The AFP has worked closely with our partners to ensure victims are identified swiftly and given appropriate support.”

    Ongoing threat and prevention efforts

    The scam has raised concerns about the growing sophistication of impersonation fraud. Australian Competition and Consumer Commission (ACCC) Deputy Chair Catriona Lowe urged the public to remain cautious, stating that scammers rely on the trust users place in well-known organisations.

    “We encourage Australians to verify any communication they receive, even if it appears legitimate,” Lowe said. “Always contact organizations using official details from their website or app.”

    On his part, Binance Chief Security Officer Jimmy Su assured users that the company is working closely with law enforcement to curb such scams. “Education and vigilance are key. Always confirm messages through Binance Verify and never share sensitive information,” Su advised.

    In conclusion, Authorities urge anyone affected to report incidents to ReportCyber, quoting reference number AFP-068.

    Read also: Binance community vote for Pi Coin listing ends at 86% approval

    About Binance

    Binance is a leading global cryptocurrency exchange founded in 2017 by Changpeng Zhao. It offers a platform for trading digital assets, blockchain services, and financial solutions.

    The company operates in several African countries, and Binance has expanded its reach, providing access to crypto markets and financial inclusion. However, the exchange has faced regulatory scrutiny in multiple regions, including Nigeria, leading to operational adjustments.

    Despite challenges, the firm still remains a key player in the crypto industry, driving innovation and adoption across various global markets.

  • African women in crypto: Binance champions financial inclusion

    African women in crypto: Binance champions financial inclusion

    At Binance’s third International Women’s Day (IWD) event, held in Cape Town on March 13, women in Africa’s crypto ecosystem gathered to discuss their growing influence in the industry.

    With over 20 percent of crypto startups in sub-Saharan Africa co-founded or led by women and 31 percent of crypto holders in the region being female, Binance’s event calls attention to the vital role of women in shaping the future of blockchain and cryptocurrency.

    Read also: OKX suspends DeFi service, citing EU investigation and media criticism

    Breaking barriers in a male-dominated space

    Binance, a global cryptocurrency exchange with over 260 million users, organised the networking and educational event to celebrate women’s contributions to financial innovation. Industry leaders and experts shared insights on overcoming challenges in the sector, emphasising resilience, networking, and mutual support.

    “Participation in global and local crypto events must move beyond visibility to influence,” said Yande Nomvete, Binance’s Head of Operations in South Africa. “Women need to position themselves as decision-makers, not just attendees or panellists.”

    Yi He, Binance’s co-founder, has played a key role in fostering gender equality within the company, where women make up 40 percent of the workforce. The platform continues to provide opportunities for women to lead and innovate in the crypto space.

    During a fireside chat, Frederica Tompkins Michell, Binance’s Director of Global Marketing, noted the accessibility of crypto, describing it as an industry where “no one is being left behind.”

    “You can invest as little as R1, and being on the blockchain ensures transparency,” Michell explained. “Traditional finance can be opaque, but crypto is all about accountability.” Here, R1 refers to Recast1 Coin, a cryptocurrency that is not tradable on platforms like Coinbase. This highlights the accessibility and inclusivity of crypto, allowing even small-scale investments to participate in the digital economy.

    The event also included a hands-on workshop, during which participants learned to set up crypto wallets, make investments, and navigate the digital asset space confidently.

    Read also: Gemini sets Guinness World Record with 1,000-drone forming Bitcoin logo

    Smart investing and future prospects

    Samantha Fuller, Binance’s Head of Communications in the Middle East and Africa, encouraged strategic investing rather than seeking quick gains. “Women tend to be more conservative investors, often incorporating crypto as part of a diversified portfolio,” she noted.

    Development finance expert Esther Mukumbo shared her approach: “I’ve put 5 percent of my investment portfolio into Binance since 2018. This helps me overcome the gender pay gap and other financial barriers.”

    With women continuing to break barriers in the crypto industry, Binance’s initiative aims to empower them further, ensuring their voices shape the future of Web3 and blockchain innovation.

  • Binance launches advanced trading tools in Kazakhstan, empowering crypto traders

    Binance launches advanced trading tools in Kazakhstan, empowering crypto traders

    Binance on Thursday, March 13, officially rolled out a suite of advanced derivative trading products for its users in Kazakhstan, marking a notable upgrade for the country’s crypto trading community.

    The new features, designed to enhance trading efficiency, risk management, and profitability for novice and experienced traders, include Binance Options, Futures Copy Trading, Easy Futures, and BFUSD (Reward-Bearing Margin Asset).

    Read also: UAE’s MGX bets big on Binance with $2 billion investment

    A game-changer for Kazakhstan’s crypto market

    The introduction of these products aligns with the country’s global markets, which already benefit from such advanced trading options.

    “This is a major step forward for Kazakhstan’s crypto ecosystem,” said a Binance spokesperson. “By providing these tools, we’re empowering traders to optimise their strategies and manage risks more effectively.”

    This expansion underscores the world’s leading cryptocurrency exchange’s commitment to the region. Last year, the company acquired a full Digital Asset Trading Facility (DATF) licence from the Astana Financial Services Authority (AFSA), which allows it to operate legally as a trading platform, custodian, and broker-dealer for crypto assets.

    “Kazakhstan is a key market for us, and we’re excited to bring these innovative tools to local traders,” the spokesperson added. The move is expected to attract more users to the platform, further solidifying their position as a leader in the global crypto space.

    The launch is seen as a milestone for Kazakhstan’s crypto community, offering traders access to cutting-edge tools that were previously unavailable. As one local trader put it, “This is a game-changer. We now have the same opportunities as traders in other parts of the world.”

    Read also: Binance community vote for Pi Coin listing ends at 86% approval

    What the new features will offer

    With these new features, Binance is enhancing the trading experience and promoting a more dynamic and competitive crypto market in Kazakhstan.

    However, Binance Options, for instance, allows traders to buy or sell assets at predetermined prices, offering built-in downside protection to limit losses.

    Futures Copy Trading, on the other hand, enables users to replicate seasoned traders’ strategies, while Easy Futures simplifies the trading process with a one-click placement mode. BFUSD, a unique reward-bearing asset, not only serves as collateral for future trades but also incentivises holders with USDT rewards.

    The introduction of these advanced trading tools is a testament to the crypto firm’s dedication to innovation and its efforts to support the growth of the crypto ecosystem in the region.