Binance Execs Detained in Nigeria; Ether ETF Approval Odds Dwindle; Bitfarms Boosts Mining Capacity
Summary:
Two Binance executives are in detention in Nigeria, with authorities blaming the exchange for devaluing the local currency. Meanwhile, silence from the SEC could indicate a lower chance of Ether ETF approvals by May, according to a Bloomberg analyst. Concurrently, Bitcoin miner Bitfarms has purchased an additional 51,908 ASIC miners five weeks ahead of the anticipated halving event.
In Nigeria, two officials from Binance, the crypto exchange, are allegedly under custody, after being accused of contributing to the depreciation of the local currency, the naira. The exchange's senior executives are still confined in the national capital, despite last week's announcement of the company's departure from Nigeria. There has been silence from the Securities and Exchange Commission (SEC) regarding Ether (ETH) ETF acceptance, leading to a reduction in a Bloomberg ETF analyst's forecast for approval by May. Concurrently, Bitcoin mining firm Bitfarms has taken the decision to buy an additional 51,908 ASIC miners, which comes around five weeks ahead of the forthcoming halving event.
Two top-ranking Binance executives, Tigran Gambaryan, a former U.S. crypto-focused federal agent, and Nadeem Anjarwalla, are both detained in Abuja, with their passports withheld, as stated by a March 12 Wired report. The company vouches for their professionalism and integrity and anticipates a quick resolution to the issue. News of both their apprehensions first emerged in late February, though their identities were not disclosed at the time.
The silence of the SEC concerning ETH ETFs has resulted in lowered chances of approvals by May, only 35% according to Eric Balchunas, a Bloomberg ETF analyst. Balchunas attributes this decline to a lack of interaction from the SEC and the stance of SEC Chair Gary Gensler on Ether could also be influential. He suggests that, in Gensler's view, Ether still qualifies as a security and approval of another round of “political blowback” could be unlikely. Balchunas suspects that Gensler might consider he's done enough for the industry having approved Bitcoin ETFs and faced a court defeat against Grayscale in August 2023.
In other news, Bitfarms has taken steps to increase its mining capacity pre-halving, purchasing an extra 51,908 ASIC miners, including a variety of Bitmain miners. CEO Geoff Morphy stated that the initiative was taken to preempt expected hardware price increases as the crypto market readies for Bitcoin's quadrennial halving.
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The report includes input from reporters Geraint Price, Sam Bourgi, and Felix Ng.
Published At
3/12/2024 4:03:30 PM
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