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Binance Partners with Flutterwave to allow Nigerians to Purchase Crypto with the Naira



Leading cryptocurrency exchange Binance has partnered with Flutterwave, a global payment technology company to allow Nigerians to purchase cryptocurrency on its platform. The partnership sees the addition of a new fiat-to-crypto gateway to Binance; providing access to African users to purchase cryptocurrency with debit and credit cards.

The integration according to Binance is part of its growing list of key partners to provide easy access and more options for the purchase of cryptocurrency and will allow users to purchase cryptocurrency and enjoy lowest transaction fees in Nigeria and instant deposits and withdrawals.

In a PR published by Binance, it announced it has opened deposits for the Naira through Flutterwave. In addition to this, it has also added trading pairs BUSD/NGN, BNB/NGN and BTC/NGN to the stablecoin market. Users can now start depositing the naira to purchase the assets paired to the Naira. Binance also revealed additional fiat pairs for local currencies throughout Africa such as the Kenyan Shilling and the South African Rand will be supported in the near future as it develops new functions and channels to lower the barrier to entry.

Speaking on the partnership, CZ, CEO of Binance, he said “Africa has illustrated one of the largest demands and instrumental use cases for cryptocurrency, notably for financial access, in the world’s second –largest continent.”

He went further saying,

“In sub-Saharan Africa, about 90 million people remain unbanked while many regions in the area, including Nigeria, have embraced new technologies with an increasing amount of innovation. Working with Flutterwave will help bridge the fiat-to-cryptocurrency gap and we hope to stimulate more financial inclusion as Africa demonstrates strong potential in leading crypto adoption.”


CEO of Flutterwave Olugbenga Agboola also reaffirmed his firm’s mission saying “What we do at Flutterwave is, create possibilities for the everyday African to become prosperous. (….) that is what this partnership is about.”

Celebrating the new listing, all newly registered users who deposit the NGN to the exchange through Flutterwave will enjoy zero fees for deposits upto to N36,000 ($100). According to Binance, rewards will be distributed on the following day based on the first-come-first served manner. Deposits fees of the NGN is set at 1.4% and the maximum deposit amount for a single transaction is 430,000 NGN while the minimum amount per transaction is set at 150 NGN.

As market forces determine the current value of a currency, the exchange rate between the USD and the NGN will be based on the intermediate exchange rate, Binance revealed.

Interest in cryptocurrency is growing across Africa and Nigeria is one of the most dominant markets across the continent. Daily on average, a billion naira worth of cryptocurrency is traded in the country and this represents a significant amount even with the level of exposure. 

Launched in 2016, Flutterwave “provide award-winning technology core needed to provide business all around the world powerful, reliable and intelligent payments gateway”.

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Binance to Perform a Scheduled System Upgrade on the 13th of November. 



Binance has announced it will be performing a system upgrade tomorrow, the 13th of November.

The upgrade according to the blog post Binance released will commence at 02:00 AM (UTC) and is expected to last for approximately 4-6 hours.

The top leading cryptocurrency exchange warned that deposits and withdrawals will be suspended. Also to be suspended are crypto to crypto trading, spot and margin trading, lending and redemption as well as assets transfer from sub-accounts, margin accounts, futures accounts and fiat wallets during the time of the system upgrade.

Revealing the improvements in the new system upgrade, Binance mentioned

Live subscription and unsubscription to WebSocket streams

Database performance improvements

User Data Streamer performance improvements

After the upgrade, Binance said it would make further announcement and provide its customers with a 30 minutes window to cancel orders, process deposits, withdrawals and use all other account related functions before trading resumes.

Binance recommends that customers with open Futures or Margin positions re-assess their collateral balances prior to the start of the upgrade to mitigate against price fluctuations that may occur during the upgrade period.

According to Binance, the approximated time of the upgrade is not definitive but based on estimate. And as such, it will maintain as usual, regular communication on the progress of the upgrade on its various social media.

Binance has grown incredibly over the two years it was launched and continues to expand at an unprecedented rate. Even as the US market gets tough for players in the exchange business in the industry, Binance launches its US platform.

It spreads to Africa with the partnership with Flutterwave allowing Nigerians to buy bitcoin in its platform as well as its Binance Uganda platform.

According to Binance, the approximated time of the upgrade is not definitive but based on estimate. And as such, it will maintain as usual, regular communication on the progress of the upgrade on its various social media.

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Coinbase, Binance and Bitmex Rank Top in Web Traffic in October



Image: ICO Analytic

According to a report published by ICO Analytic, Coinbase, Binance and Bitmex rank the top in web traffic in the month of October, 2019.

The report which featured 20 exchanges reports Coinbase with unique visits in the month of october having 20.5 Million. This figure represents a 0.7% reduction compared to the month of September.

Binance was the second on the list having a 18.2 million unique visits for the month however, this reduced by 3.0% in comparison to the month of September.

Crypto Exchanges web traffic in October, 2019.

Margin trading platform Bitmex had 9.8 million visits with a 14% drop from its September height. This could be influenced by the leak user email addresses scandal it faced.

Fourth on the list of top cryptocurrency exchanges in terms of web traffic was Coinsbit which saw an 83% increase in October from September received a web visit of 5.7 million.

Top losers for last month according to the report were Bithumb which saw a nosedive of almost 50% reduction as it stood at a 44% reduction of web traffic in October as compared to September. 

Bithumb traffic was 4.0 million. Kucoin was the number two loser as it lost 26% traffic in October as compared with September. It received 1.5 million visits.

Both Bitmex and UPBIT was a tie as they both received 14% reduction in their web traffic in October. UPBIT saw  4.1 million users visits.

bIndorax gained 7.8% with a 3.4 million user visits. Bittrex received 3.0 million visits against its 7.7% growth.

HitBTC had the least user visits for October with its stats showing 1.2 million visits at a loss of 5.5%.

Highest gainers in terms of percentage of visits were Consbit, and Bitbank which received 83%, 57% and 22% respectively.

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Poloniex Updates Its User Agreement as it spins out of Circle, to Comply with GDPR



Poloniex informs its customers of update to its User Agreement as it spins out of Circle.

From an email sent to customers of the exchange, Poloniex said the new user agreement will become applicable to the use of the Poloniex service on the 7th of November.

According to Poloniex, the changes to the User Agreement are made to provide customers of the exchange with greater clarity and certainty surrounding their use of the Poloniex services.

And that it’s part of the Poloniex team’s continuous effort to improve the performance of the exchange and to better serve its customers.

Owing to the spin off from Circle, the new firm Polo Digital Assets, Ltd will be in charge of processing customer’s personal information, including acting as the data controller in compliance with General Data Protection Regulation to where it applies.

The new firm Polo Digital Assets, Ltd according to the email, will continue to process customer’s personal information for the purposes for which it was provided or as otherwise set out in its privacy policy.

On the 18th of October, Poloniex announced through a blog post that will be spinning out from Circle to form a new entity that will exclude US customers.

According to the post, Poloniex revealed the new company will have the backing of a major investment group and it will enable it focus on the needs of global crypto traders with new features, assets and services. And for this, it intends spending $100 million for expansion and development.

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Houbi Global Joins Other Exchanges Closing Up Shop in the US



Houbi Global has joined the list of cryptocurrency exchanges such as Poloniex withdrawing from the United States to other markets.

The announcement was made via a press release on the company’s blog. According to the blog. Houbi global said that according to the laws of the United States as it concerns cryptocurrency, the exchange’s User Agreement prohibits users in the US from using the platform.

Therefore, the accounts of US customers have been gradually disabled so as not to make any more transactions on the platform.

The statement read, “We will freeze all US user accounts from 13 November 2019 (GMT+8) onwards. We are sorry for any inconvenience resulting therefrom.”

All US customers are advised to return all the funds borrowed in the exchange’s margin trading platform and to withdraw all crypto assets balances.

As Houbi Global advises customers to withdraw their assets, it also informed them of its San Francisco based US partner, the exchange platform which was specifically designed for US customers.

The US platform according to Houbi ” is an advanced U.S. digital currency trading platform operated by HBUS Holdco Inc. (“HBUS”), a San Francisco-based company and strategic partner of Huobi Global. HBUS holds itself up to high ethical standards with commitment to U.S. regulatory compliance, and offers a wide variety of tokens for trading, low trading fees, and 24/7 tailored customer support to American customers.”

US Customers can create both individual or corporate accounts, visit for an individual account or for a corporate account.

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