BITCOIN

The Nigerian Securities and Exchange Commission has said crypto exchange Binance’s local affiliate “is neither registered nor regulated by the Commission and its operations in Nigeria are therefore illegal.” The regulator has also said anyone who continues to deal with Binance Nigeria is “doing so at his/her own risk.” Nigeria’s SEC Labels Crypto an ‘Extremely Risky’ Asset Class Nigeria’s Securities and Exchange Commission has said the crypto exchange’s local affiliate is operating illegally. In a circular issued on June 9, the Nigerian regulator discouraged local residents from dealing with Nigeria. The announcement by the Nigerian regulator came less than 24 hours after Binance’s beleaguered U.S. affiliate was forced to suspend dollar deposits and withdrawals. In addition to branding the affiliate’s operations illegal, the Commission also warned Nigerians of the risks of investing in crypto assets or related products, particularly when the service provider is not registered or r

Russia’s second-largest bank’s chairman has predicted the end of U.S. dollar dominance. He believes that the Chinese yuan will replace the U.S. dollar as the dominant currency. “I think that the time has come when China will gradually remove currency restrictions,” he noted, adding that “China understands that they will not become world economic power number 1 if they keep their yuan as a non-convertible currency.” VTB Bank President Predicts End of U.S. Dollar Hegemony Andrey Kostin, the chairman of state-controlled VTB, Russia’s second-largest bank, discussed the potential end of U.S. dollar dominance in an interview with Reuters, published Friday. He expressed his belief that the era of U.S. dollar dominance is drawing to a close, attributing it to the increasing prominence of the Chinese yuan and the global recognition of the consequences resulting from unsuccessful Western sanctions aimed at undermining Russia during the Ukraine crisis. According to him, the U.S. and the Europ

Economist Peter Schiff says the U.S. banking system is insolvent. He stressed that the Federal Reserve destroyed the U.S. banking system, citing near-zero interest rates at banks while “the Fed funds rate is 5.25% and the real inflation rate is much higher.” Schiff previously warned that the U.S. banking system is on the verge of a “much bigger collapse than 2008.” Peter Schiff on U.S. Banking Crisis Gold bug and economist Peter Schiff is back with more warnings about the U.S. economy. He tweeted Friday that the Federal Reserve destroyed the U.S. banking system, emphasizing that it is insolvent and would collapse without government help. Schiff wrote: Bank of America pays just .05% interest on savings accounts and nothing on checking accounts. But the Fed funds rate is 5.25% and the real inflation rate is much higher. The Fed destroyed the U.S. banking system. It’s insolvent and would collapse without government backstops. This was not the first time that the economist sounded t