‘Nigeria among worst countries to start a career’ – Founder of world’s biggest crypto-exchange

The founder and leader of the world’s biggest Crypto-Exchange, Binance, Changpeng Zhao, has posted a list of the top 5 countries to start a career side by side with the bottom 5 (worst) countries to start a career.

The Top 5 in descending order include: United Kingdom, Germany, Canada, U.S A, and Japan, while the bottom 5 are listed as Uruguay, Nigeria, Libya, Syria, and Yemen.

The countries listed in the top 5 all legally recognize and accept cryptos, while the Bottom 5 countries do not wholly accept or legally recognise the fast ever-changing financial asset.

This is coming on the background that Nigeria’s apex bank, the Central Bank of Nigeria, (CBN), recently prohibited regulated institutions from dealing in crypto-currencies or facilitating payments for cryptocurrency exchanges.

Some observers have argued that the recent directive of the CBN will surely put Nigeria in the bad light among the international crypto-community.

Sequel to the founder’s tweet, Binance had already temporarily suspended deposits in Nigeria’s local currency in response to the recent circular released by Nigeria’s central bank (CBN) instructing Nigerian commercial banks and other financial institution to identify and close all accounts tied to crypto or crypto exchanges.

Changpeng Zhao further advised Nigerian customers to withdraw their locally-denominated deposits as early as possible to avoid potential channel issues.

Recall that the CBN had recently notified Deposit Money Banks, Non-Financial Institutions, other financial institutions against doing business in Crypto and other digital assets.

In a circular, dated 5th February 2021, and distributed to regulated financial firms, the apex bank of Africa’s largest economy warned and reminded local financial institutions against having any transactions in crypto or facilitating payments for Crypto-Exchanges.

The apex bank instructed the financial institutions to immediately close the accounts of such persons or entities transacting in or operating crypto-currency exchanges.

Also, the CBN further warned Nigerian financial stakeholders that any breach of this directive will attract serious regulatory sanctions.

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