CDS Crypto News What Happened Crypto Markets Today- 25 March Crypto News
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What Happened Crypto Markets Today- 25 March Crypto News

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What Happened Crypto Markets Today- 25 March Crypto News

Crypto News– Binance finds itself in further trouble as the Nigerian government launches an investigation into allegations of tax evasion. This development coincides with reports indicating that one of its executives has left the country.

What Happened Crypto Markets Today- 25 March Crypto News

On another front, BlackRock’s spot Bitcoin exchange-traded fund (ETF) is on track to surpass Grayscale’s Bitcoin Trust ETF in terms of assets under management within the next three weeks, as per recent ETF flow data. Meanwhile, the U.S. government is seeking court approval to auction off two private jets seized from former FTX CEO Sam Bankman-Fried as part of forfeiture proceedings.

Binance Executive Flees Detention Amid Nigerian Tax Evasion Charges

A Binance executive detained by Nigerian authorities has reportedly escaped custody using a counterfeit passport, sources familiar with the situation reveal, as reported by a local publication.

This development surfaces alongside claims of the Nigerian government instituting criminal proceedings against the exchange for alleged tax evasion. Local media reports indicate that charges were filed at the Federal High Court in Abuja on Monday.

Nadeem Anjarwalla, purportedly departed from Abuja via a Middle Eastern airline. However, the means by which he managed to board an international flight remain unclear, as his British passport, used for entry into Nigeria, remains in the possession of Nigerian authorities.

Anjarwalla, serving as Binance’s regional manager in Africa, and Gambaryan, a U.S. citizen overseeing Binance’s criminal investigations team, were apprehended upon their arrival in Nigeria on Feb. 26.

The Nigerian government has adopted stringent measures against individuals and entities allegedly involved in terrorist financing and money laundering activities associated with the Binance cryptocurrency exchange.

BlackRock’s ETF Poised to Surpass GBTC in Bitcoin Holdings in Three Weeks

The amount of Bitcoin held in BlackRock’s spot Bitcoin ETF is poised to surpass that of crypto asset manager Grayscale’s GBTC within the next three weeks. As of March 22, BlackRock’s Bitcoin ETF boasted 238,500 BTC, valued at $15.5 billion at current prices. The fund has reported an average daily inflow of approximately $274 million, equivalent to around 4,120 new Bitcoins entering the fund daily.

Meanwhile, Grayscale’s Bitcoin Trust still holds an estimated 350,252 BTC, valued at $23 billion at current prices. However, it has been experiencing an average daily outflow of roughly $277 million, or around 4,140 BTC daily, over the last two weeks.

The U.S. Government Requests Court Authorization for the Sale of Sam Bankman-Fried’s Private Aircraft

In a filing dated March 22 with the U.S. District Court for the Southern District of New York, prosecutors are seeking court approval to sell two private aircraft linked to Sam Bankman-Fried as part of the continuing forfeiture proceedings against the former cryptocurrency CEO. The aircraft in question are the Bombardier Global and Embraer Legacy planes, with prosecutors aiming to prevent their depreciation. During SBF’s criminal trial, prosecutors contended that the aircraft were eligible for forfeiture.

Court filings indicate that the aircraft hold a collective value of $28.4 million.

Bankman-Fried was found guilty of seven felony counts in November 2023. He is presently awaiting sentencing, with a potential prison term ranging between 40 and 50 years.

What Happened Crypto Markets Today- 25 March Crypto News

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