A quick dive using the available resources for data analysis shows

Did you know?
A total of $1.14 billion flowed through Binance USDT/NGN trading, generating ₦447 billion in capital gains tax


https:///Mzeroali/status/1770413823565926420?s=20



Disclaimer

The data used in this article is sourced from public Binance historical data and the Binance API with the Python-Binance library. While efforts have been made to ensure the accuracy and reliability of the information presented, readers are advised to conduct their research and exercise caution when making financial decisions based on the content provided. The author shall not be held responsible for any inaccuracies, errors, or losses incurred due to the use of this data or reliance on the information herein.

My Motivation for this project is from the daily newspaper article published

https://dailytrust.com/how-cbn-can-track-26bn-binance-transactions/

In this article, we will delve into the controversial topic of how Binance users, one of the largest cryptocurrency exchanges, evaded over ₦447 billion in capital gain tax.

We will provide insights into how to track Binance transactions, including the tools and techniques available to individuals and authorities to monitor and analyze cryptocurrency transactions on the Binance platform. Understanding how to track these transactions is crucial for regulatory compliance and ensuring transparency in the cryptocurrency market.

By examining both the evasion of capital gain tax and the tracking of transactions on Binance, readers will gain a comprehensive understanding of the complexities surrounding cryptocurrency exchanges and the importance of regulatory oversight in this rapidly evolving industry.

IDE: Jupyter Notebook

The source code can be found here

https://medium.com/@aliyu.lawal_77045/the-cbn-is-right-bbed5e182adf


Cc

Mydd44
Seun

Research Scope:

This research exclusively focuses on USDT/NGN spot trading on the Binance cryptocurrency exchange. Spot trading involves the buying and selling of cryptocurrencies at the current market price. It is selected for its simplicity and accessibility, making it suitable for beginners entering the cryptocurrency market.

Other Binance trading categories which are not included in these scope:

Margin Trading
Futures Trading
P2P Trading
Option Trading
Types of Traders for Beginners:

Day Traders
Swing Traders
Position Traders

Conclusion.
The CBN raises concerns about the importance of regulatory oversight and transparency in the cryptocurrency market.

Considering both CBN and Binance perspectives, it’s evident that there’s significant traceability of Binance Users' transactions and the CBN’s apprehension regarding the origin of these transactions. This controversy highlights the challenges surrounding cryptocurrency regulation and the need for robust mechanisms to ensure compliance and prevent financial misconduct.

In light of this, authorities need to continue exploring avenues to track cryptocurrency transactions effectively while also promoting collaboration between regulatory bodies and cryptocurrency exchanges to uphold market integrity and mitigate illicit activities.