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Binance Leads Centralized Exchange Deposits With $23 Billion in 2024 Amid Regulatory Challenges

By
Ojukwu Emmanuel
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0

Leading Crypto exchange Binance has reportedly received a staggering $23 billion in customer deposits between January 1, 2024, and December 12, 2024, according to data from leading DeFi data aggregator, DeFiLama.

This figure places Binance at the top of centralized exchanges worldwide for deposits within the period. In a broader market look the crypto exchange market appears to have undergone a transformative shift in 2024, driven by a significant uptick in institutional activity. Major exchanges are witnessing unprecedented growth in Bitcoin and USDT deposits.

Binance’s performance is further promoted by its activity in USDT deposits. The exchange recorded substantial gains, with the average daily USDT deposit climbing by $94k. On November 3, 2024, Binance set a record with a daily average Bitcoin deposit of 6.85 BTC (approximately $465,000) marking a 14-fold growth in dollar terms from previous levels.

Trailing behind Binance, ByBit, one of the fastest-growing cryptocurrency exchanges, recorded the second-highest deposit volume at $8.13 billion. Other exchanges in the top five include OKX with $5.36 billion, Bitmex with $3.44 billion, and Robinhood with $2.31 billion. Remarkably, Binance’s deposits exceeded the combined total of the other top five exchanges, highlighting its dominance in the global blockchain and cryptocurrency industry.

Throughout the first quarter of 2024, Binance saw its revenue skyrocket, soaring to an impressive $66.8 million, a staggering 70% increase from the preceding quarter’s figures. This surge in revenue, unparalleled in comparison to any quarter in the preceding year, paints a compelling picture of the network’s enduring vitality. Fueling this surge in revenue is the remarkable appreciation in the value of BNB, the native cryptocurrency of the Binance ecosystem.

Despite its market leadership, Binance continues to face significant regulatory scrutiny. Recall that in March 2024, Binance announced plans to discontinue all services in Nigeria due to regulatory conflict in the country. The crypto exchange which started operations in Nigeria around 2020, discontinued operations after the federal government accused it of exploiting Nigeria’s currency, the Naira, causing its value to plummet.

Also, in the United States, the exchange was fined $4.3 billion for violating anti-money laundering laws. In February 2024, Binance pleaded guilty and agreed to pay over $4 billion to resolve the Justice Department’s investigation into violations related to the Bank Secrecy Act (BSA), failure to register as a money-transmitting business, and the International Emergency Economic Powers Act (IEEPA).

The exchange founder and chief executive officer (CEO), Changpeng Zhao, also pleaded guilty to failing to maintain an effective anti-money laundering (AML) program, in violation of the BSA and has resigned as CEO of Binance. Amidst heightened regulatory scrutiny, in November 2024, Binance announced plans to expand its compliance team, aiming for a 34% growth by the end of 2024, to strengthen its regulatory efforts and ensure a safer. Binance has reportedly invested heavily in its compliance programs over the past year in hopes it will be a competitive advantage for the cryptocurrency exchange.

Despite regulatory headwinds and market uncertainties, Binance has demonstrated unwavering momentum, buoyed by the steadfast support of its community and the enduring appeal of its native token BNB.

Binance Coin (BNB) has remained a solid growth asset throughout 2024 through its competitor. On December 8, 2024, BNB achieved a significant milestone, reaching an all-time high while trading volume surged to unprecedented levels.

Analysts are becoming increasingly bullish on Binance Coin (BNB), with George “Softquant,” a TradingView analyst, pointing out that despite heightened competition from Ethereum (ETH) and Solana (SOL), BNB still has strong growth potential.

The Framing of 3MTT Nigeria programme’s Hackathon Events

By
Mutiu Iyanda
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0

The 3MTT Nigeria programme, with its array of hackathons and summits, has positioned itself as a transformative force aimed at building the digital backbone of the nation’s future. Through its dynamic approach, the programme leverages the power of technology and innovation to address pressing social issues while fostering a vibrant startup ecosystem. In this piece, our analyst examines narratives shared on the hackathons held across various states and provides valuable insights into the way this initiative is framing the future of Nigeria’s digital economy. The narratives were sourced from various Facebook accounts of the participants and the official 3MTT programme page.

Fostering Local Solutions to Global Challenges

One of the key frames surrounding the 3MTT Nigeria hackathons is the emphasis on local solutions to global problems. Whether addressing food security, digital inclusion, cybersecurity, healthcare, or waste management, participants in the hackathons consistently presented innovative ideas that sought to solve real-world problems through technology. The projects highlighted in Gombe, Katsina, Kwara, and Imo states, for instance, centred on pressing societal challenges; secure digital spaces, food production efficiency, and sustainable healthcare. These initiatives are not merely theoretical exercises; they are tangible solutions with the potential to transform lives.

The framing of these events as “Tech For Good” emphasizes a critical distinction: technology is not a standalone industry but an enabler of social change. This narrative speaks to the growing recognition of the social good that technology can drive, as evidenced by initiatives like SecureNaija’s multilingual cybersecurity platform, which aims to bridge the digital divide and make cybersecurity education accessible to diverse language groups across Nigeria. These efforts highlight how hackathons, when framed as community-centred events, can directly contribute to the sustainable development of regions.

Empowering Future Innovators and Entrepreneurs

At the heart of the 3MTT Nigeria hackathons lies the empowerment of the next generation of innovators and entrepreneurs. The programme, as expressed in multiple reflections, highlights the role of mentorship, networking, and support in enabling fellows to realize their potential. The graduation ceremonies, pitch decks, and pitch sessions are framed not just as competitions but as rites of passage for the fellows, marking their journey from learners to doers. The intense learning experiences, mentorship, and hands-on practice embedded within these events provide a powerful platform for aspiring entrepreneurs to grow.

This framework fosters a culture of continuous learning, unlearning, and relearning. This is echoed in states like Kwara and Akwa Ibom. Participants noted that the hackathons were not just opportunities to showcase solutions but also to gain invaluable insights that helped refine their entrepreneurial skills. By focusing on mentorship and collaboration, the program creates an ecosystem in which participants can learn from their peers and experts alike. For instance, the hackathon in Katsina, which featured participants with diverse solutions from agriculture to healthcare, demonstrated that innovation can thrive when provided with the right tools and support.

Networking and Stakeholder Engagement: A Critical Component

The emphasis on stakeholder engagement during these hackathons reveals another significant layer of the program’s framing. Events like the 3MTT Nigeria Gombe Summit or the 3MTT Impact Summit in Katsina are not just about celebrating innovation; they also offer opportunities for fellows to engage with key stakeholders across various sectors. These interactions are crucial in building connections that transcend the event itself, with many participants acknowledging the critical role that partnerships with local governments, sponsors, and mentors have played in their journeys.

For example, the collaboration between the Kwara State Government and the 3MTT Nigeria programme underlines the importance of public-private partnerships in driving the success of such initiatives. The state’s involvement in providing essential resources has been key to the success of the hackathon, allowing participants to focus on the creative aspects of their projects. Such engagements demonstrate the potential for hackathons to act as platforms for fostering long-term relationships between innovators and stakeholders, which can further amplify the impact of these initiatives.

The Cultural Impact: A Call to Action for Nigerian Youth

Underlying the framing of 3MTT’s hackathon is the overarching theme of youth empowerment. These events, which have reached thousands of fellows across Nigeria’s diverse regions, stress the significance of youth in the country’s technological and economic transformation. Participants are often seen as not just problem-solvers but as active agents of change who can influence both local and national agendas. This empowerment narrative speaks to the broader societal shift in Nigeria, where technology is increasingly recognized as a key driver for sustainable development.

The hackathons provide a space where young people can express their creativity, tackle complex challenges, and build solutions that have the potential to reshape their communities. The reflections from participants, such as the story of Team Innovate Health in the Tech For Good Hackathon, demonstrate that these events are not only about the prizes but about the opportunities they provide for personal growth and the realization of ideas that can revolutionize sectors such as healthcare and agriculture.

Looking Forward: A Sustainable Future

The impact of the 3MTT Nigeria hackathons is not just about the immediate outcomes—whether it’s the prizes, scholarships, or new business ideas. It’s about creating an ecosystem where innovation can flourish and where young Nigerians are empowered to drive meaningful change in their communities. As Dr. ‘Bosun Tijani, the visionary leader behind the programme has consistently highlighted, the ultimate goal is to build a sustainable tech ecosystem that can address Nigeria’s most pressing challenges while creating job opportunities for future generations.

The narrative surrounding these hackathons—their framing as tech-driven social good initiatives, empowerment platforms, and networking hubs—is reflective of a broader movement in Nigeria toward building a robust digital economy that is inclusive and socially impactful. It is clear that these events are not just about innovation for innovation’s sake but are part of a larger vision for a tech-enabled future where young Nigerians lead the charge in creating solutions for a sustainable tomorrow. The success of these hackathons, as reflected in the stories of participants and mentors alike, is just the beginning of what promises to be a transformative journey for Nigeria’s tech ecosystem.

Manchester City Reports Record-breaking £715m Revenue For FY Ending June 30, 2024

By
Samuel Nwite
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0

Manchester City has announced a record-breaking revenue of £715 million for the financial year ending June 30, 2024, setting a new benchmark in Premier League history.

This represents a modest increase of £2.2 million compared to the £712.8 million generated in the previous year. The impressive financial figures come in a season where City claimed their fourth consecutive Premier League title and secured triumphs in the Club World Cup and European Super Cup, albeit without replicating their historic 2023 Treble success.

While the financial report showcases City’s continued growth off the field, it arrives at a time when the club’s recent performances on the pitch leave much to be desired.

Financial Highlights

The latest financial report, however, paints a picture of resilience. City recorded a pre-tax profit of £73.8 million, aided by a £10.3 million reduction in wage expenses, bringing the total to £412.6 million. Commercial revenue grew slightly from £341.4 million to £344.7 million, emphasizing the club’s continued global appeal.

City also reported a transfer profit of £92.8 million since June 30, thanks to the sales of Julian Alvarez, Joao Cancelo, and Liam Delap. This financial buffer positions the club well for the upcoming January transfer window, where reinforcements may be deemed necessary to address their current struggles.

City chairman Khaldoon Al-Mubarak, writing before the team’s recent downturn, praised the club’s organizational culture and commitment to excellence.

“Our constant ambition to target and achieve the unprecedented is a mark of the organization we have become,” he said. “On and off the field, our passion for the next challenge is underpinned by deliberate and detailed planning and a shared belief in the collaborative learning culture that we have built.”

Chief executive Ferran Soriano echoed this sentiment, emphasizing that complacency had not set in after their Treble-winning season.

“We understand very well that the relentless pursuit of beautiful football, operational excellence, and constant innovation requires hard work and resilience,” Soriano stated.

However, the club’s current form has tested this resilience, raising questions about whether the relentless pursuit of success may be taking its toll on Guardiola’s squad.

Currently enduring one of their worst runs under Pep Guardiola, with only one win in their last 10 matches, City appears to be struggling to maintain the standards that made them Europe’s dominant force just a year ago. Their disappointing run extends to the Champions League, where a 2 – 0 loss to Juventus has left the club at serious risk of failing to advance to the knockout stages—a stark contrast to the form they exhibited, winning the tournament in 2023, which earned them £111.8 million.

Domestically, City’s situation is equally concerning. Ahead of Sunday’s Manchester derby at the Etihad Stadium, they sit fourth in the Premier League table, eight points adrift of leaders Liverpool, who also hold a game in hand. For a team accustomed to setting benchmarks on the pitch as well as off it, this decline has come off as a shocking reminder of the challenges of sustaining success at the highest level.

However, City remains focused on long-term development projects. A £300 million expansion of the Etihad Stadium’s North Stand is underway, set to increase capacity to 60,000 in time for Euro 2028. Additionally, Al-Mubarak confirmed plans for a new women’s training facility, scheduled to open during the 2025-26 season.

The financial report also highlights some significant rises in expenditure. “Amounts owed by group undertakings” increased from £151.4 million in 2023 to £267.4 million, while “other external charges” grew from £124 million in 2022 to £172.4 million. These figures have raised questions, with the club yet to provide detailed explanations.

City’s financial strength is undeniable, but their on-pitch struggles and ongoing legal battles cast a shadow over their otherwise impressive achievements. The club continues to contend with 115 alleged breaches of Premier League financial rules. The accounts make only a brief reference to this, reiterating City’s confidence in the evidence supporting their position.

The club issued a public statement welcoming the independent commission’s review to impartially consider the comprehensive body of irrefutable evidence that exists in support of its position.

Consolation in Financial Success?

For City fans, the financial report may provide some consolation amid the team’s recent poor form. The stability and growth it represents suggest that the club remains well-equipped to navigate these turbulent times.

However, with on-pitch results failing to meet expectations and key challenges ahead, including a crucial Manchester derby, the financial figures alone may not be enough to restore confidence in the short term.

America’s BigTech Goes MAGA

By
Ndubuisi Ekekwe
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1

In my first year in FUT, Owerri, the best course was the logic and philosophy one [humanities] (GST 103). GST 108 which was on the polity and economy of Nigeria followed.  The professor began that course, and asked us a question: in Nigeria’s budget, could you name the major sources of revenue? She brought some really new things like taxation, and went on to explain a unique nature of Nigeria’s economic structure: mixed economy. It was a great experience; engineering students needed to understand the connections between markets, policies and technologies.

Today, as the American big techs gather for Trump, the man they deplatformed, the lessons from GST 108 become evident. First, great businesspeople do not have permanent friends and enemies because alliances can be rebuilt on the fly [my Igbo brothers suspend all quarrels, reminding you that “this is business, let us conclude and we can renew the quarrels afterwards”]. 

Secondly, mastering Political Economy in the broad sense is foundational for big companies. Simply, Political Economy is not about politics, but the policies which shape the economy, and how leaders can navigate them, for the best of their stakeholders. You have no mission if you keep failing that cause!

Finally,  the government holds POWER and having that awareness as a BIG Business is strategic: “As President-elect Donald Trump prepares to assume office for a second term, tech giants are stepping up efforts to mend fences with an administration they often clashed with during his first term. Google CEO Sundar Pichai and Amazon founder Jeff Bezos are among the prominent figures scheduled to meet Trump in the coming days, underlining a shift by Big Tech to rebuild bridges and secure a more collaborative relationship.“

My GST 108 professor will possibly respond: in the polity of any country, all powers are drawn from the government. Yes, Silicon Valley is now MAGA, at  least for the next 4 years, before they find another state of effervescence as the grand pursuit continues. BigTech, welcome to MAGA of Trump America. It is what it is: you do not watch a big masquerade from one place, the elders will say. Bigtech is moving around to see and understand and INFLUENCE.

Big Tech Leaders, Pichai and Bezos, Seek Meetings with Trump: Amazon to Donate $1m

By
Samuel Nwite
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0

As President-elect Donald Trump prepares to assume office for a second term, tech giants are stepping up efforts to mend fences with an administration they often clashed with during his first term.

Google CEO Sundar Pichai and Amazon founder Jeff Bezos are among the prominent figures scheduled to meet Trump in the coming days, underlining a shift by Big Tech to rebuild bridges and secure a more collaborative relationship.

Trump’s first term was marked by frequent and public confrontations with major technology companies. His administration accused these firms of bias, unfair practices, and wielding outsized power in shaping public discourse.

Antitrust Lawsuits and Accusations of Bias: Google

Google, one of the central players in the tech industry, found itself in Trump’s crosshairs early on. The president repeatedly claimed the search engine was “rigged” to suppress positive coverage about him and accused its algorithms of political bias against conservatives. This narrative gained traction among Trump’s supporters, prompting heightened scrutiny of Google’s practices.

The Trump administration eventually filed an antitrust lawsuit against Google in 2020, alleging monopolistic behavior in its search and advertising businesses. This was part of a broader push to curtail the power of Big Tech, with Facebook, Amazon, and Apple also facing investigations.

Trump’s relationship with social media platforms was equally contentious. He frequently criticized Twitter and Facebook for what he perceived as censorship of conservative voices. The situation escalated after the January 6 Capitol riots, when Trump was banned from major platforms, including Twitter and Facebook, for allegedly inciting violence.

This decision intensified the narrative of anti-conservative bias and led to legislative proposals aimed at repealing Section 230 of the Communications Decency Act, which shields platforms from liability for user-generated content.

Amazon and USPS Disputes

Amazon faced Trump’s ire over its business practices, particularly its reliance on the U.S. Postal Service (USPS). Trump accused Amazon of exploiting the USPS with unfair shipping rates, claiming it was causing significant financial losses to the postal service. The president also took personal shots at Bezos, often mocking him on Twitter and referring to The Washington Post—which Bezos owns—as a “lobbyist” for Amazon.

Zuckerberg’s Clash with Trump

Meta CEO Mark Zuckerberg also endured a fraught relationship with Trump. While Zuckerberg initially sought to maintain a neutral stance, he became a target of criticism for Facebook’s handling of misinformation and its policies on political ads. Trump even suggested imprisoning Zuckerberg, a threat that underscored the extent of their strained relationship.

Pichai and Bezos Lead Reconciliation Efforts

Against this backdrop, Sundar Pichai and Jeff Bezos are now taking steps to engage with the president-elect in a bid to reset relations.

Pichai will travel to Palm Beach, Florida, on Thursday to meet Trump. Although Google declined to comment on the visit, sources suggest that regulatory issues, including the antitrust lawsuits against the company, are unlikely to be a direct focus of the conversation. Instead, the visit may serve as a goodwill gesture aimed at establishing a working relationship with the new administration.

Pichai recently downplayed the significance of his interactions with Trump, stating during The New York Times DealBook Summit that their phone calls had “nothing to do” with the government’s legal challenges against Google. However, Trump has previously indicated a desire to “do something” about Google, keeping the company on edge about potential regulatory actions.

Bezos, who had a notoriously acrimonious relationship with Trump during his first term, expressed a more optimistic outlook ahead of his scheduled meeting with the president-elect next week. Speaking to CNBC, Bezos described Trump as “calmer than he was” and “more settled,” signaling a potential thaw in their relationship.

Amazon confirmed its $1 million cash donation to Trump’s inaugural fund and announced an additional $1 million in-kind contribution through the live streaming of the January 20 inauguration on Prime Video. This gesture marks a significant shift from 2021 when President Biden’s campaign declined donations from Big Tech companies.

Mark Zuckerberg has also sought to rebuild ties with Trump, meeting the president-elect at Mar-a-Lago in November. Meta contributed $1 million to Trump’s inaugural fund, underscoring its commitment to repairing a fractured relationship.

Why These Moves Matter

Big Tech’s conciliatory efforts reflect a recognition of the stakes involved in navigating Trump’s second term. Regulatory pressures, including potential antitrust actions and legislative changes, remain a significant concern for these companies. Establishing a cooperative relationship with the administration could help mitigate these risks and ensure continued access to policymakers.

The outreach by Pichai, Bezos, and Zuckerberg signals a broader recalibration within the tech industry, which is grappling with increasing scrutiny over its power and influence. These leaders aim to position their companies as collaborative partners rather than adversaries in Trump’s second term by engaging early and demonstrating goodwill.

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