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The Binance’s $26 billion Revelation in Nigeria

By
Ndubuisi Ekekwe
-
0

“We are concerned that certain practices go on that indicate flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot identify” –   Governor of Central Bank of Nigeria, Olayemi Cardoso.

“There is a lot that is going on now as a result of collaboration between the different agencies which include the EFCC (Economic and Financial Crimes Commission), the police, and of course the office of the NSA (National Security Adviser), and in due course as we progress and have more information to share, we will certainly share, and suffice to say we are determined to do everything it takes to ensure that we take charge of our market or put it differently.

“Do not allow others to manipulate our market in a way that ends up distortionary and sub-optimizes for all Nigerians. We will not accept it and we will do everything possible to prevent any of these kinds of infractions from taking place”.

Wow – that is a revelation.  Binance moved $26 billion through Nigeria for a company that was banned in a sector that was “banned”? Yes, then, crypto companies were decoupled from the banking system, and yet, Binance was able to move an amount equal to Nigeria’s annual budget? How did that happen?

Poor Naira, now I can understand why you have no friends! Can they move the Central Bank of Nigeria headquarters  to Ovim, Abia State? We have Ojengwa, the local police – all women – who administer “law enforcement” in Ovim. Stubborn young men self-report to Nigerian Police when they know that Ojengwa women are coming because those women are at another level. If CBN is handed over to Ojengwa, who knows??? Lol

Seriously, I call our leaders to Make Naira Great Again because Naira deserves to breathe. I wish them good luck with the right policies.

Forex Crisis: Over $26 Billion Illegal Transactions Passed Through Binance From Unknown Sources in One Year – CBN Governor

Forex Crisis: Over $26 Billion Illegal Transactions Passed Through Binance From Unknown Sources in One Year – CBN Governor

By
Ojukwu Emmanuel
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1

The Central Bank of Nigeria Governor Olayemi Cardoso recently disclosed that over $26 billion in illegal transactions have passed through the crypto platform Binance in one year.

He made this disclosure on Tuesday in Abuja at the Monetary Policy Committee (MPC) meeting of the Apex Bank, amid the significant fall of the Naira and clampdown on BDC operators in Nigeria.

Cardoso concerned about the transactions on the crypto exchange, disclosed that these transactions were majorly from sources and users who cannot be identified adequately.

In his words,

“We are concerned that certain practices go on that indicate flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot identify”.

The CBN governor further added that the Apex Bank has a responsibility to protect Nigeria, as well as investors, noting that the bank is collaborating with other arms of government and agencies to address the issue.

He said,

“There is a lot that is going on now as a result of collaboration between the different agencies which include the EFCC (Economic and Financial Crimes Commission), the police, and of course the office of the NSA (National Security Adviser), and in due course as we progress and have more information to share, we will certainly share, and suffice to say we are determined to do everything it takes to ensure that we take charge of our market or put it differently.

“Do not allow others to manipulate our market in a way that ends up distortionary and sub-optimizes for all Nigerians. We will not accept it and we will do everything possible to prevent any of these kinds of infractions from taking place”.

Recall that the CBN had accused Binance of manipulating the country’s fiat currency, the Nigerian naira, which according to the apex bank is contributing to the ongoing decline of the currency in the forex market.

In a post titled “The Naira-Dollar Manipulators,” special adviser to President Tinubu on Information and Strategy, Bayo Onanuga accused Nigerians of being unpatriotic when trading on the Binance platform. Onanuga mentioned that Binance is under regulatory scrutiny in several countries and should not be granted the authority to determine the value of the naira on its crypto exchange platform.

He therefore called on the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to halt the operations of cryptocurrency exchanges in the country quickly.

In response to the accusation, Binance via a blogpost distanced itself from the ongoing forex debacle in Nigeria, stating that the platform is market-driven and not intended to be a proxy for currency pricing in Nigeria.

Meanwhile, in a recent development, crypto users in Nigeria have reported difficulty accessing different crypto exchange websites, including Binance, OctaFX, and others. This development arose on the evening of Feb. 21, with speculation of a possible government ban on crypto platforms. 

Reacting to this Binance responded in an email to users, stating that it is aware of the situation and clarified that the issue only affected the online platform and that the Binance app is still functional. The exchange assured users that it is actively engaging with regulators to foster an open, transparent dialogue about managing the evolving landscape of cryptocurrency in the country.

BlockDAG’s $2M Presale Success Challenges the Domination of Ethereum’s Ecosystem; Can Kelexo Presale Keep Up?

By
TI Partners
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0

The crypto market is witnessing a major resurgence, with many tokens, especially those built on the Ethereum ecosystem, reaching their year-to-date highs. Ethereum trades at its highest level since May 2023. Additionally, the emergence of new presale projects like BlockDAG (BDAG) and KELEXO further boosts investor optimism, offering innovative technologies and attractive ROI potential. Which one of these is the best crypto to buy now? Keep reading to find out.

Kelexo (KLXO) Presale Gains Traction

Kelexo (KLXO) is disrupting the DeFi sector with its Web3 crypto lending protocol, aiming to make financial services more accessible by removing limitations such as KYC verification. Furthermore, Kelexo lending platform boasts swift payment processing and reduced fees, addressing the key limitations of DeFi services.

As the first-ever decentralized lending platform, Kelexo (KLXO) enjoys a first-mover advantage, and investors are seeing potential in the project, judging by the rate of Kelexo (KLXO) presale sellout.

Ethereum Bulls Rally With No Sign of Slowing Down

Multiple tokens within the Ethereum ecosystem are surging, propelling the combined capitalization of DeFi tokens close to $100 billion, a level not seen since May 2022. Furthermore, Ethereum is now trading for $3,255, marking its highest price since April 2022.

Over the past four months, ETH has been rallying with no signs of slowing down. Analysts are unanimously issuing bullish predictions for the crypto giant, fueled by the potential approval of  spot Ethereum ETF by the SEC and the upcoming Ethereum ecosystem upgrade, Dencun. 

BlockDAG – Making Crypto Mining Sustainable

Outshining Kelexo, BlockDAG, a new PoW (Proof-of-Work) project inspired by Kaspa, made a remarkable debut, having raised over $2M thus far, with the $1M secured overnight following the presale launch.

With its commitment to sustainability and user-friendliness, BlockDAG emerges as a standout in the crypto mining industry. BlockDAG’s X-series mining devices are designed to minimize energy consumption, addressing a key challenge in the crypto mining sector. It has sold its mining rigs worth $1.5 million, indicating a strong market demand for its eco-friendly mining solutions.

Another noteworthy aspect is that BlockDAG aims to roll out its mainnet within a 6-month timeframe, which is an impressive timeline considering the scope of the project. Additionally, BlockDAG targets a fundraising goal of $600 million by the end of 2024, a feasible objective considering how fast BlockDAG moved forward to the second batch of its presale.

Currently, BDAG is selling for $0.0015 per coin, with the final listing price set at $0.05. This translates into a staggering 3233% ROI for investors who buy BDAG at the current price.

In response to the overwhelming early investor interest, BlockDAG has announced a $2 million mega giveaway shared by 50 lucky community members. To participate in the giveaway, follow BlockDAG’s social media channels, submit your wallet address, increase your chances by completing all quests, and bring friends for extra entries.

Key Takeaway

Ethereum is on a rally, trading at its highest price point since May 2023. As a result, many altcoins are surging, reaching their year-to-date highs. Against this backdrop, many investors flock to presales, seeking to leverage the bullish wave engulfing the market. BlockDAG especially stands out among presale projects, having raised over $2M thus far. On top of that, BlockDAG offers an astounding 3233% ROI potential for those who get in at the current price. So, seize this opportunity and grab the lucrative BDAG coins while the project is still in its presale!

Website: https://blockdag.network

Presale: https://purchase.blockdag.network

Telegram: https://t.me/blockDAGnetwork

Discord: https://discord.gg/Q7BxghMVyu

Global Productivity As BTC Value Accelerates Above $60,000

By
Ndubuisi Ekekwe
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0

A special meeting in the industry. In that meeting, a company executive  was worried that if the company’s stock continues to rise, it could be a huge risk on the design team retention. In most microelectronics companies, designers are the elite teams; they get generous stock options. The challenge is that as company stocks accelerate, stock options make people richer.

For the executive, some of those designers could just cash out and resign, because they have become rich. And if that happens, the company would struggle. He explained his experience during the 1990s how he lost a team because the engineers became rich via stock options, and resigned. Follow me…

Now that Bitcoin has touched $60,000 and could keep growing, what happens to national productivity if people buy coins, and just wait for parabolic returns? For company stocks, at least you are sending money to companies to help them continue to operate and expand, but on coins, it is an entirely different thing. Yes, no real product is created even though you believe that someone will buy the coin later from you at a higher rate. How will that affect national GDP as you can have zero economic activity and still deliver a massive income?

Interesting times ahead…with AI and Bitcoin.

Crypto Capitalization Recaptures $2 Trillion Market Cap as Price of Bitcoin Climbs Above $58,000

Crypto Capitalization Recaptures $2 Trillion Market Cap as Price of Bitcoin Climbs Above $58,000

By
Ojukwu Emmanuel
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2

The total crypto market capitalization has reclaimed the $2 trillion level for the first time since 2022, as the price of Bitcoin surges above $58,000.

A rally in Bitcoin’s price brought the world’s largest cryptocurrency market cap to a current multiyear high of $59,397, while Ethereum enjoyed a 7% pump to rest at $3,327 at the time of writing this report.

Bitcoin and Ethereum’s gravitational pull on the market has seen dozens, if not hundreds of cryptocurrencies report double-digit percentage returns this past few days.

Other top altcoins have also peaked, with Solana’s SOL gaining 9% over the last 24 hours to hit $110. XRP $0.59, Cardano’s ADA $0.64 and Avalanche’s AVAX $39.86 were up 5.3%, 7%, and 6.5%, respectively, over the same period. The 10th-placed Dogecoin DOGE also enjoyed double-digit gains, climbing 15% to $0.09779.

Their combined efforts have culminated in a 7.7% rally to the global crypto market value, lifting it to a 22-month high of $2.14 trillion, according to data from CoinMarketCap. With the current crypto capitalization, the market is now some billion dollars bigger than Amazon and larger than Google parent Alphabet.

The recent rally comes amidst a flurry of market activity and growing optimism, spurred by various factors shaping the crypto landscape. Notably, Bitcoin’s ascent to a $2 trillion market capitalization follows the debut of ETFs approval, signaling a turning point in the crypto market, which has notably instilled renewed confidence among investors and enthusiasts alike.

The rallying market is basking in bullish market sentiment, with Bitcoin Bull market predicted calls by crypto enthusiasts. Executives in the cryptocurrency industry have called the start of a new bull run with a growing number of voices calling for fresh all-time highs for Bitcoin in 2024 above $100,000. The digital currency’s last record high of nearly $69,000 was hit in November 2021.

Since then, the crypto industry has been hit with a litany of issues from the collapse of coins and projects to bankruptcies and criminal trials. FTX, once one of the world’s biggest exchanges, collapsed with its founder Sam Bankman-Fried facing over 100 years in prison after he was found guilty on seven counts of criminal fraud.

Now that those issues are out of the way, investors are focused on what the industry sees as positive developments. There have already been some bold calls for Bitcoin in 2024. It began with Standard Chartered which reiterated on April price call that Bitcoin would hit $100,000 by the end of 2024. The bank said this will be driven by the approvals of numerous ETFs.

Also, Matrixport, which bills itself as a crypto financial services firm, projected that bitcoin would reach $63,140 by April 2024 and $125,000 by the end of next year.

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