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Coinbase, Binance and SEC; FTX Promoters and Settlements

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Coinbase and Binance are two of the most popular and influential cryptocurrency platforms in the world. They offer different services, features, and fees to their users, and they have been in the spotlight recently due to lawsuits filed by the U.S. Securities and Exchange Commission (SEC).

Coinbase is a U.S.-based platform that allows users to buy, sell, store, and trade various cryptocurrencies, such as Bitcoin, Ethereum, Solana, Cardano, and Polygon. Coinbase also operates a professional trading platform called Coinbase Pro, and a custody service for institutional investors called Coinbase Custody. Coinbase is the only publicly listed crypto exchange in the U.S., and it has over 108 million customers worldwide.

Binance is a global platform that offers a wide range of crypto services, such as spot trading, futures trading, margin trading, staking, lending, mining, and more. Binance supports hundreds of cryptocurrencies, including its own native token Binance Coin (BNB). Binance also operates several regional platforms, such as Binance US, Binance Singapore, and Binance Uganda. Binance claims to have over 300 million users across 180 countries.

The SEC has sued both Coinbase and Binance for allegedly violating securities laws by operating unregistered securities exchanges and selling unregistered digital assets. The SEC argues that most crypto tokens are securities that fall under its jurisdiction and require registration and disclosure. The SEC also accuses Binance’s CEO Changpeng Zhao of civil fraud for misleading investors about the platform’s compliance with U.S. laws.

Both Coinbase and Binance have denied the SEC’s allegations and challenged its authority over crypto activities. They have also been lobbying for clearer and fairer regulations for the crypto industry. The outcome of these lawsuits could have a significant impact on the future of crypto markets and innovation.

However, both companies have strongly rejected the SEC’s claims and questioned its jurisdiction over the crypto industry. In this blog post, we will examine the arguments of both sides and the implications for the future of crypto regulation.

Coinbase is facing a lawsuit from the SEC for offering a lending product called Lend, which would allow users to earn interest on their crypto holdings. The SEC alleges that Lend involves the sale of unregistered securities, since the users would be lending their crypto to Coinbase, which would then lend it to third parties. Coinbase argues that Lend is not a security, but a service that is similar to existing products in the market, such as BlockFi and Celsius. Coinbase also claims that it has tried to cooperate with the SEC and seek clarity on its regulatory status, but the SEC has refused to provide any guidance or explanation.

Binance is facing a similar situation, as the SEC has issued subpoenas and requests for information to several entities associated with Binance, including its US subsidiary, Binance.US. The SEC is reportedly investigating whether Binance has allowed US investors to trade crypto derivatives and other products that are subject to US securities laws, without registering with the SEC or complying with its rules.

Binance denies any wrongdoing and asserts that it operates in compliance with all applicable laws and regulations. Binance also challenges the SEC’s authority over its global operations, since it is not based in the US and does not serve US customers directly.

Ben Armstrong dismissed from FTX case as three celebrities Settle

Ben ‘BitBoy’ Armstrong, a popular cryptocurrency influencer, has been dismissed from a lawsuit filed by FTX, a leading crypto exchange, against several celebrities for allegedly promoting a fraudulent coin.

FTX sued Armstrong and three other celebrities – DJ Khaled, Floyd Mayweather Jr., and Steven Seagal – in June 2021, accusing them of endorsing and promoting Centra Tech, a company that claimed to offer a crypto debit card but was later exposed as a scam.

According to court documents, FTX reached a settlement with Khaled, Mayweather, and Seagal, who agreed to pay undisclosed amounts of money and refrain from promoting any crypto-related products or services for three years.

However, Armstrong denied any involvement with Centra Tech and filed a motion to dismiss the case, arguing that he never received any compensation from the company and that he only mentioned the coin once in a video as part of his general market analysis.

The court granted Armstrong’s motion on September 20, 2021, finding that FTX failed to show that Armstrong had any contractual or fiduciary relationship with Centra Tech or that he made any false or misleading statements about the coin.

Armstrong celebrated the dismissal on his YouTube channel, where he has over 1.3 million subscribers. He said that he was “vindicated” and that he would continue to provide honest and unbiased information about the crypto industry.

He also criticized FTX for filing a “frivolous” lawsuit and wasting his time and money. He said that he would not let FTX “bully” him or anyone else in the crypto space. FTX did not comment on the dismissal or the settlement. The exchange is one of the largest and most influential in the crypto market, with a valuation of over $18 billion and partnerships with major sports leagues and teams.

Ben Armstrong, the founder and CEO of BitBoy Crypto, has RECENTLY lost his stake in the company after a legal dispute with his former partners. According to court documents, Armstrong was accused of breaching his fiduciary duty, misappropriating funds, and engaging in fraudulent activities. The judge ruled in favor of the plaintiffs, who claimed that Armstrong had used the company’s assets for his personal benefit and ordered him to relinquish his shares and pay damages.

This is a major blow for Armstrong, who has been one of the most influential figures in the crypto space. He started BitBoy Crypto in 2018 as a YouTube channel, where he shared his insights and opinions on various cryptocurrencies and blockchain projects. He soon gained a loyal following of over 1.5 million subscribers, who dubbed him ‘the face of crypto’. He also launched a website, a podcast, a newsletter, and a merchandise line under the BitBoy Crypto brand.

Best Cryptocurrency Stocks so far in 2023

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Crypto stocks are stocks of companies that are involved in the cryptocurrency industry or have exposure to digital assets such as Bitcoin, Ethereum, and other altcoins. Investing in crypto stocks can be a way to gain exposure to the growing crypto market without having to buy and store cryptocurrencies directly.

The year 2023 has been a remarkable one for the crypto industry, with many new developments, innovations and regulations shaping the market. Crypto stocks, which are companies that are involved in or benefit from the crypto space, have also seen impressive gains and volatility. However, crypto stocks are also subject to high volatility and regulatory uncertainty, as the crypto market is still evolving and facing many challenges.

We will look at some of the best crypto stocks to consider so fa in 2023, based on their performance, growth potential, and competitive advantage. We will also discuss some of the risks and opportunities that crypto investors should be aware of.

Coinbase Global (COIN)

Coinbase Global is the largest cryptocurrency exchange in the US and one of the most popular platforms for buying, selling, and storing cryptocurrencies. Coinbase offers access to more than 250 altcoins, as well as crypto-related products and services such as staking, lending, debit cards, and institutional custody. Coinbase also operates a professional trading platform called Coinbase Pro, and a venture capital arm called Coinbase Ventures.

Coinbase went public in April 2021 through a direct listing, becoming the first major crypto company to do so. The stock debuted at $381 per share, valuing the company at about $100 billion. However, the stock has since declined to around $200 per share, as the crypto market experienced a sharp correction in 2022.

Despite the volatility, Coinbase has shown strong growth and profitability in its financial results. In the third quarter of 2021, Coinbase reported revenue of $1.24 billion, up 406% year over year, and net income of $406 million, up 1,100% year over year. The company also had 73 million verified users, up 70% year over year, and 7.4 million monthly transacting users, up 96% year over year.

Coinbase faces competition from other crypto exchanges such as Binance, Kraken, and Gemini, as well as traditional brokers such as Robinhood and PayPal that offer crypto trading. However, Coinbase has a strong brand recognition, a loyal customer base, and a diversified revenue stream that could help it maintain its leadership position in the crypto space.

Block Inc. (SQ)

Block Inc., formerly known as Square Inc., is a fintech company that provides payment solutions for individuals and businesses. Block operates two main segments: Cash App and Seller. Cash App is a mobile app that allows users to send and receive money, buy and sell stocks and cryptocurrencies, and access banking services. Seller is a platform that provides hardware and software tools for merchants to accept payments, manage inventory, and access financing.

Block was one of the first mainstream companies to embrace Bitcoin, as it started offering Bitcoin trading on Cash App in 2018. Since then, Block has invested $220 million in Bitcoin for its own balance sheet, and launched a dedicated business unit called Square Crypto that supports Bitcoin development and innovation. Block also acquired a majority stake in Tidal, a music streaming service that plans to integrate blockchain technology and NFTs into its platform.

Block changed its name from Square in December 2021 to reflect its broader vision of building an open network for economic empowerment. The company also announced its intention to build a decentralized exchange (DEX) for Bitcoin called TBDex, which would allow users to swap between different digital assets without intermediaries.

MicroStrategy (MSTR)

MicroStrategy is a business intelligence software company that has become one of the most prominent and vocal advocates of bitcoin. The company started buying bitcoin in August 2020, and has since accumulated over 114,000 bitcoins, worth about $6.8 billion at current prices. MicroStrategy has also issued several rounds of debt and equity to finance its bitcoin purchases, making it one of the most leveraged bitcoin holders in the world. MicroStrategy’s stock price has closely followed the movements of bitcoin, rising over 300% since the start of 2020. MicroStrategy’s CEO Michael Saylor has also become a influential figure in the crypto community, promoting bitcoin as a store of value and a hedge against inflation.

Square (SQ)

Square is a fintech company that provides payment solutions, banking services and software tools for businesses and individuals. Square has been an early adopter and supporter of crypto, especially bitcoin. The company launched its Cash App in 2017, which allows users to buy, sell and send bitcoin easily and cheaply. The Cash App has been a major driver of Square’s revenue growth, generating $3.8 billion in bitcoin revenue and $42 million in bitcoin gross profit in Q3 2023. Square also holds about 8,000 bitcoins on its balance sheet, worth about $480 million at current prices. In addition to its existing products, Square is also developing a new business unit called TBD54566975, which aims to create an open-source platform for decentralized financial services.

Nvidia (NVDA)

Nvidia is a leading manufacturer of graphics processing units (GPUs), which are essential for gaming, artificial intelligence and cryptocurrency mining. Nvidia’s GPUs are in high demand by crypto miners, who use them to solve complex mathematical problems and earn rewards in various cryptocurrencies. Nvidia’s revenue from crypto mining products reached $266 million in Q3 2023, up from $175 million in Q2 2023. Nvidia also launched a new series of GPUs specifically designed for crypto mining in February 2021, called CMP (Crypto Mining Processor). Nvidia’s stock price has soared over 400% since the start of 2020, as the company has benefited from the strong demand for its products across multiple sectors.

These are some of the best crypto stocks so far in 2023, but there are many more that are worth watching and investing in. Crypto is a dynamic and fast-growing industry that offers many opportunities and challenges for investors. As always, do your own research before making any investment decisions.

The Kano Election Tribunal and Why Nigeria’s Law School Must Introduce Statistics in the Curriculum

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It is very unfortunate that some of our fellow citizens here cannot differentiate between white and black. Yes, your party is winning and you are winning – and everything is fine, even when we see unfairness in the ruling of our judiciary. That is the problem we have in Nigeria.

I am not a lawyer and I do not care the type of rug or special wigs those justices wear, but I must be blunt to say that THEY ARE WRONG in Kano state.

Yes, the Kano State Election Petition Tribunal  voided 165,663 votes because the ballot papers were neither stamped nor signed, even though INEC was fine with those. Then, these people went and deducted 165,663 votes from ONLY the votes of the NNPP candidate, and left the votes of APC, PDP, SDP & LP unaffected. 

In other rulings, justices have played along with INEC even when they could not provide documents to back their results. In this Kano one, the issue was that INEC did not sign the documents. In the presidential one, in many polling units, there were no results, not to talk of being unsigned! How do you reconcile these inconsistencies?

In mathematics, it is impossible for only NNPP to have scored those 165k votes.  Notice here that they punished NNPP for the mess of INEC which was responsible for the election. Why must it be ONLY NNPP that should bear the responsibility of overvoting and process mistakes of INEC, the electoral umpire? This was an election where the NNPP was an opposition party with limited capacity to use the power of the state machinery against another party.

This was what they did in Imo State where they added all “found” votes to one candidate and marginally the 4th person became the #1 and won. If our lawyers do not know basic statistics, it is time we require Statistics in Law School because what we’re seeing in these rulings are troubling.

PREMIUM TIMES reported how the tribunal sacked Mr Yusuf of the New Nigeria Peoples Party (NNPP) after deducting 165,663 votes from the total votes he scored during the election.

The three-member panel of judges led by Oluyemi Asadebay ruled that the ballots containing the votes were not certified by the Independent National Electoral Commission (INEC).

Despite the tribunal’s ruling, Mr Yusuf will remain in office until the appeal court and possibly the supreme court gives a final ruling on the matter.

Read below the full statement from the governor

“All praises and gratitude are due to Allah Subhanahu wata’ala, The Sovereign Lord of Power. May the peace and countless blessings of Allah be upon our Noble Prophet Muhammad (S.A.W), His Families, and all His Companions.

“My good people of Kano State! You would recall that on March 18, 2023, you came out in mass and voted for me as your Governor with a total vote of 1,019,602 and a margin of 128,897 votes between my humble self and second place.

“Subsequently, I was duly sworn in as your elected Governor on May 29, 2023. You may also recall that the party that lost the election took us to court. However, after almost six months of proceedings at the governorship election petition tribunal, today Wednesday, September 20, 2023, the judges of the tribunal have in their wisdom delivered their ruling.

“As human beings their judgment may not be perfect, there are errors and misapplications of the law as pointed out by our legal team. That is why our constitution provides for other stages to go on with- such as the Court of Appeal and the Supreme Court.

“On this note, we have already instructed our legal team to appeal this judgment as soon as possible to ensure that justice is done.

“People should not take the law into their own hands. Security agents have already been directed to ensure the full protection of the f lives and properties of innocent citizens across the State.

“This government will continue to work for the development of our State in line with the promises we made, seeking your votes. We want to assure you that this will neither dampen our spirit nor slow us down as this is a temporary setback for our State which we will overcome by the grace of Almighty Allah (SWT).

“While thanking the good people of Kano State for their continuous support and prayer, let me further use this opportunity to call on them to continue to go about their businesses peacefully with the assurances that we would get justice at the appellate courts and get the mandate of the people restored and respected Insha Allah (God’s willing), the governor said.

The Enugu’s NYSC Certificate And The Redesign for Nigerian Democracy

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Nigeria – what a nation! Today, we are learning that NYSC certificate is no more a requirement for the governor’s mansion [Enugu State today], after years the judiciary has sent many out due to the same certificate: “In its verdict, the tribunal, presided over by Justice Kudirat Murayo Akano, dismissed all the grounds of the petition. It ruled that the National Youth Service Corps (NYSC) certificate is not a prerequisite for running for the office of the governor, and there was no evidence of the NYSC certificate being attached to the documents the governor submitted to the Independent National Electoral Commission (INEC).”

I do not care who the governor of Enugu is. I really do not care. But I am concerned when there is no consistency in these rulings. But I do agree with this framework: let us remove all the barriers since they hardly add any value.

From the presidential tribunal ruling, it has been established that you do not need to include primary and secondary school certificates for the Nigerian presidency. Now in Enugu, NYSC is not needed. So, if that is the case, primary to university requirements are waived.

So in 4 years, buy the INEC form, cross all the sections because you need ZERO records to attain any position in Nigeria. Primary school – not needed, secondary school – not needed, NYSC – not needed, university education – being uninstalled. Nigerian judiciary, thanks for making things easier!

(Note, I am not commenting on if the governor did NYSC or not, I am focusing on the Tribunal saying it is no longer a requirement.)

Comment on Feed

Comment 1: Excuse me sir, I think it’s better we put things in proper perspective for public consumption. First the minimum requirements to contest for any elective position in Nigeria is O’level WAEC/NECO. What this means is that if you have a BSC or MSC or PhD you can submit it. And if you choose to submit a BSC or MSC or PhD without submitting your WAEC you have not committed any electoral offenses. This is why it is called Minimum requirements in the electoral act. You dont have to submit all your credentials just meet this minimum requirements. In the case of the Presidential election, President Tinubu submitted a B.SC degree certificate which is above the minimum, he doesn’t have to submit an O’level WAEC. So the ruling the learned judges on the certificate is in order. It is consistent with other previous ruling. Atleast CSU recently released his transcript too to ATIKU.

In the case of NYSC, if the minimum requirement doesn’t include NYSC in the electoral then “Ne problemen”. The only part of the law is that if you wanna work for Government you must have NYSC certificate or exemption certificate.

My Response: we can defend anything in Nigeria. I am not debating. I accept anything because that is Nigeria. That is not the focus of my post. My focus is consistency: if you say you do not need primary or secondary school, be consistent.

But note this: if you want to attend UNILAG for BSC  (History) and you already have a PhD in Mechanical engineering. If you write JAMB, you must still show WAEC because that is the minimum requirement.  In most democracies, INEC will stop at the primary school because that is the minimum. That you have a PhD and cannot show you have a primary school certificate would not get you through in the UK, US or most places. But in Nigeria, anything goes. I am saying: be consistent.

Comment1R: You’re right. In this case I think the Enugu governor also submitted his Bachelor’s degree. Since he did not submit any NYSC certificate the issue of perjury was a moot point.

My Response: “Since he did not submit any NYSC certificate the issue of perjury was a moot point.” I am not sure that is correct since not attending NYSC has been used to fire previous office occupants. Many ministers have resigned because they did not do NYSC. In other words, by another law of the land, aNYSC certificate is a requirement to hold a public office in Nigeria if you graduate within the requirements.

Comment 2: Sad development. We cannot allow some people to serve their father land and others to willfully dodge the service without consequences. I agree that it is not a determinant if anybody will be a good governor but it does show that the person who did not serve has little regard for the public good. To then have such a person preside over a State is not setting the right example.

Comment 3: I know you must have struggled a lot to put this together. ? I hope you are happy now for making our judiciary look like they don’t know what they are doing?
What do you mean by ‘what a nation’? As if there is a judgement in the past that says NYSC is a requirement. Who on this earth does not know that NYSC cannot be a requirement since BSC is not the minimum qualification. How else do you want to obtain NYSC if not after graduating from tertiary institution. I feel you need to dedicate more time to analyse your post before throwing it here so you don’t mislead people. Again Prof, we know where you belong and your intention on this platform.

My Responsehappy to have you here again. You always struggle to read my posts and always comment out of order. If you do try (you never with all the misinformation to drop whenever),you will notice my core thesis: be consistent. If ministers, House members, etc have been fired because they did not present NYSCs, and suddenly the same system says it is not required, there is a problem. If a primary school certificate is the minimum requirement and you cannot show primary school certificate but a university degree, have you satisfied the requirement? 

Do you NOT think the system should stop at verifying the primary school school certificate? Evan Enwerem in early 2000s was kicked out of the Senate Presidency because he claimed he was called to the British bar when he was not even though he was called to the Nigerian bar. Where do we have the British Bar requirement to be a senate president?

In July 2019, Nigeria’s Supreme Court sacked a  House of Reps member, Hon  Abdulra’uf Abdulkadir Modibbo from Adamawa state from the National Assembly. His offence? Failure to participate in the one-year mandatory NYSC program. 

Your comment lacks merit because you forgot another land in the land which says NYSC for all qualified grads are mandatory to hold non-military jobs in Nigeria. So, even if the Electoral Act did not have it, there is another law that does.

Do not come here and misinform people as you do.

Reverse Remote Japa Is Real – Tekedia Startup Masterclass Can Help

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Reverse remote Japa is real. Yes, you find success in Canada, the UK, America, Australia, etc and now want to explore how to create opportunities, businesses, wealth, etc in Nigeria and broad Africa. If that is your case, we’re here to help you. “Tekedia Startup Masterclass: from idea to unicorn” has been working with many African diasporas, co-learning with them, on how they can build, start and scale businesses in the homelands.

It is a big irony: everyone wants to leave Nigeria. But quickly you leave Nigeria, you would realize that everything you are looking for is ACTUALLY in Nigeria. Check all Nigerians in America, more than 99% are looking for opportunities in Nigeria! Yes, everyone is trying to invest, build or do something because the conclusion is clear: America will pay the bills but Nigeria could make you rich.

After Tekedia Mini-MBA, the Startup Masterclass is another very popular program in our Institute.

This is the Place, begin your journey and we will help to execute that mission in the homeland