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Home Blog Page 3840

Why Incessant FUDs on Binance?

By
Paul Ugbede Godwin
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0

Binance is one of the largest and most popular cryptocurrency exchanges in the world. It offers a wide range of services, such as spot trading, futures trading, margin trading, staking, lending, and more. It also supports hundreds of cryptocurrencies and tokens, including its own native token, BNB.

However, despite the fear, uncertainty and doubt (FUD) that has been surrounding Binance in recent months, the leading cryptocurrency exchange platform continues to demonstrate its resilience, innovation and influence in the crypto space. Binance has faced regulatory challenges, security breaches, and public scrutiny, but it has also launched new products, services and initiatives that aim to advance the adoption, development and democratization of crypto assets. Some of the issues that have plagued Binance include:

Regulatory scrutiny and legal challenges from various countries and jurisdictions, such as the UK, Japan, Germany, Italy, Thailand, Singapore, and the US. Some of these regulators have accused Binance of operating without proper licenses or authorization or violating anti-money laundering and consumer protection laws.

Technical glitches and outages that have affected its platform and services, causing delays, errors, and losses for some users. For example, in May 2021, Binance suffered a major system outage that lasted for several hours and prevented users from accessing their accounts or executing trades.

Security breaches and hacks that have compromised its security and reputation. For example, in May 2019, Binance was hacked and lost 7,000 BTC (worth about $40 million at the time) from its hot wallet. Although Binance covered the losses with its own funds and no user funds were affected, the incident raised concerns about its security measures and practices.

Community backlash and user complaints that have tarnished its image and trustworthiness. Some of these complaints include:

Accusations of market manipulation and insider trading by Binance or its affiliates. For example, some users have claimed that Binance has deliberately crashed or pumped the prices of certain coins or tokens to benefit itself or its partners.

Allegations of censorship and bias by Binance or its staff. For example, some users have reported that Binance has deleted or hidden negative comments or reviews on its social media platforms or forums.

Disputes over customer service and support by Binance or its agents. For example, some users have complained that Binance has failed to respond to their queries or requests in a timely or satisfactory manner or has refused to provide adequate compensation or solutions for their issues.

All these issues have contributed to a phenomenon known as FUD (fear, uncertainty, and doubt) among the crypto community and the general public. FUD is a term used to describe negative sentiments or emotions that can affect the perception and behavior of investors or traders. FUD can cause panic selling, price drops, reduced confidence, and lower adoption.

FUD can also be spread intentionally or unintentionally by various actors or sources, such as:

Competitors or rivals who want to undermine or discredit Binance’s reputation or market share.

Media outlets or influencers who want to generate clicks or views by sensationalizing or exaggerating Binance’s problems or controversies.

Regulators or authorities who want to discourage or restrict Binance’s operations or activities in their jurisdictions.

Hackers or scammers who want to exploit Binance’s vulnerabilities or weaknesses to steal funds or data from its users.

Trolls or haters who want to cause chaos or damage for fun or personal reasons.

FUD can have serious consequences for Binance and its users. It can affect its growth potential, profitability, innovation, customer loyalty, and social impact. It can also create a negative feedback loop that can amplify the FUD and make it harder to overcome. Therefore, it is important for Binance and its users to be aware of the FUD and how to deal with it. Some of the possible ways to combat FUD include:

Educating oneself and others about the facts and realities of Binance’s situation and performance. This can help dispel misinformation, rumors, or myths that may fuel FUD.

Supporting and engaging with Binance’s community and initiatives. This can help foster a sense of belonging, trust, and positivity among Binance’s users and stakeholders.

Reporting and exposing any malicious or fraudulent activities that may harm Binance’s security or integrity. This can help prevent or mitigate any potential losses or damages caused by hackers or scammers.

Providing constructive feedback and suggestions to Binance’s team and management. This can help improve Binance’s services, products, features, and policies.

Diversifying one’s portfolio and risk management strategies. This can help reduce one’s exposure and dependence on Binance’s performance or outcomes.

FUD is inevitable in the crypto space, especially for a leading player like Binance. However, FUD is not insurmountable. By being informed, proactive, supportive, vigilant, and resilient,

Competition: Binance faces fierce competition from other cryptocurrency exchanges that offer similar or better services and products. Some of these competitors include Coinbase, Kraken, Huobi, OKEx and Bitfinex. These exchanges may have advantages over Binance in terms of market share, reputation, regulation, security or innovation.

For example, Coinbase is one of the most regulated and trusted exchanges in the US market and has recently gone public on Nasdaq. Kraken is also pursuing a public listing and has obtained a banking charter in Wyoming. Huobi has a strong presence in China and Asia and has launched its own blockchain platform called Huobi Chain.

Community backlash: Binance has also faced criticism from some members of the cryptocurrency community for its actions or policies that may be seen as unethical or unfair. For example, in April 2020, Binance delisted Bitcoin SV (BSV), a controversial fork of Bitcoin Cash (BCH), after its founder Craig Wright threatened to sue anyone who disputed his claim of being Satoshi Nakamoto, the creator of Bitcoin.

In July 2020, Binance acquired CoinMarketCap (CMC), one of the most popular websites for tracking cryptocurrency prices and data, raising concerns about potential conflicts of interest and manipulation of rankings. In August 2020, Binance launched its own blockchain platform called Binance Smart Chain (BSC), which some critics accused of being centralized and copying Ethereum’s features.

These are some of the reasons why FUD incessant on Binance. However, despite the FUD, Binance remains one of the most influential and innovative players in the cryptocurrency industry. It has also taken steps to address some of the issues it faces and improve its services and products. For example, it has launched new initiatives such as Binance Charity Foundation (BCF), Binance Academy (BA), Binance Research (BR) and Binance Labs (BL) to support social causes, education, research and innovation in the crypto space. It has also partnered with various organizations and institutions such as TravelbyBit (TBB), Swipe (SXP), WazirX (WRX) and Crypto.com (CRO) to expand its ecosystem and reach new markets.

Binance has shown resilience and adaptability in responding to the changing regulatory landscape and customer needs. Binance has also reaffirmed its commitment to working with regulators and authorities to ensure compliance and cooperation. Binance has stated that it welcomes constructive guidance and feedback from regulators, as it strives to create a more sustainable and secure environment for the industry.

Binance’s vision is to increase the freedom of money for everyone in the world. Binance believes that cryptocurrency is a powerful tool to empower people and create more opportunities and value. Binance’s mission is to provide the best platform and services for users to access and benefit from the cryptocurrency ecosystem. Binance’s values are customer-centric, innovative, collaborative, transparent, and responsible.

Binance is not just an exchange, but a community and a movement. Binance has a loyal and passionate user base, who support and contribute to its growth and development. Binance also has a strong and diverse team, who share the same vision and values. Binance’s team is composed of experts from various fields and backgrounds, who bring their skills and experience to the table. Binance’s team is also distributed across different regions and time zones, which allows them to serve their global user base effectively.

Binance is not afraid of challenges but embraces them as opportunities to learn and improve. Binance is not complacent with its achievements, but constantly seeks new ways to innovate and add value. Binance is not isolated from the industry, but connected and supportive of its peers and partners. Binance is not only a leader, but also a follower of the industry trends and best practices.

Binance is here to stay, and here to grow. Binance is confident that it can overcome any obstacles or difficulties that may arise along the way. Binance is optimistic that it can continue to deliver on its promises and expectations. Binance is grateful for the trust and support of its users and stakeholders. Binance is proud of its role and contribution to the cryptocurrency industry.

 

Nigerian Government Makes A U-turn, Admits No Timeframe on UAE’s Lifting of Visa, Flight Suspension

By
Samuel Nwite
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0

The Federal Government announced on Thursday that there is no specific timeframe for the resumption of Emirates and Etihad flights that had been suspended due to the diplomatic dispute between Nigeria and the United Arab Emirates (UAE).

This means that the suspension of these flights remains in effect, and there is no fixed date for when they will be allowed to resume operations between the two countries, according to the Minister of Aviation Festus Keyamo.

Following a meeting between Nigerian President Bola Ahmed Tinubu and his UAE counterpart, Sheik Mohamed bin Zayed Al Nahyan, in Abu Dhabi on Monday, Ajuri Ngelale, the Presidential spokesman, announced that both leaders had reached a historic agreement that led to the immediate lifting of the suspension of Emirate and Etihad airlines flight operation to Nigeria and the visa ban that had been placed on Nigerian travelers by the UAE.

The announcement sent enthusiasm across Nigeria, especially to travelers who believe that it signifies a positive resolution to the visa-related issue and a restoration of normal travel relations between the two countries.

However, in its statement, the Middle Eastern country said Nigeria and the UAE would work together to reinforce their ties and explore opportunities for further bilateral collaborations.

“His Highness underscored the UAE’s ongoing commitment to fostering ties with countries that share the same aspirations for stability, sustainable growth, and development and prosperity for their people,” a statement issued by the UAE said, without acknowledging that the travel ban on Nigerians has been lifted.

“He further emphasized the particular importance the UAE attaches to its relationship with Nigeria, within the framework of its strategic vision for relations with the African continent,” the statement added.

This statement fueled the conclusion by many Nigerians that the federal government lied about the agreement it reached with the UAE, forcing Ngelale to admit that lifting the travel ban will not be immediate but will likely depend on diplomatic negotiations and the resolution of the issues causing the suspension. This includes the flight suspension.

Keyamo, speaking at the Aviation Africa Summit in Abuja on Thursday, mentioned that the terms of the agreements were in the finalization stage for both Emirates and Etihad to resume flight operations.

“So, we are beginning to work out all the tiny details. I met with Emirates before I left UAE, and we are working out the details. We cannot say the time frame. Kicking off an airline operation again on a route does not mean you will go and grab one empty plane sitting in a place.

“There is no idle plane sitting anywhere, they have to reschedule their flights and restart their routes again. All kinds of permission will be taken from local authorities and of course, I made the point in speaking with them and I made it clear that they will have to give our airlines reciprocal rights under our Bilateral Air Service Agreements (BASAs).

“That is the point I insisted on, and they did say that any spot we need, they will give us as much as we give them those spots within Nigeria,” he said.

This suggests that there are ongoing negotiations and discussions to reach mutually acceptable terms and conditions that would allow these airlines to restart their flight services in Nigeria.

Nigerian Government Moves the NIMC to the Ministry of Interior

By
Samuel Nwite
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0
National ID Card, Nigeria

The federal government has moved the National Identity Management Commission (NIMC) to the Ministry of Interior, following a series of controversies that has characterized the operation of the institution.

The NIMC was under the Ministry of Communications, Innovation and Digital Economy – where it was tasked to link personal phone numbers to NIN under the supervision of the Nigerian Communication Commission (NCC).

In 2017, former President Muhammadu Buhari issued an order for data-collecting agencies to align their data with the NIMC. As a component of this data harmonization initiative, Professor Umar Garba Danbatta, the Executive Chairman of the Nigerian Communications Commission (NCC), directed that the data collected during SIM registration should be shared with the NIMC.

The move was aimed at enhancing the accuracy and completeness of individuals’ identity records, facilitating better coordination of data across government agencies, and improving the overall efficiency of identity management systems in Nigeria.

The agency (the NIMC) is tasked with a specific mandate in Nigeria. This mandate includes:

  • Establishing, owning, operating, maintaining, and managing the national identity database in Nigeria.
  • Registering individuals covered by the NIMC Act No. 23 of 2007.
  • Assigning a unique National Identification Number (NIN) to registered individuals.
  • Issuing General Multi-Purpose Cards (GMPC) to citizens of Nigeria and legal residents within the country.

In essence, the NIMC is responsible for creating and maintaining a comprehensive database of individuals’ identity information in Nigeria, ensuring that each person is assigned a unique identification number (NIN), and providing multi-purpose identity cards to eligible individuals, whether they are Nigerian citizens or legally residing in the country. This helps in various aspects of governance, public services, and identity verification within Nigeria.

However, the operation of the NIMC has come under heavy criticism, especially at the peak of the federal government’s push to link NIN to phone numbers.

The news that it has been moved to the Ministry of Interior was confirmed by Alao Babatunde, spokesperson to Olubunmi Tunji-Ojo, the Minister of Interior.

“I can confirm the NIMC is now domiciled in the Ministry of Interior,” Alao said. “The minister announced it during a meeting with the past comptroller-general of immigration on Tuesday.”

The statement indicates that the National Identity Management Commission (NIMC) was relocated to the Interior Ministry, possibly as part of an effort to enhance security measures related to identity data and management in Nigeria.

The move to the Interior Ministry may be seen as a strategic decision aimed at ensuring the highest level of security for the data and processes associated with identity management.

This alignment may facilitate better coordination and collaboration among various government agencies responsible for collecting and managing identity-related data.

By integrating these efforts within the Interior Ministry, the goal is likely to create a more efficient and seamless system where agencies responsible for identity data gathering and management, as well as those focused on maintaining security and protecting citizens’ lives, can work together more effectively and harmoniously. This integration could lead to improved overall security and identity management practices in the country.

“The benefit– when we say internal security, how do you secure people you don’t have their database?” Alao asked.

“It is to have the database of the people you want to secure. That helps all agencies involved with better coordination and to function better.”

The former Director General of the Bureau of Public Sector Reforms (BPSR) Dr. Joe Abah said moving NIMC to the Ministry of Communications and Digital Economy never made any sense in the first place.

“Like passports, Identity management should be with Interior,” he added.

US Congressman introduces bill to ban the Federal Reserve from creating a CBDC

By
Paul Ugbede Godwin
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0

A new bill introduced by US Congressman Warren Davidson aims to prevent the Federal Reserve from creating a central bank digital currency (CBDC). The bill, titled the “No Digital Dollar Act”, would prohibit the Fed from issuing, circulating, or distributing any digital version of the US dollar.

The bill argues that a CBDC would undermine the sovereignty of the US dollar, create privacy and security risks for consumers, and threaten the stability of the financial system. The bill also claims that a CBDC would violate the Constitution, which grants Congress the power to coin money and regulate its value.

The bill is co-sponsored by several Republican lawmakers, who share Davidson’s concerns about the potential impact of a CBDC on the US economy and national security. They argue that a CBDC would give the Fed too much power and discretion over monetary policy, and that it would enable the government to track and control every transaction made by Americans.

The bill comes as the Fed is exploring the possibility of developing a CBDC, which it calls a digital dollar. The Fed has launched a research project to study the benefits and risks of a CBDC and plans to publish a report by mid-2022. The Fed has stated that it will not issue a CBDC without consulting with Congress and the public, and that it will ensure that a CBDC would complement, not replace, cash and other forms of money.

The bill faces an uncertain future in Congress, as it is likely to face opposition from Democrats, who control both chambers. Some Democrats have expressed support for a CBDC, arguing that it would increase financial inclusion, reduce transaction costs, and enhance monetary policy effectiveness. They also contend that a CBDC would help the US maintain its global leadership in innovation and finance, as other countries are already developing their own CBDCs.

Some Democrats have expressed support for a CBDC, or a central bank digital currency, as a way to modernize the US financial system and provide more access and inclusion to the unbanked and underbanked populations. A CBDC is a digital form of fiat money that is issued and backed by the central bank and can be used as legal tender for transactions. Unlike cryptocurrencies, which are decentralized and operate on blockchain networks, a CBDC would be centralized and regulated by the government.

In a recent hearing of the House Financial Services Committee, several Democratic lawmakers voiced their interest in exploring the potential benefits and challenges of creating a US CBDC. Representative Maxine Waters, the chairwoman of the committee, said that she was “very interested” in the idea and that she had formed a task force to study it. Representative David Scott, another Democrat, said that he was “very much in favor” of a CBDC and that he believed it would help reduce the racial wealth gap and financial exclusion.

However, not everyone is convinced that a CBDC is a good idea. Some Republicans have expressed skepticism and opposition to the proposal, arguing that it would pose risks to privacy, security, and monetary sovereignty. Representative Patrick McHenry, the ranking member of the committee, said that he was “not sold” on the need for a CBDC and that he feared it would undermine the role of banks and private sector innovation. Representative Andy Barr, another Republican, said that he was “very concerned” about the implications of a CBDC for monetary policy and fiscal discipline.

The debate over a CBDC is not unique to the US. Many other countries are also exploring or developing their own digital currencies, such as China, which has already launched a pilot program for its digital yuan. The Federal Reserve, the US central bank, has been conducting research on the topic and plans to release a discussion paper later this year. The paper will outline the Fed’s goals, objectives, and criteria for evaluating a potential CBDC, as well as solicit public feedback on the issue.

A CBDC could have significant implications for the future of money and finance in the US and around the world. It could offer advantages such as faster payments, lower costs, greater financial inclusion, and more resilience to shocks. It could also pose challenges such as technical complexity, cyberattacks, privacy breaches, regulatory uncertainty, and unintended consequences for monetary policy and financial stability. The pros and cons of a CBDC need to be carefully weighed and assessed before making any decisions on whether to pursue it or not.

BNB VS BUSD – What’s The Difference?

By
TI Partners
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1

 There are now two cryptocurrencies available on Binance: Binance Coin (BNB) and Binance USD (BUSD).

Given that each has unique qualities, it begs the issue of why both are seen as essential components of the Binance ecosystem.

What are the differences between BNB and BUSD, and can they be used interchangeably?

Despite the fact that Binance founded both, their goals are very different. In addition to facilitating transactions (including the conversion of BUSD to BNB) and providing trading fee incentives on the platform, BNB serves as the utility token for the Binance Exchange and Binance Smart Chain. The BUSD cryptocurrency, on the other hand, is categorized as a stablecoin with a value that is closely tied to the US dollar and is intended for usage in the cryptocurrency market.

The differences between these two cryptocurrencies are clarified by the thorough comparison that follows:

Use Cases

Binance Coin was initially only used to get rebates on trading commissions. Reducing fees by using BNB was a benefit that persisted at a 25% discount until 2022, after which it would gradually drop from 25% to 6.75% during the succeeding years. BNB’s utility was expanded with the launch of the Binance Smart Chain, which later served as the engine for the whole Binance ecosystem. Pancakeswap became as one of the most well-known initiatives thanks to its expansion, which enabled a number of other projects. BNB also acts as an authorization mechanism for transactions on the Binance Smart Chain.

The BUSD Stablecoin

BUSD, on the other hand, performs as a stablecoin since its value is inextricably linked to the US dollar. As a result, 1 BUSD seeks to precisely equal 1 USD. BUSD has a higher percentage of cash and cash equivalents, making up 96% of its reserves, compared to other stablecoins like USDT, which only have 2.9% of their reserves in cash. The redemption of 1 BUSD should theoretically result in the payment of 1 USD because the value of BUSD is directly supported by the US dollar. It’s crucial to remember that BUSD abides by strict rules and complies with the requirements of the New York State Department of Financial Services (NYDFS). BUSD has the ability to spark interest while being mostly utilized as a trading pair with other cryptocurrencies.

Corporate Support for BNB and BUSD

Binance Exchange introduced BNB as its utility token back in 2017. In contrast, Binance developed BUSD in partnership with Paxos, a financial services company based in New York. All of the US currency backing the BUSD reserves is pledged as security. It’s important to note that the establishment of BUSD came two years after that of BNB.

Stability of Value

BUSD experiences significantly fewer price volatility than BNB because it is a stablecoin. Due to Binance’s practice of buying and burning BNB tokens, which effectively reduces their supply and creates the possibility of price fluctuations, BNB’s value is more volatile. BNB is therefore the more uncertain token to possess. However, keeping BNB for a long time may result in appreciation for individuals who have faith in the Binance ecosystem.

Existing Trading Pairings  

Trading any cryptocurrency on Changehero.io is feasible using either BNB or BUSD, making it possible to convert BTC to BNB or other cryptocurrencies. BNB and BUSD are widely accepted on the site for buying a wide range of cryptocurrencies because Binance developed both of them. The price of BNB’s trading pairs can be more volatile, which could affect how much Bitcoin one buys; in contrast, the price of BUSD’s trading pairings tends to be more stable.

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