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Belgium’s FSDA Orders Binance to Stop Offering Crypto Services in the Country

By
Paul Ugbede Godwin
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0

Binance, the world’s largest cryptocurrency exchange by trading volume, has been ordered by Belgium’s Financial Services and Markets Authority (FSMA) to stop offering any digital currency services in the country. The regulator said in a notice on Friday that Binance is not authorized to provide any investment services or to operate as a market infrastructure under Belgian law.

The notice also warned Belgian consumers that they should be wary of investing in cryptocurrencies and that they should check whether the platforms they use are registered and supervised by the FSMA. The regulator said that it has received several complaints from Belgian investors who have faced problems with Binance, such as difficulties in withdrawing their funds or accessing their accounts. The regulator also said that Binance does not comply with the rules on consumer protection, market integrity and transparency. The FSMA urged Belgian investors to stay away from Binance and to check its website for a list of unauthorized companies offering crypto services.

Binance has been facing increasing regulatory scrutiny and pressure from various authorities around the world, including in the UK, Japan, Germany, Italy, Thailand, Singapore and Canada. The exchange has said that it is committed to complying with local laws and regulations and that it is working with regulators to address their concerns. Binance has also announced several changes to its platform, such as limiting leverage trading, discontinuing stock tokens and futures products, and enhancing its KYC procedures.

Binance offers a wide range of services related to cryptocurrencies, such as trading, lending, staking, derivatives, savings, mining and education. The exchange also operates its own blockchain network and issues its own native token, BNB. According to its website, Binance has more than 15 million users globally and supports over 300 cryptocurrencies.

In a different twist, if you are a TUSD user you may have received an email recently that informed you that you can no longer redeem or create new TUSD due to issues with Prime Trust, one of the technology partners of TUSD. I wrote about the implications of incessant minting of TUSD and USDT by platforms.

This email caused some confusion and panic among TUSD users, as they feared that their funds were at risk or that TUSD had lost its dollar peg. In this blog post, we will explain what happened, why it happened, and what you can do about it. On June 10, 2023, TrueUSD announced on Twitter that the minting of TUSD via Prime Trust was paused until further notice. This means that users who wanted to create new TUSD by depositing US dollars or redeem existing TUSD for US dollars through Prime Trust were unable to do so.

The reason for this pause was not disclosed by TrueUSD or Prime Trust, but some speculate that it was related to the recent rumors of insolvency surrounding Prime Trust. Prime Trust is a fintech infrastructure provider based in Nevada that offers custody, payment, and compliance services for various crypto and traditional finance companies.

Prime Trust was also acting as a middleman for Binance.US, holding its customer funds through banking partners amid the debanking of crypto businesses in the United States. Prime Trust is set to be acquired by crypto custodian BitGo in a deal that was announced on June 8. If you are holding this stable coins you might want to consider monitoring and evaluating your portfolio to mitigate against future complications.

Will Court Sack Hamzat Obafemi as the Deputy Governor of Lagos State?

By
Stanley Alieke
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6

The Lagos state governorship election petition took a dramatic turn in court the other day when an expert witness, Olubusayo Fasidi, a United State-based immigration lawyer, testified on oath in the election petition tribunal that the deputy governor, Mr Obafemi Hamzat had earlier renounced his Nigerian citizenship and acquired the citizenship of the United States of America.

If the Labour Party legal counsels decide to build their case around this corner, they are definitely gunning for the disqualification of Mr Hamzat Obafemi as the deputy governor-elect and by extension, the disqualification of Mr Babajide Sanwolu with whom they both shared the joint ticket and as well the nullification of the election that got Mr Babjide Sanwolu elected as governor and Mr Hamzat Obafemi elected as deputy Governor respectively on the constitutional ground of section 182 of the constitution of the federal republic of Nigeria, 1999 (as amended).

It is a constitutional provision that anybody that has renounced his Nigerian citizenship and acquired the citizenship of another country is disqualified and barred for life from contesting for the office of the president of Nigeria or the office of the governor of a state. In the same vein, a person who has relinquished his Nigerian citizenship and has sworn the oath of allegiance to another country is automatically ineligible to contest for the office of the governor or share in the joint ticket and contest for the office of deputy governor.

This is the unequivocal provision of S 182 (1)(a) and it reads thus;

182. (1) No person shall be qualified for election to the office of Governor of a State if –

(a) subject to the provisions of section 28 of this Constitution, he has voluntarily acquired the citizenship of a country other than Nigeria or, except in such cases as may be prescribed by the National Assembly, he has made a declaration of allegiance to such other country.

This is a valid constitutional ground for the annulment of the certificate of return issued to Mr Babajide Sanwolu by the Independent National Electoral Commission as the governor-elect and disqualification of Mr Hamzat Obafemi as the deputy governor of Lagos state and by extension the sack of Mr Babajide Sanwolu with whom they both share the joint ticket on the ground that the Deputy Governor is ineligible to have contested in the election due to the fact that he is no longer a Nigerian citizen. This will possibly happen if the court holds in judgment that Mr Hamzat Obafemi is no longer a Nigerian citizen since he has relinquished his citizenship for the United States passport as testified by the expert witness.

The case of perjury (lying on oath) might as well raise its ugly head against the deputy governor because he must have ticked while filling out the deputy governorship nomination form that he is not a citizen of any other country other than Nigeria.

Readers should note that there was a similar incident in 2003 and the court of appeal gave a judgment on it in 2004. The court of appeal held in the case of HON. DR. WILLIE OGBEIDE  v. MR. R. E. ARIGBE OSULA & ORS (2013)LCN/6371(CA) that it is only a citizen who acquired the Nigerian citizenship by naturalization that can lose his Nigerian citizenship if he acquires the passport of another country but a Nigerian citizen by birth can enjoy dual citizenship; ie acquire the citizenship of another country without losing his Nigerian citizenship status but strongly believe that this court of appeal judgment will be overturned in the Supreme Court as this court of appeal position is a misrepresentation of the provisions of S182 of the constitution.

Come and Master Your Personal Economy As CHANGE Happens in Nigeria

By
Ndubuisi Ekekwe
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0

As CHANGE happens, how do you prepare your personal economy? What of that company’s operations? Still a good time for fixed income investment as inflation picks up due to (partly) rising energy prices and a floated forex regime? And what of those interest rates the central bank has been raising in Nigeria? Why are they not working for years in Nigeria to curtail inflation?

I have always noted that raising interest rates to fight inflation in Nigeria makes minimal sense because you cannot use interest rates to shape consumer spending at large in Nigeria. In other words, if the bulk of the consumers do not have access to credits, when you raise rates, you are simply influencing corporate spending since only companies majorly have access to credit.

And if that is the case, the implication is that you are reducing capital and investment which are actually needed to boost supply towards moving the demand-supply equilibrium to a new point where prices can come down, and reduce inflation. (In places like the US where consumer credit is huge, raising interest rates will affect demand and can reduce inflation through lower consumer spending, ceteris paribus on supply).

And of course, even if you raise interest rates on Nigerian companies, what happens when you continue to pump and fund the federal government deficits through Ways and Means lending? Simply, you are canceling out any impact you expect from the interest rate hike because you are pumping funds via government to the economy unhinged. Nigeria’s former central bank team did not study AO Lawal’s “O” Level Economics of West Africa which I read in SS1, and which was really easy to understand.

People, join me and one of the best in the industry, Azeez Lawal, Managing Director of Trustbanc Capital as we examine recent economic policies in Nigeria. We will explain how they will affect your PERSONAL economy and your business or where you work.  I am coming with my banking experience cap; come with your questions!

This is Tekedia Institute Mini-MBA; this is practical education. I will anchor the first 30 minutes; our faculty will manage the last 60 mins. Zoom link in the class board

More Investors Join Sparklo (SPRK), THORChain (RUNE) Crypto Funds Issues, Avalanche (AVAX) In a Bull Run

By
TI Partners
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0

As the crypto market is booming at the moment, Sparklo (SPRK) has emerged as the token to watch out for in the year as more investors join the project. Sparklo has engineered massive attention from investors with its rare features and explosive potential.

Meanwhile, THORChain (RUNE) was used as bait to steal crypto funds while Avalanche (AVAX) is on a bull run. Let’s explore while more investors are joining the Sparklo project.

Crypto Investors are set to profit massively from Sparklo (SPRK) in the fourth quarter of 2023

The ongoing Sparklo third stage of presale has witnessed more investors joining the project to position themselves for massive gains in the future. When launched, Sparklo will be an investment marketplace that allows investors to purchase precious metal products of gold, silver, and platinum. These assets will be transformed into NFTs which investors can purchase in the Sparklo marketplace. Investors will be able to buy fractional NFTs or whole NFTs in the Sparklo platform, which comes with benefits.

The safety of investors’ assets has been taken care of with the auditing of the Sparklo project by Interfi Network. Also, the KYC verification has been completed by the BlockAudit Report Team. The Sparklo projects token liquidity will be locked for 100 years to prevent an event of a rug pull scenario. Following the consistent upward price movement of the SPRK token, crypto experts have projected that the token could rise to become a blue chip cryptocurrency in the future.

At present, Sparklo is selling for only $0.055. Crypto experts have predicted that the token’s value could surge by a staggering 1,500% before the end of December 2023. This means now is the best time to invest in the Sparklo project and position yourself for future profits. We believe with the features and potential of Sparklo, the project will give high ROI in the future. Click the link below to invest.

>>>> BUY SPARKLO TOKENS <<<

Avalanche (AVAX) investors anticipate profitable returns

Avalanche (AVAX) is a blockchain platform that enhances users’ experience by focusing on scalability and speedy processing of transactions. Avalanche (AVAX) has gained a massive 5% in value in the last few hours. This development sees Avalanche (AVAX) trading at $21.91 currently. The Avalanche (AVAX) coin’s 24-hour trading increased by a staggering 44% to stand at $229 million presently. Avalanche (AVAX) value has surged in the last few days, with the coin gaining over 10% in value in the process.

The technical analysis of Avalanche (AVAX) shows that the coin is dangling at the $13 support level. A look at the price chart shows that the green lines are still much active, signaling that Avalanche (AVAX) will continue the bull run for the next few days. While Avalanche (AVAX) holders remain hopeful of an extended rally, Sparklo is another project that has proved to be reliable and consistent. Avalanche (AVAX) holders have joined the SPRK ongoing token presale to make gains.

THORChain (RUNE) used as bait to steal crypto funds

THORChain (RUNE), the cross-chain liquidity protocol, has been used by hackers to hide stolen crypto assets. The assets which were siphoned from Atomic Wallet have left investors panicking about the safety of the THORChain (RUNE) platform. According to the report coming out of the crypto market, a staggering 503 ETH, totaling $870,000, was fraudulently withdrawn from the Atomic Wallet. These funds were then transferred to THORChain (RUNE) before they were converted to Bitcoin BTC.

This development has created mistrust among THORChain (RUNE) investors, who are afraid their funds may not be safe on the THORChain (RUNE) platform. THORChain (RUNE) has gained 2% in value in the last few hours, with the coin trading at $0.922 currently. THORChain (RUNE) coin’s value has increased by a staggering 15% in the last few days. However, the technical analysis shows that THORChain (RUNE) is finding it difficult to reach the $1 support level, which means the threat of a bear market is much more active. This has led THORChain (RUNE) holders to diversify to the trending Sparklo presale to make gains.

 

Find out more about the presale with the links below;

Click here to buy presale

Check out the website

Check out the telegram channel

 

More Investors Join Sparklo (SPRK) Amid Downtrend of Lido DAO (LDO) and Cronos (CRO) Tokens

By
TI Partners
-
0

Sparklo has continued to see high-ranking investors buy more SPRK tokens as the project journeys through its third presale phase. The Sparklo token’s value has also surged as more crypto traders rush to join the project to make profits. Meanwhile, the market trends have been favorable for the Cronos (CRO) and Lido DAO (LDO) tokens.

Investors show faith in the sky-high potential of Sparklo (SPRK)

In a show of faith and clever foresight, a new batch of investors are buying more SPRK tokens at the ongoing presale. For context, Sparklo is gearing up to become an innovative investment platform where investors can invest in real-world timeless treasures like silver, gold and platinum. These treasures can be traded on the Sparklo platform using fractionalized NFTs that act as digital placeholders of the assets. Investors can buy a fractional NFT or a full NFT on the Sparklo marketplace.  Buying full NFT comes with many benefits like free delivery of the asset to the investor’s choice of location.

The SPRK token has drawn the attention of investors of other crypto projects. This is partly because the SPRK token has shown huge potential which has led crypto investors to predict that the SPRK token would likely become the next blue-chip crypto in the future. The SPRK token currently sells for only $0.055. As shrewd investors know, buying solid projects at an early stay positions investors to make high ROI in the near future.

Security-wise, the Sparklo project has passed its audit from Interfi Network, while the BlockAudit Report Team has verified the project’s KYC. The SPRK token’s liquidity will be locked for 100 years, further ensuring the safety of investors’ assets and preventing an event of a rug pull. The SPRK token represents a high-potential investment opportunity that may give investors a high ROI before the end of Q4 of 2023. Click the link below to invest.

>>>> PURCHASE HERE <<<

Lido DAO (LDO) is on a bull run

Lido DAO (LDO) is a decentralized autonomous organization that provides a staking environment for multiple blockchain networks. Lido DAO (LDO) saw a 4.54% price increase in the last 24 hours. This sees Lido DAO (LDO) trade at $1.90 currently. Also, Lido DAO (LDO) token’s 24-hour trading volume increased by 6.54% to stand at $59 million currently.

Following the uptrend of Lido DAO (LDO), the technical analysis shows that the token will reach the $2 support level in the coming days. A feat that Lido DAO (LDO) token hasn’t been able to achieve for long. Crypto analysts believe that If the current market upturn continues, Lido DAO (LDO) might exceed the support level.  However, despite the current rally of Lido DAO (LDO), its investors are also buying the SPRK token, which crypto experts have projected that its value will rise exponentially in the year.

Cronos (CRO) rides on the current wave of price rallies in the crypto market

Cronos (CRO) is an open-source blockchain designed to hasten the global adoption of crypto as a legal tender for economic transactions. Cronos (CRO) token gained 4.14% in value in the last 24 hours as the crypto market booms. As a result, Cronos (CRO) is currently trading at $0.057. Also, the 24-hour trading volume of Cronos (CRO) increased slightly by 6% to stay at $57 million currently.

While the growth of Cronos (CRO) is welcomed by its investors, Cronos (CRO) is known to falter in the face of a little market turbulence. In view of this, the investors of Cronos (CRO) have joined Sparklo, which is a rather more stable and viable investment option. Cronos (CRO) holders have moved to the trending SPRK token presale to make gains.

 

Find out more about the presale with the links below;

Click here to buy presale

Check out the website

Check out the telegram channel

 

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