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Australian Regulators Raided Binance’s Office, As Binance Suspends Multichain Token Transfers

By
Paul Ugbede Godwin
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0

In a major development, the Australian Securities and Investments Commission (ASIC) has raided the Sydney office of Binance, one of the world’s largest cryptocurrency exchanges, as part of an investigation into its derivatives trading activities. According to media reports, ASIC officers executed a search warrant on Binance’s premises on Tuesday, seizing documents and computers.

The raid was reportedly triggered by Binance’s alleged breach of the Corporations Act 2001, which requires any entity that offers financial products or services in Australia to hold an Australian financial services license (AFSL).

Binance has been offering cryptocurrency derivatives, such as futures and options, to Australian customers without an AFSL, according to ASIC. These products are considered to be complex and risky and may expose investors to significant losses and fraud.

ASIC has not commented on the raid, but it has previously issued warnings to investors about the dangers of trading cryptocurrency derivatives. In May, ASIC announced that it was taking action against several unlicensed cryptocurrency service providers, including binance, and urged Australians to be wary of these platforms.

Binance has also faced regulatory scrutiny in other jurisdictions, such as the UK, Japan, Germany, and Singapore. The exchange has been accused of operating illegally, facilitating money laundering, and failing to comply with anti-money laundering and counter-terrorism financing laws.

Binance has denied any wrongdoing and said that it is cooperating with the authorities. In a statement, binance said that it is “committed to complying with local regulations wherever we operate” and that it “takes its legal obligations very seriously”.

Binance also claimed that it does not have a physical office in Sydney, and that the raid was conducted on a third-party service provider that it uses. Binance said that it is “reviewing its relationship” with this provider and that it is “taking steps to protect our users’ interests”.

The raid on Binance’s office is a sign of the growing regulatory pressure on the cryptocurrency industry, as authorities around the world seek to protect investors and crack down on illicit activities. It also raises questions about the future of Binance’s operations in Australia and its ability to offer innovative products and services to its customers.

Binance to Suspend Transfer of Several Tokens tied to Multichain

Binance, one of the largest cryptocurrency exchanges in the world, has announced that it will suspend the transfer of several tokens tied to multichain following a major security breach in May. The tokens affected by this decision are BNB, BUSD, ETH, USDT, BTC and CAKE.

According to a blog post published by Binance on July 4, the suspension is a precautionary measure to protect users from potential risks associated with multichain transfers. Multichain is a protocol that allows users to move tokens across different blockchains, such as Binance Smart Chain (BSC), Ethereum and Polygon. However, this also exposes users to vulnerabilities that may compromise their funds or data.

Binance said that it detected a sophisticated attack on its multichain infrastructure in May, which resulted in the loss of $40 million worth of tokens. The attackers exploited a flaw in the multichain bridge contract, which allowed them to mint fake tokens and swap them for real ones. Binance claimed that it managed to recover most of the stolen funds and reimburse the affected users, but it also decided to conduct a thorough audit of its multichain system and implement additional security measures.

The suspension of multichain transfers will take effect on July 6 and will last until further notice. Binance said that it will notify users when the service is resumed and apologized for any inconvenience caused by this decision. Binance also advised users to be careful when using multichain services and to always verify the authenticity of the tokens they are transferring.

Twitter Silently Reversed Decision to Block Access Without Login

By
Samuel Nwite
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Twitter has silently reversed its decision to restrict tweet viewership without signing in, about a day after it was announced as part of the company’s efforts to halt data scraping.

The reversed decision means users can now access the social media platform’s links without having to sign in. Users started once again to access Twitter from different platforms like WhatsApp and Slack late Tuesday.

Musk announced a restriction on the number of tweets users can see over the weekend as a “temporary emergency measure” to combat data scraping. The billionaire said the login requirement was part of it.

“Temporary emergency measure. We were getting data pillaged so much that it was degrading service for normal users!” he said in a tweet.

Musk quickly reversed the tweet capping move after it triggered attempts by a lot of Twitter users to leave the platform, with many signing up on Truthsocial.

Twitter is yet to make an official announcement that it has rescinded the login requirement.

Musk appeared to have been forced to walk back on these decisions following heavy criticism and the threat of further damage to Twitter’s relationship with advertisers.

Marketing industry professionals said his decision could also undermine efforts by the company’s new Chief Executive and former advertising chief at NBCUniversal, Linda Yaccarino, to make peace with advertisers.

Mike Proulx, research director at Forrester, told Reuters on Sunday that the tweet limits have had a significantly negative impact on both users and advertisers, who are already grappling with the disruption Musk has brought to the platform.

“The advertiser trust deficit that Linda Yaccarino needs to reverse just got even bigger. And it cannot be reversed based on her industry credibility alone,” he said.

In addition, Twitter’s move comes a day before Meta launches its own text-based app called Threads. With a growing number of Twitter users who are dissatisfied with the way Musk is running the platform since he took over in October last year, Threads appears like an alternative.

It is not clear if Threads intends to allow users to access the web without signing in when it finally launches on Thursday, but the platform briefly allowed users to view posts on the web without logging in before pulling the links.

However, Twitter said in a blog post that it took the temporary decision to limit usage “so we could detect and eliminate bots and other bad actors that are harming the platform.”

The company added that the decision came unannounced because “any advance notice on these actions would have allowed bad actors to alter their behavior to evade detection,” and it does not impact its ad business.

“Currently, the restrictions affect a small percentage of people using the platform, and we will provide an update when the work is complete. As it relates to our customers, effects on advertising have been minimal,” the company said.

During the weekend, Musk initially limited the number of tweets users can see to 600 per day for unverified accounts, 300 for new unverified accounts, and 6,000 for verified accounts. It was later reviewed upward to 10,000 posts per day for verified users, 1,000 per day for unverified and 500 posts per day for new unverified users.

Meanwhile, ChatGPT’s OpenAI has a legal issue even as it plans to assemble a team ‘to manage “superintelligent” AI systems that it says could exceed human intelligence within a decade.’

Two novelists are suing OpenAI for copyright infringement, CNBC reports. Best-selling authors Mona Awad and Paul Tremblay allege that the firm wrongfully used their copyrighted novels to train ChatGPT, OpenAI’s chatbot. The authors say the artificial intelligence-powered platform can produce summaries of their work that are so on point that they’re “only possible” if the AI culled protected material. OpenAI, which received a $10 billion investment from LinkedIn’s parent company, Microsoft, says ChatGPT pulls its information from web crawls, which can include archived books and Wikipedia. A new analysis shows that ChatGPT downloads have slowed in recent weeks. 

Process Improvement and Operations Management at Tekedia Mini-MBA

By
Ndubuisi Ekekwe
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Two things make Federal University of Technology Owerri special – four different internships (year 1, year 2, year 3 and year 4) -and option for triple degree in one (electrical electronics engineering with option in electronics computer engineering). In two of those internships, I served in NNPC (Owaza Gas Station under NNPC’s Nigerian Gas Company) and Shell (Kolo Creek Flow Station, Yenagoa) as an instrumentation and control engineer – electrical systems.

Good People, the experience remains unparalleled because the whole nexus of process improvement and operations management especially in Shell was legendary. Sure, they did not measure the quantity of food consumed, and that was the only thing under our control as interns!

Tomorrow at Tekedia Institute Mini-MBA Live, an industry zen-master from the storied Schlumberger will be teaching. Yes, our Faculty Rasheed Adebayo will educate us on process improvement and operations management. His course in our Institute is very popular in the oil and gas industry. Why not? If the process is broken, the tools and the people have no mission.  Now, he will teach live.

Tekedia Mini-MBA: the best teach here!

Alex Kruger Forecasts Strong Bitcoin Rally

By
Paul Ugbede Godwin
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0

Alex Kruger, a well-known crypto analyst and trader, has recently published an article where he forecasts a strong rally for Bitcoin in the coming months. He based his prediction on several factors, such as the increasing adoption of Bitcoin by institutional investors, the growing demand for Bitcoin as a hedge against inflation, and the improving technical indicators that signal a bullish trend reversal.

Kruger argues that Bitcoin is undervalued at its current price level, and that it has the potential to reach new highs by the end of the year. He cites the recent announcements by MicroStrategy, Tesla, and Square, among others, as evidence of the rising interest and confidence in Bitcoin as a store of value and a medium of exchange. He also points out that Bitcoin’s market capitalization is still relatively small compared to other asset classes, such as gold, stocks, and bonds, which means that there is plenty of room for growth.

Kruger also analyzes the macroeconomic environment and how it favors Bitcoin as a hedge against inflation. He notes that the unprecedented monetary and fiscal stimulus measures taken by governments and central banks around the world have resulted in a massive increase in money supply and debt levels, which could erode the purchasing power of fiat currencies. He believes that Bitcoin, as a scarce and decentralized asset, offers a viable alternative to protect one’s wealth from inflationary pressures.

Kruger examines the technical aspects of Bitcoin’s price action and identifies some key indicators that suggest a positive outlook. He observes that Bitcoin has broken out of a descending triangle pattern that had been forming since April, and that it has reclaimed the 200-day moving average as support.

He also highlights the bullish divergence between the price and the RSI (relative strength index), which indicates a possible reversal of the downtrend. He expects Bitcoin to test the resistance levels at $50K, $58K, and $64K in the near future, and to eventually surpass its all-time high of $69K.

Finally, Kruger concludes his assertion by stating that he is confident in his forecast and that he is holding a long position in Bitcoin. He advises his readers to do their own research and to be prepared for volatility along the way. He also warns them not to invest more than they can afford to lose, and to use proper risk management techniques.

The increasing adoption of bitcoin by institutional investors, the growing demand for digital assets — CBDCs in emerging markets, and the improving technical indicators on the charts are clear indications that the crypto and more importantly Bitcoin will transcend into mind blowing innovations in the coming months.

Plant The Tree of Capital; Join Tekedia Investment and Portfolio Management program

By
Ndubuisi Ekekwe
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0

On Saturday, we will begin the Live Zoom of Tekedia Investment and Portfolio Management program. More than 150 professionals are co-learning with us in this edition. The prerecorded courseware went out on Monday (July 3), and on Saturday, I will open the live session with a two hour delivery.

Together, we will co-master how to plant that capital, to grow and blossom, exponentially. Among the five factors of production, CAPITAL remains the one with the highest velocity. What I mean is this: you can use capital to acquire Knowledge, Land, Labour – and even the Entrepreneur (co-founder-for-hire is common these days), and that means Capital is central in the formation, organization, and operation of firms. A man or woman with capital is a FACTOR because with capital, you can pursue a vision, and bring it to pass.

The questions remain: how do you make that capital to keep growing as you deploy it? How do you balance the risk as you plant it as a seed, since the soil of markets can consume it? How do you take care of your capital, from nursery into the main forest of markets? When you invest, you deploy capital so that firms, organizations or the partnering entity can use it to do something in the market system.

The Investment Process now means understanding the market system functions towards making sure your promised value is realizable and your capital protected. Legends of markets are made when they accelerate realized growth with minimal risk!

I invite you to register if you have not done so. It is $400 or N180,000 and we have many payment options here. Like a farmer, Tekedia Institute educates on how to pick the best fertile ground, the right fertilizer mix (balanced nitrogen, potassium and phosphorus) and shovels to have the best harvest. Co-learn with us and REGISTER.

This is the best investment course in Nigeria and Africa you can get for value.

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