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Binance Closes Derivative Positions of its Users in Australia

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Crypto Twitter community members in the UK and Australia are claiming that Binance has restricted its users from both countries from subscribing to the platform’s Earn products. The new measures allegedly took effect on February 22nd, at 22:30 UTC + 8 and will affect Binance’s Simple Earn, DeFi staking, ETH 2.0 staking, BNB Vault and Liquidity farming.

Binance community member James W. was also affected by the new restrictions by Binance and shared the following screenshot of a message from the crypto exchange.

The claims of Binance ending Earn products for the UK and Australia follow additional claims on Twitter that it has forcefully closed derivatives trading positions for its traders residing in Australia. Crypto-community member shared a screenshot of the message they received from Binance explaining that their derivatives trading account has been restricted until they ‘provide new information or evidence of how [they] meet the requirements to be classified as a wholesale trader.

The message from Binance also stated that the exchange is ‘working on a remediation and compensation plan’ for users affected by the sudden closure of their trading positions and derivatives trading accounts. However, the team at Binance has announced that they will not issue any further Binance USD or BUSD tokens, as per the SEC’s deadline of Feb, 25, 2023. We Were Required to Close their Derivative Positions With Immediate Effect – Binance.

Binance has since tweeted an update on why it closed its Australian users’ derivatives trading positions and accounts. The Binance team explained that they had been ordered to do so with immediate effect and were in the process of contacting all affected users.

‘Our team identified a small number of Australian users who were incorrectly classed as ‘Wholesale Investors’ on Binance. As per Australian regulation, we were required to inform these users and close any of their own derivative positions with immediate effect,’ the Binance team explained.

‘We have already contacted all impacted users and will fully compensate them for their losses incurred while trading derivatives on Binance,’ the team added.
At the time of writing, there are no exact details on how Binance will compensate the affected users in Australia. However, I asked the Binance bot about the current situation with users from the UK and Australia here’s the response in the screenshot below.

EU Commission Bans the Use of TikTok on Official Devices

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The European Union Commission has joined the US governments in blocking the use of TikTok on official devices, as security concerns heighten the Chinese-owned social media platform.

The decision was communicated to employees on Thursday via email by the EU executive’s IT service, which requested that they uninstall the app from all government-owned devices as well as personal devices using corporate apps, per EURACTIV.

“To protect the Commission’s data and increase its cybersecurity, the EC [European Commission] Corporate Management Board has decided to suspend the TikTok application on corporate devices and personal devices enrolled in the Commission mobile device services,” said the email.

EU employees were asked to delete the app from their devices as soon as possible and no later than 15 March, or watch corporate apps like the Commission email and Skype for Business disappear as a penalty for non-compliance.

TikTok is facing growing apathy in the West as governments’ concern that the Chinese government could use the short-form video platform as a backdoor to harness users’ private data increases. The EU Commission is the latest to take a step to curtail the potential threat that the situation poses to its security.

The Commission said the measure is aimed at protecting its data and systems from potential cybersecurity threats, which the US has warned are possible through TikTok.

The company has repeatedly assured the authorities in the West that the personal data of users is protected, denying allegations that it is accessible in China. It expressed its disappointment over the EU Commission’s decision.

“We are disappointed with this decision, which we believe to be misguided and based on fundamental misconceptions. We have contacted the Commission to set the record straight and explain how we protect the data of the 125 million people across the EU who come to TikTok every month,” a TikTok spokesperson told EURACTIV.

However, TikTok’s efforts to mitigate the apathy, which accelerated under former US president Donald Trump, have failed.

Several US states have followed Washington’s step, enacting laws to stop employees from installing and using the app on government’s devices. TikTok’s ordeal was amplified last November after the company admitted that the personal data of users worldwide is accessible in the Chinese headquarters.

The admission followed a BuzzFeed’s report in June last year that TikTok’s US users’ data was accessed in China, and revelations from Forbes that the app was being used to spy on journalists.

TikTok is owned by ByteDance, a Chinese company headquartered in Beijing. Under the Chinese Communist Party, every company is subject to the rule which makes releasing information to the authorities at request compulsory.

TikTok said last year in response to BuzzFeed’s findings that the company is working to clear all security doubts about its operation.

“We know we’re among the most scrutinized platforms from a security standpoint, and we aim to remove any doubt about the security of U.S. user data,” TikTok spokeswoman Maureen Shanahan told the outlet. “That’s why we hire experts in their fields, continually work to validate our security standards, and bring in reputable, independent third parties to test our defenses.”

But TikTok’s efforts to separate itself from the situation have failed to calm the scrutiny. The company said it “has long stored US user data in our own data centers in the US and Singapore” and takes the responsibility to “protect against unauthorized access to user data” seriously.

Although no European government has banned the use of TikTok on official devices, the trust is waning to that point. Top EU officials told TikTok’s CEO Shou Zi Chew last month after a meeting, that the company had a long way to go to regain their trust.

Labour Party’s State Chairmen Turn Against Obi Over Mobilization Fund

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States chairmen of the Labour Party have accused the party’s presidential candidate Peter Obi of neglect ahead of Saturday’s presidential election, opening a fresh vacuum that may impact the party’s chances at the poll.

The aggrieved states chairmen led by Sani Abdulsalam, the Gombe state LP chairman and coordinating chairman for the 36 states, made this known during a press conference in Abuja.

Other LP bigwigs including Mohammed Alkali, the national vice chairman, northeast, Ibrahim Bukar, the Yobe state chairman, graced the press conference in support of Abdulsalam’s claim that Obi failed to recognize the important role of the 36 state chapters’ leadership, choosing rather to work with cronies and support groups.

He alleged that money meant for the mobilization of poll agents was withheld by the national chairman, Julius Abure, on the excuse that Obi has no confidence in the states chairmen.

Abdulsalam said based on this, Obi cannot win this election since all party executives have been sidelined.

“I speak on behalf of 36 state chairmen of our party in my capacity as the coordinating chairman. We have never been respected by the party leadership and also our presidential candidate has no respect for our party executives at state levels because Peter Obi deliberately mismanaged our good will with the imposition of his members and other support groups that decamped with him in May 2022 to our party.

“Of note, Wednesday the 22nd day of February 2023 was the meeting we had with the national chairman, Julius Abure in the party head office where discussion was held about the logistics support for state chapters and national officers towards effective mobilization of our members for the presidential and National Assembly election on Saturday 25th February 2023.

“To our surprise, the national chairman Julius Abure said the presidential candidate Peter Obi has no confidence in all the 36 state chapters’ leadership but would rather choose to work with their cronies and support group that came with him.

“The greatest shock from the national chairman, Julius ABURE was that money for agents will not be sent to any state chairman or national officers except those three NWC members including a woman and that all state chairmen and 19 other members already picked by Mr Peter Obi himself will be given monies meant for party agents and alert will be received by 10 pm tonight Wednesday the 22nd day of February 2023.

“As of tonight, no alert has been received by any state chairman and information reaching us confirmed that money was paid based on ethnic and religious consideration because only persons of a particular ethnic group currently run the campaign of Peter Obi in cohort with the national chairman.

“As members of the Labour Party National Executive and National Working Committee (NWC), it is our considered opinion and informed conclusion that Peter Obi cannot win this election since all party executives have been sidelined. He is not ready and is grossly ill-prepared for the Presidential race,” he said.

Nigerians – Here Is The Moment, #Vote

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I wish they captured Atiku in this photo also (taken within the last 7 days). Yes, that is it: Obi, Atiku and Tinubu are not enemies. While they are competitors today, it means really nothing for you to cause problems in your community. I will be unable to vote since INEC has not offered us that opportunity. 

As an investor, if I see this as investing in startups which basically means the future, Obi will get my money. But this goes beyond Obi; I want to see a new political system  – yes, a new business model – with a new mindset. I have seen PDP. I have seen APC. And both have not thrilled me: I will like a new business model in the market. That is what startups do: if the current model is not working, try something new.

Tinubu is an amazing man when it comes to visioning; give it to him. Atiku has laurels; he is very strategic. Obi has an enterprising spirit with an emergent mindset. No matter who wins, one will hope they can come together as CITIZENS to advance Nigeria. And part of that advancement is breaking unhealthy structures (built by cabals and party kingpins) which continue to push Nigeria down.

INEC – this is your moment; serve the nation. To President Buhari, I commend you for providing a platform for these men to move around the nation fairly freely. Nigerians: kudos and now #vote

Updated: after posting, someone shared this vote

Dependency on Start to Finish

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Younger people often look forward to the light at the end of the tunnel, but it gets harder and harder to get there. Everything that is terrible requires time to adapt and study; nothing good comes naturally. It sometimes feels like the problem is worse in the morning when you’re trying to figure out how to proceed or what to do while acquiring computer skills (code), and you’re also becoming upset trying to seek financial support from family to fund an undefined dream. Every time I have a problem, I distribute it to my computer’s new skills to fix (coding).

I’m Clinton Chidera, and I’m not writing this to give you the impression that I’m successful or that I’ve already met the requirements for advancement in the world. Because there is a significant decision to be made, it might be difficult to make the appropriate decision in life. This difficulty is somewhat comparable to opportunity cost. Human life is intricate and challenging, especially if you approach it from a place of ignorance and believe you can complete it on your own without the help of a third party. Human growth is an alternative to VPS; in order to access the VPS, a membership must be purchased.

The process of completing it is what characterizes it as a life project. Every day of our lives, we plan and suggest the appropriate root to complete an action without hesitation. Reaching the traditional moment to climb the moment requires a lengthy effort. I decided to pursue a profession in computer coding to better understand the industry, as well as to grasp the morals and grammar of code so that I might advance in technology. Depending on how bad things are going in the country where everything is happening, things can occasionally get worse.

The confusion starts when you’re younger because no one has ever taken the time to raise you up to grasp how the world is growing, which will keep you off track forever. As I learn more about the history of my culture, I can remark that utilizing children as a means of labor rather than supporting them in understanding the nature and meaning of life is known as modern slavery.

Being dependent without a plan for growth is the worst thing a human can do. This opens everyone’s eyes to what their mission is and how to structure it for the technical advancement of living. Recognize your readiness at this precise moment to complete the task. Although family members might help and I would never see the point, human nature inevitably breeds competitiveness. I’ll go into more detail about why dependency is such a harmful disease to human development below.

Dependence is not a growth factor
This is not a means of growth, and if you look over the world’s governmental history, you’ll see that dependency eventually leads to slavery.
Dependency definitions. the condition of depending on or being ruled by something or someone else. alternatives: reliance, reliance. Simply said, this term explains dependency and how detrimental it is to human life. Dependence is such a major roadblock to development, and if you embrace it, the light will be far away. Because the culture of slavery will always advance over time, this causes dissatisfaction and depression.

Since my parents were unable to follow the natural tradition of raising a child, I committed myself to learn and grow as a person. Believing what others claim to be assistance by feeding you without having the good mindset of genuinely putting you in captivity or under bondage because they will use you to complete the task without payment. “I give you food; you work.” Hey, man, get up.

The smartest move over-dependence
Believe me, realizing the hidden mistake of not evolving is where growth begins. The fact that there are so many issues to be resolved is what sparked science on Earth. Please consider the purpose of developing, which will be a light to see the purpose of life, since there isn’t a particle of growth there. When vision is developing, it’s crucial to protect the skull, which can be referred to as a comfort zone. Test their interest in your development by objecting to your desire to master a skill. The foundation of obtaining freedom to explore is this technique.

My heart is powerful, and it is filled with a vision of expansion and advancement. Error is unavoidable and always common, but the only thing that will get you to the top is the new growth of applying abilities to develop in the nature of independence. Discover the goal, and the rest is history, as they say, “Truth is bitter.” Since I’ve learned the meaning of independence, my perspective on research to develop is actually getting me there, and I think that in the near future, growth will be created.

The conclusion is a necessary step on the road to fulfillment. Please learn to collaborate with others because human relationships are the source of riches.

I’m a junior front-end developer who loves web 3.0 and specializes in HTML, CSS, JavaScript, and (React). Still learning how to work and construct.