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Crypto: Binance confirms working with Tinubu govt to block dollar-naira exchange

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“Users behaving in a manipulative way will be removed from the platform.’’

 

One of the World’s biggest cryptocurrency trading platform, Binance, has confirmed collaborating with President Bola Tinubu’s administration to block Nigerians from dollar-naira trade on its platform.

Binance disclosed this in an announcement on its “commitment to P2P users in Nigeria” on Tuesday, warning that “users behaving in a manipulative way will be removed from the platform.”

“As industry leaders,” Binance said, “We are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.’’

 

The crypto exchange platform further said it is “setting an upper limit for ads, filtering and removing bad ads, requiring and raising deposits for merchants posting ads as well as processes for actioning against any market manipulators.”

On Tuesday, Binance disabled sell option for its Nigerian users, blocking them from selling fiat currency, USDT, on the platform. It also capped the buy option to $1802 for Nigerian users.

It also disabled purchase of cryptocurrencies via P2P for its Nigerian users, leaving those who might want to sell their crypto assets such as Bitcoin, BNB, Ethereum via P2P stuck.

This comes as another desperate move by the Tinubu-led government to stem naira freefall against the dollar. The naira continues to decline even after the Economic Financial Crimes Commission raided perceived currency speculators at a popular Abuja Bureau De Change hub on Monday.

Earlier on Tuesday, the National Security Adviser, Nuhu Ribadu, directed law enforcement agencies to take firm measures against anyone engaged in foreign exchange market speculation.

“In a concerted effort to safeguard Nigeria’s foreign exchange market and combat speculative activities, the Office of the National Security Adviser and the Central Bank of Nigeria are joining forces to address challenges impacting the nation’s economic stability,” a statement issued by Mr Ribadu’s office read.

 

It added, “The CBN’s proactive measures to stabilise the foreign exchange market and stimulate economic activities have been commendable. However, the effectiveness of these initiatives is being undermined by the activities of speculators, both domestic and international, operating through various channels, thereby exacerbating the depreciation of the Nigerian naira and contributing to inflation and economic instability.”

The naira hit its all time low, trading for N1902 to a dollar on Tuesday before Binance blocked its Nigerian user from selling USDT on the platform.

Mr Tinubu’s government collaborating with Binance to block Nigerians from dollar-naira trading mirrors his predecessor, former President Muhammadu Buhari’s ban on cryptocurrency trading in the country in 2021. The CBN under Mr Tinubu’s watch in December 2023 lifted the ban on cryptocurrency.

Some Nigerian Binance users have criticised Binance on its latest move, threatening to migrate to other platforms for their dollar-naira trading.

An x user, @MikaelBernard, on Tuesday, dismissed Binance’s decision against Nigerian users as “absolutely ridiculous,” adding that “If this is how they plan to save the naira, I’m sorry but it’s going to fail woefully.”

“You can no longer sell your own tokens for above 1802/$. I don’t know what they aim to achieve, but traders are now on telegram, selling at 1850/$ and above. Binance was only a medium. If you block Binance, people will find new ways,” @MikaelBernard tweeted.

 

Another X user, MiracleOkeke said, “So, let me understand, you literally decided to put a peg or control a somewhat person to person transaction that should normally be determined by whatever price they wish? As an open market? Jokes on you, we will move to other platforms.”

With “more than half of its adult population” trading cryptocurrency “monthly,” according Binance, Nigeria ranks among countries with the largest population of crypto traders in the world.

Recent restrictions on domiciliary accounts in Nigeria by the Tinubu-led government could have also increased the number of Nigerians using the exchange to save their money or facilitate receipt of funds from abroad.

 

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French Tesla customers sue over brand becoming ‘extreme right’

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Tesla sales in the EU have nearly halved, with many customers looking for electric cars put off by Elon Musk's political positions. Photo: JULIEN DE ROSA / AFP/File Source: AFP

Around 10 French clients with leases on Teslas are suing the US carmaker, run by Elon Musk, because they consider the vehicles to be “extreme-right” symbols, the law firm representing them said on Wednesday.

They feel they suffered “direct and concrete” damage from the way Teslas are now associated with “Elon Musk’s actions”, the GKA law firm said.

They are demanding the Paris commercial court order their lease contracts be terminated and legal costs reimbursed, it said in a statement, signed by lawyers Patrick Klugman and Ivan Terel.

The lawsuit comes as Tesla sales in the European Union have almost halved since the beginning of the year, a slump attributed to Musk’s political activities.

Those activities include him — until last week — standing firmly with US President Donald Trump, and overseeing efforts to cut down US departments and agencies.

He has also lent public support to Germany’s far-right Alternative for Germany (AfD) party, and came under criticism for making a repeated gesture with an out-thrust arm interpreted by many historians to be a Nazi salute.

“Because of Elon Musk’s actions… Tesla branded vehicles have become strong political symbols and now appear to be veritable extreme-right ‘totems’, to the dismay of those who acquired them with the sole aim of possessing an innovative and ecological vehicle,” GKA said in a statement.

The perception of the Teslas they leased “prevents them from fully enjoying their car”, it said.

Most of the leases run for four years, with an option at the end to buy the vehicle.

Tesla cars in Europe and elsewhere have been targeted by vandals, with some drivers reporting they have been insulted for using what is sometimes called on social media a “swasti-car”.

Several owners have taken to putting stickers on their Teslas reading “I bought this before Elon went crazy”.

“The situation is both unexpected and impossible for French Tesla owners,” Klugman told AFP.

“Musk’s political positions have interrupted enjoyment” of the vehicles, and “we believe that Mr Musk owes these buyers the peaceful possession of the thing sold”, he said.

Contacted by AFP for comment, Tesla did not immediately respond.

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Elon Musk unveils XChat to rival WhatsApp, Telegram, others globally

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Billionaire Elon Musk is pushing forward his ambition to transform X (formerly Twitter) into an “everything app” with the launch of XChat, a new messaging feature designed to rival the likes of WhatsApp, Telegram, and Signal.

Unveiled over the weekend, XChat introduces end-to-end encryption, vanishing messages, file sharing, and audio/video calling.

Musk described the tool as “all new” in a post on Sunday, emphasizing its focus on secure, private communication.

“All new XChat is rolling out with encryption, vanishing messages, and the ability to send any kind of file.  

“This is built on Rust with (Bitcoin style) encryption, a whole new architecture. You can do audio/video calls without a phone number across all platforms,” Elon Musk posted.

Early reports suggest the feature is already in beta testing among paid X subscribers. Leaked screenshots by app researcher Nima Owji show support for group chats, a vanish mode, and a four-digit passcode to lock messages, a significant upgrade to X’s previous direct messaging capabilities.

The bigger picture 

XChat is part of Musk’s long-term goal of morphing X into a Western super app, similar to China’s WeChat.

This vision encompasses everything from messaging and payments to entertainment, commerce, and even dating.

Musk previously told employees he wants X to function as a digital bank and dating app by 2024, part of a sweeping transformation that could change how users engage with the platform.

He’s not alone in this race. OpenAI CEO Sam Altman is also building a “super app” through his side project, World, which recently launched an app store and biometric ID system called Orbs.

What you should know 

With 600 million monthly active users as of October 2024, Musk’s X holds a considerable lead but retaining that user base is critical.

The rollout of XChat could help the platform move beyond just being a public town square and into users’ everyday digital routines.

Last year, X unveiled plans to roll out a peer-to-peer payment system on the platform, saying it would unlock more user utility and new opportunities for commerce.

  • The company said this would also showcase the power of the platform users living their “life in one place.
  • Reports have indicated that as of December 2023, X was licensed for payment processing in a dozen U.S. states, and by this January, that number stands at 14, with the recent additions of Arkansas and Pennsylvania.
  • Musk had earlier said that he envisions a platform where users will be able to send money to others and extract those funds to authenticated bank accounts.

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Bill Gates predicts Lagos will become world’s largest city

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Bill Gates

Microsoft Co-Founder, Bill Gates has expressed optimism about Africa’s future, predicting that Lagos, Nigeria’s economic hub, will become the world’s largest city.

Gates described the city’s projected growth as a reflection of Africa’s rising global relevance in the 21st century.

Speaking at the Gates Foundation’s Goalkeepers event held in Lagos, Gates stated the continent’s demographic advantage, calling Africa the “most fascinating” region of the century due to its youthful population.

“Africa is a very young continent,” Gates said. “More than half of all children born this century will be African. That youthfulness will shape global trends in profound ways.”

Highlighting Lagos as a prime example of Africa’s urban expansion, Gates noted: “The city we’re in today will, by far, be the largest in the world. That’s going to make for a dynamic and vibrant environment, and the world will be watching.”

Gates cautioned that Africa’s potential will be determined by the investments made in the near term, particularly in health and education.

“Whether this young population drives transformative progress will depend on the choices we make in the next 20 years,” he said. “If we invest wisely, Africa’s future is nothing short of extraordinary.”

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