Connect with us

Tech

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

Published

on

Binance
Spread the love

“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.

 

Tech

Detailed comparison between the 2014 Mercedes-AMG G63 and the 2022 Mercedes-AMG G63:

Published

on

Detailed comparison between the 2014 Mercedes-AMG G63 and the 2022 Mercedes-AMG G63:
Spread the love

 

1. 2014 Mercedes-AMG G63

-Engine: 5.5L twin-turbocharged V8

-Power: 536 hp @ 5,500 rpm

-Torque: 760 Nm (560 lb-ft) @ 2,000-5,000 rpm

-Gearbox: 7-speed automatic

-Drivetrain: All-Wheel Drive (AWD)

-Weight: Approximately 2,550 kg (5,622 lbs)

Performance:

-0-100 km/h (0-62 mph): 5.4 seconds

-Top Speed: Limited to 210 km/h (130 mph)

-Ex-Showroom Price: Starting around $150,700 USD

Other Features: Live axle suspension, premium interior with fewer modern tech amenities compared to newer models.

2. 2022 Mercedes-AMG G63

-Engine: 4.0L twin-turbocharged V8

-Power: 577 hp @ 6,000 rpm

-Torque: 850 Nm (627 lb-ft) @ 2,500-3,500 rpm

-Gearbox: 9-speed automatic

-Drivetrain: All-Wheel Drive (AWD) with advanced 4×4 capabilities

-Weight: Approximately 2,560 kg (5,644 lbs)

Performance:

-0-100 km/h (0-62 mph): 4.5 seconds

-Top Speed: 240 km/h (149 mph) with the optional AMG Driver’s Package

-Ex-Showroom Price: Starting around $179,000 USD

Other Features: Modern tech, including MBUX infotainment, updated suspension for improved ride quality, and luxurious interior refinements Differences:

1. Engine and Performance: The 2022 model offers more power and quicker acceleration due to its updated engine and gearbox.

2. Technology: The 2022 G63 benefits from the MBUX system, better connectivity options, and driver-assistance features, lacking in the 2014 version.

3. Suspension and Comfort: The newer G63 has independent front suspension for a smoother ride, compared to the rigid live axle setup of the 2014 model.

4. Price: The 2022 model is significantly more expensive due to its advancements and luxury improvements.

Both models retain the iconic boxy design and off-road prowess, but the 2022 version represents a modernized and more luxurious iteration of the classic G-Class.

 

Continue Reading

Tech

Australia nears social media ban for children after heated debate

Published

on

FILE PHOTO: A 3D printed Facebook's new rebrand logo Meta is seen in front of displayed Google logo in this illustration taken on November 2, 2021. REUTERS/Dado Ruvic/Illustration/File Photo © Thomson Reuters
Spread the love

Australia nears social media ban for children after heated debate

By Renju Jose and Byron Kaye

SYDNEY (Reuters) -Australia moved closer on Wednesday to banning social media for children under 16 after the parliament’s lower house passed a bill even as Alphabet’s Google and Facebook-owner Meta pressed the government to delay the legislation.

Marking some of the toughest social media controls in the world, Australia’s House of Representatives passed the bill 102 votes to 13 after Prime Minister Anthony Albanese’s centre-left Labor government secured bipartisan support for the ban.

The Senate is expected to debate the bill later on Wednesday, with the government keen to ensure it is passed by the end of the parliamentary year on Thursday.

Albanese, trying to lift his approval ratings ahead of an election expected in May, has argued that excessive use of social media poses risks to the physical and mental health of children and is looking for support from parents.

The planned law would force social media platforms to take reasonable steps to ensure age-verification protections are in place. Companies could be fined up to A$49.5 million ($32 million) for systemic breaches.

Australia plans to trial an age-verification system that may include biometrics or government identification to enforce the ban.

A Senate committee backed the bill this week, but also inserted a condition that social media platforms should not force users to submit personal data such as passport and other digital identification to prove their age.

The committee added that the government must “meaningfully engage” with youth when framing the law.

“Young people, and in particular diverse cohorts, must be at the centre of the conversation as an age restriction is implemented to ensure there are constructive pathways for connection,” committee Chair Senator Karen Grogan said.

In submissions to parliament, Google and Meta said the ban should be delayed until the age-verification trial finishes, expected in mid-2025. Bytedance’s TikTok said the bill needed more consultation, while Elon Musk’s X said the proposed law might hurt children’s human rights.

IMPACT ON FAMILIES

The ban was first announced during an emotionally charged parliamentary inquiry into social media, which included testimony from parents of children who had self-harmed due to cyber bullying.

It has fuelled vigorous debate with youth advocates arguing it robs children of a voice and parent groups saying under-16s are too young to navigate the digital world.

Teenagers have said the law could cut them off from their most important social and family connections, arguing a ban is not the solution.

“I understand that using social media a lot is not a good thing and I’m working on it,” said Sydney high-school student Enie Lam, 16. “But a ban is not going to work,” she said.

Albanese’s party, which does not control the Senate, won crucial support from the opposition conservatives for the bill, but has failed to win over the left-leaning Greens and some far-right lawmakers on civil liberties and privacy grounds.

One conservative lower house member broke from their party and voted against the bill on Wednesday, a rare event in Australian politics, and two conservative senators said they also would vote against it, arguing the law should be delayed until the age-verification trial was complete.

Even the Australian Human Rights Commission, an independent statutory authority, opposed the ban saying it violated children’s rights to self-expression and to participate in society.

Still, polling shows public support overwhelmingly in favour of the move. A YouGov survey released this week showed 77% of Australians backed the ban, up from 61% in August.

Australian media, from the publicly owned Australian Broadcasting Corp to Rupert Murdoch’s News Corp, also support the ban. An editorial campaign by News Corp, the country’s biggest newspaper publisher, pushed for the ban under the banner “Let Them Be Kids”.

“Our members feel that this is one of the biggest issues impacting on themselves and their families at the moment,” said Jenny Branch-Allen, president of the Australian Parents Council, an advocacy group.

“Big companies have to start taking responsibility. Let’s try and reduce the incidents we’re hearing involved with social media and young people in Australia.”

($1 = 1.5451 Australian dollars)

Continue Reading

Tech

JUSTIN: NERC Orders DisCos To Replace Obsolete Meters At No Cost

Published

on

Spread the love

 

Ekwutosblog has gathered that the Nigerian Electricity Regulatory Commission (NERC) has directed electricity distribution companies (DisCos) to replace obsolete meters for their customers at no cost.

The mandate was outlined in a statement released by the regulatory body’s management on Monday.

The directive came after some electricity companies required customers to replace Unistar brand prepaid meters.

Following the directive, Ikeja Electric Distribution Company (IKEDC) and the Eko Electric Distribution Company (EKEDC) announced that the Unistar prepaid meters which were first deployed over 10 years ago, would no longer be supported from November 14, due to technological upgrades and the token identifier (TID) rollover issue.

NERC emphasised that the cost of meter replacement falls solely on the distribution companies and reiterated that no customer should be subjected to estimated billing.

“The Nigerian Electricity Regulatory Commission is aware that some Distribution Companies (DisCos) have instructed customers to apply and pay for the replacement of faulty and obsolete meters within their franchise areas.

Kindly follow Ekwutosblog for verified News and Current Affairs in addition to insightful contents that inform, inspire, educate and entertain you always.

Continue Reading

Trending