Crypto Guides, Knowledge & Insights

Twitter introduces new monthly verification fees for Nigerian businesses and individuals

By: Damian Okonkwo　　Twitter - the social media giant, which was acquired by Elon Musk in 2022, now requires businesses to pay N460,500 per month to retain their verification status on the platform. Added to this, there is also an additional monthly fee of N23,030 for each affiliated individual or business to get verified on the platform.　　The move is part of a wider push by Musk to recoup the $44 billion he invested in acquiring Twitter. The company has already rolled out Twitter Blue for individuals, and now the verified badge for businesses is globally available as well. The gold badge distinguishes businesses on the platform, and organizations that sign up for Verified Organizations will have full control of vetting and verifying the accounts theyre affiliated with.　　Twitters Chief Executive, Elon Musk, praised the new verification plan, saying it would help to eliminate impersonation on the platform.　　“This is important to establish whether someone belongs to an organization or not to avoid impersonation,” Musk tweeted.　　Hence, it stands very important for all businesses, non-profit bodies, governments, and multilateral organizations worldwide to join the waitlist to get verified. However, it is still unclear whether other countries will be given the same pricing as Nigeria also

2023-04-03Deep Dive

Bittrex Pulls Out of US Market, Cites Regulatory Environment

The Seattle-based cryptocurrency exchange Bittrex has decided to freely dissolve and shut down its US activities. The decision has been explained by the companys unclear legal climate. Users of the exchange will be able to withdraw their money, and Bittrex has encouraged them to do so within 30 days. Customers have until April 30, 2023, to move all verified money before the platforms selling closes on April 14, 2023.Regulations have been mentioned as a significant worry　　Ritchie Lai, co-founder, and CEO of Bittrex claim that the regulatory environment, which has grown increasingly ambiguous and implemented without adequate debate or input, was the driving factor behind the decision to shut down US activities. Due to the unequal competing environment created as a consequence, Bittrex can no longer operate profitably in the present political and financial climate. Lai claimed that it is no longer possible to operate in the US.Background to Bittrexs decision to close down its US business　　Earlier this year, the New York Department of Financial Services (NYDFS) refused to grant Bittrex a BitLicense. This was due to flaws in its anti-money laundering (AML) rules and compliance program, as well as supervision and controls over the launch of its coin and goods.　　Following

2023-04-03Deep Dive

Musk Moves To Terminate The $258 Billion Lawsuit Concerning Dogecoin

A $258 billion conspiracy complaint against Elon Musk and his electric vehicle manufacturer Tesla accuses Musk of operating a pyramid scam to promote the cryptocurrency Dogecoin. Musks attorneys, however, have requested a US court to reject the lawsuit, claiming that it is based on Musks “innocent and frequently silly tweets” about Dogecoin and is therefore a “fanciful work of fiction.”The Investors Claims　　Investors in Dogecoin charge Musk of purposefully inflating the price of the cryptocurrency by more than 36,000% over the course of two years before allowing it to collapse, making billions of dollars in profit at the cost of other Dogecoin holders even though Musk was aware that the token lacked inherent worth. Investors also cited Musks performance on NBCs “Saturday Night Live” during which, while taking the role of a fictional financial expert, he labeled Dogecoin “a hustle.”Musks Defense　　The financiers, according to Musks legal team, never described how they meant to scam anyone or what dangers Musk hid. Additionally, they claimed that his claims, such as “Dogecoin Rulz” and “no highs, no lows, only Doge,” were too nebulous to serve as evidence of deception. There is nothing illegal about posting encouragement for or amusing images of a genuine coin

2023-04-03Deep Dive

Kraken Moves To Become A Registered Restricted Dealer In Canada

San Francisco-based cryptocurrency exchange Kraken has filed a pre-registration undertaking with a Canadian provincial regulator as it works towards becoming a regulated provider in the country.　　To continue operating while their application is being processed, cryptocurrency platforms must give their primary regulator a pre-registration undertaking. By making these commitments, Kraken acknowledges that its platform is bound by terms and conditions that address investor protection issues.　　If a cryptocurrency trading platform is unable to file an undertaking or does not adhere to its requirements, CSA members may seek legal action.Kraken Prioritizes Compliance　　Kraken, which recently settled with US regulators for listing digital assets that should be registered as securities, filed the undertaking with the Ontario Securities Commission to qualify as a registered Restricted Dealer across Canada.　　“Canada as a geography is critical to our mission to empower people with new ways to connect and transact. Trading platforms that prioritize compliance and secure trading experiences will have more success advocating for crypto‘s economic benefits and transformative potential for crypto traders and investors,” said David Ripley, Kraken’s Chief Operating Officer and incoming CEO.　　“As we forge this new regulatory path, we‘ll continue engaging with our local regulators to enhance our understanding of crypto’s economic benefits and transformative potential.

2023-03-31Deep Dive

Justin Sun’s Huobi Exchange Partners Gala Games For L1 and Web3 Development

Huobi Global, a cryptocurrency exchange backed by Justin Sun, the founder of Tron, has announced a strategic partnership with Gala Games, a blockchain-based gaming platform that allows players to earn cryptocurrency while playing. The collaboration aims to focus on investment and listing of top Web3 projects, developing the Web ecosystem, and building communities.　　　　　　Huobi Global Partners Gala Games　　In an official blog post on March 31, Huobi Global announced its strategic partnership with the blockchain-based play-to-earn gaming platform, Gala Games. As part of the collaboration, the companies will work together in investment and listing of top projects in the Gala ecosystem, as well as in ecosystem building, co-branding, project development, and community building.　　Gala Games offers developers the ability to create play-to-earn crypto and non-fungible token (NFT) games, allowing players to buy and sell in-game items that developers cannot modify or delete without player consent.　　This partnership is expected to help Huobi accelerate its Web3 goals by integrating with the Gala Layer-1 blockchain, which will improve the underlying on-chain technology.　　According to Jason “BitBender” Brink, who serves as the president of blockchain at Gala Games, the integration of the companys layer 1 blockchain with popular exchanges such as Huobi is vital for achieving the mass

2023-03-31Deep Dive

Axi Expands Partnership With Manchester City, Includes Women's Team

The multi-year agreement between Australian FX and CFD exchange Axis and Premier League winner Manchester City has been extended. Additionally, Axis now has the ability to support the Manchester City womens squad. In 2020, Axi, formerly known as AxiTrader, was named the English Premier League clubs “Official Online Trading Partner.”　　The partnerships increase corresponds with the companys new identity and ongoing expansion across the more than 100 nations in which they do business. Axi expects that the funding will increase dealers access to their services on a worldwide scale.Sponsorship Benefits　　Axis will become more visible as part of the partnership deal through a variety of marketing platforms. This will apply to both the mens and womens squads at Manchester City as well as the organizations gaming activities. The dealer will also have access to the athletes events, seats, and multimedia rights on matchday.　　　　Axis will also profit from being present inside both Academy Stadium and Etihad Stadium.Ambitious Approach and Success-Orientedness　　“Over the course of our three-year partnership, weve grown a great relationship with City Football Group,” said Hannah Hill, Head of Brand and Sponsorship at Axi. We know that our companies are both extremely bold and steadfastly committed to success, so we had no

2023-03-31Deep Dive

Thailand SEC Plans to Lift Investment Limit for Retail Investors in ICOs

According to reports, the Securities and Exchange Commission (SEC) of Thailand is considering removing the initial coin offering (ICO) investment cap for private buyers in an effort to increase the amount of asset-backed digital investments made in the nation. A private investors maximum investment in a given digital coin offering is currently THB 300,000 ($8,800), but the government wants to lift this cap to allow for investments in infrastructure and real estate-backed ICOs. However, the SEC notes that the new set of rules would increase investors risk exposure and has opened an open hearing to get public opinion.SEC to Require Digital Asset Operators to Apply for Permission to Expand to Other Businesses　　The SEC is also reportedly preparing to require digital asset operators to apply for permission from the regulator to expand to other businesses, with additional costs for compliance with the new regulations to apply. According to the SEC, the revision of the regulation aims to enhance the effective monitoring of digital asset operations and reduce risks that might affect investors, digital asset operators, and the market.Thailand SEC Cracks Down on Digital Asset Depository Services　　Thailands SEC is reportedly cracking down on digital asset depository services in the aftermath of crashes

2023-03-31Deep Dive

Binance says FT is ‘dramatically mischaracterizing events’

In response to a report by the Financial Times claiming that Binance has ties to China, the crypto exchange has denied the allegations. In an email, a spokesperson for Binance stated that the company does not operate in China and has no technology or data based in the country.　　The spokesperson also rejected the assertions made in the report, stating that the Chinese government does not have access to Binance data, except in response to lawful and legitimate law enforcement requests.　　The Financial Times report alleged that Binance had an office in mainland China until 2019 and that the company had obscured the extent of its operations in China despite claims to the contrary. Binance responded by dismissing the report, saying that anonymous sources were citing outdated information and misrepresenting events.　　Binance says it started moving staff outside China in 2021　　　　　　Binance also revealed that it provided relocation assistance to its staff who worked with the exchange in 2021 as part of its plan to keep its operations outside of China. The exchange emphasized that its founding members left Shanghai, China, two months after the companys formation due to the governments crackdown on crypto in 2017.　　In a statement, Binance clarified that it has never

2023-03-30Deep Dive

Coinhouse Announces Partnership with Ledger

Coinhouse has announced a partnership with Ledger, a leading provider of hardware wallets for cryptocurrencies. The partnership aims to enhance the security of Coinhouses platform by integrating Ledgers hardware wallet technology. This will allow Coinhouse users to securely store their cryptocurrencies in a cold wallet, which is not connected to the internet and therefore less susceptible to hacking.

2023-03-30Deep Dive

Wakweli Partners With Polygon Labs To Offer NFT Certification On The Blockchain

The Wakweli certification platform has partnered with the Polygon blockchain to certify NFTs and tokenized assets. This collaboration is part of Wakwelis efforts to enhance development and establish partnerships, following the recent raise of $1.1 million in capital funding.　　Wakweli, a certification protocol for Web 3 tokenized assets and non-fungible tokens (NFTs), has announced a partnership with Polygon Labs, the leading developer of Ethereum scaling solutions for Polygon protocols, to introduce NFT certification and verification on the Polygon blockchain. The collaboration aims to enhance the authenticity and trust of Polygon by enabling the verification and certification of all tokenized assets on the platform. Moreover, creators and owners of NFTs on Polygon will be able to request authenticity certificates for each of their assets, according to a joint statement by the two teams.　　Wakweli has been working on developing certification solutions for the Web 3 ecosystem since its launch in 2015. Its protocol relies on a decentralized consensus algorithm, proof-of-democracy (PoD), which relies on the community to verify and authenticate NFTs. The platform issues certificates of authenticity for NFTs and other tokenized assets, which helps combat fraud in the growing Web 3 ecosystem.　　To take advantage of the recent developments in the Polygon NFT

2023-03-30Deep Dive

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