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Nigerian court orders Binance to disclose all user data

A Nigerian High Court has directed the operators of Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information relating to all persons from Nigeria who are trading on its platform.

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A Nigerian High Court has directed the operators of Binance Holdings to provide the Economic and Financial Crimes Commission (EFCC) with comprehensive data and information relating to all persons from Nigeria who are trading on its platform.

According to local news outlet Sahara Reporters, the directive was given in an interim ruling delivered by Justice Emeka Nwite on Feb. 29 following an ex parte motion filed against the cryptocurrency exchange platform Binance by the EFCC.

An ex parte motion is one in which only one party is present, and the defense is not given prior notice of the motion, preventing them from presenting an argument.

In the motion, the lawyer representing the anti-graft agency, Ekele Iheanacho, contended that Binance’s activities in Nigeria contain elements of criminality.

This assertion contravenes Sections 38 of the EFCC Act, 2004, and Section 15 of the Money Laundering (Prevention and Prohibition) Act, 2022 (as amended), which mandates reporting suspicious transactions to authorities, with penalties for non-compliance.

In an affidavit, EFCC operative Hamma Bello stated the need for the Commission to conclude its ongoing probe after receiving intelligence on alleged money laundering and terrorism financing involving the Binance crypto exchange platform.

Bello stated that on receipt of the intelligence, the EFCC team discovered users using the cryptocurrency platform for illegal activities such as price discovery, confirmation and market manipulation, all of which had resulted in significant distortions in the foreign exchange market and further devalued the naira against other currencies.

The commission maintained that the adverse effects of these activities on the Nigerian economy were communicated to Binance operators, leading to the request to delist the naira from Binance’s trading platform.

Bayo Onanuga, presidential adviser on information and strategy, argued that Binance and other crypto platforms manipulated the naira and triggered a massive decline in the local fiat currency. The official also suggested banning platforms like Binance in the country.

Nigeria has emerged as one of the fastest-growing crypto economies in the world in the past few years. It is also the second-biggest economy in the world in terms of crypto adoption in 2023.

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Bitcoin price risks drop to $71K as Trump tariffs hurt US business outlook

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Bitcoin is setting its sights on the $71,000 mark as market conditions shift in response to geopolitical and economic developments, including a new tariff agreement and weakening U.S. business sentiment.

Recent market activity suggests that Bitcoin is benefiting from concerns over traditional economic indicators, with investors turning to digital assets as a hedge against economic uncertainty. A rare slump in U.S. business outlook has fueled speculation that risk assets, including Bitcoin, could see increased inflows.

Additionally, ongoing global trade negotiations and tariff adjustments have contributed to market volatility, prompting investors to seek alternative stores of value. Analysts suggest that if macroeconomic pressures persist, Bitcoin could continue its upward trajectory, potentially testing the $71,000 resistance level.

Despite short-term fluctuations, Bitcoin remains a focal point for investors navigating inflation concerns, regulatory shifts, and global economic trends. The coming weeks will be critical in determining whether Bitcoin can sustain its momentum and break through key price barriers.

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Crypto donations top $1B in 2024, gain traction after Myanmar, Thailand quake

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Changpeng “CZ” Zhao, the former CEO of Binance, has donated 1,000 BNB to aid relief efforts following a powerful earthquake that struck the Thailand-Myanmar border region. The donation, valued at approximately $600,000, aims to support those affected by the disaster and assist in recovery operations.

The earthquake caused significant damage in several areas, displacing residents and impacting local infrastructure. CZ’s contribution highlights the growing role of cryptocurrency in humanitarian aid, providing fast and transparent relief funding.

The donation will be distributed to organizations working on the ground to deliver emergency assistance, including shelter, food, and medical supplies. Crypto-based aid is increasingly being utilized in disaster response efforts due to its efficiency in reaching affected communities without the delays of traditional banking systems.

As the affected regions begin the recovery process, the crypto community continues to demonstrate how blockchain technology can play a meaningful role in global humanitarian initiatives.

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Hackers are selling counterfeit phones with crypto-stealing malware

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Security researchers have uncovered a wave of counterfeit Android devices preloaded with malware designed to steal cryptocurrency, posing a significant threat to users worldwide. The infected devices, which mimic popular smartphone brands, contain malicious software capable of hijacking digital wallets and siphoning funds.

The malware, embedded at the firmware level, allows attackers to gain remote access, intercept sensitive data, and execute unauthorized transactions. Because the malicious code is deeply integrated into the device’s operating system, it is difficult to detect and remove, making it a persistent threat.

Cybersecurity experts warn that unsuspecting buyers may unknowingly expose their crypto holdings to risk by purchasing these compromised devices from unverified sellers. Users are urged to exercise caution by only purchasing smartphones from trusted retailers and manufacturers.

The discovery highlights the growing sophistication of cybercriminals targeting the cryptocurrency sector. As mobile-based crypto transactions become more common, security measures such as hardware wallet usage and multi-factor authentication are increasingly essential to safeguard digital assets from emerging threats.

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