United States

By Haruna Chiroma

Binance is widely regarded as the largest cryptocurrency platform globally, facilitating billions of dollars in transactions daily. As of March 3 2024, it had over 179 million registered users across 100 countries and supported over 30 languages. Despite its prominence, this emerging financial institution operates with relatively lax oversight from financial regulatory agencies, unlike traditional financial institutions. This lack of stringent policing renders the platform vulnerable to illicit transactions. 

However, Binance also plays a significant role in fostering economic growth and providing earning opportunities for both digital natives and digital immigrants. Established in 2017, Binance rapidly gained widespread acceptance, particularly among digital natives, spreading rapidly like wildfire. 

Binance has encountered significant resistance from governments worldwide, citing concerns over its lack of transparency and regulatory issues. Numerous countries have completely banned Binance from their cyberspace, prohibiting transactions within their borders. These countries include China, Malaysia, Italy, Vietnam, the Philippines, Thailand, Australia, and several others. Despite all this, Binance is boldly embracing the wave of AI to stay competitive in the cryptocurrency market. 

The company has incorporated an AI token known as “Sleepless AI” into its platform, which is available on the Binance Launchpool. A visit to the Binance website indicates a listing of the top AI crypto tokens according to market capitalisation, with a market cap of over $7 billion and over $1.3 billion in trading volumes. 

Despite being banned from Japan, in 2022, Binance made determined efforts to re-enter the Japanese crypto market by expressing interest in acquiring Sakura, a Japanese crypto company. In another development, Binance sought a crypto license in Germany to facilitate transactions within the country’s crypto market, aiming to expand its presence across Europe. 

However, the crypto giant encountered regulatory hurdles from German financial regulators. In a prompt response, in March 2023, Binance announced the withdrawal of its license application. Following sanctions imposed on Iran, sidelining the country from traditional financial systems, Iran turned to Binance as an alternative gateway to financial institutions. Blockchain data reveals that between 2018 and 2022, Binance facilitated over $8 billion worth of transactions for Iranian firms. 

Banning Binance from a country does not necessarily prevent Binance customers from finding alternative means to conduct transactions within the banned country’s crypto market. The Wall Street Journal, published on August 2, 2022, stated that Binance successfully facilitated over $90 billion in transactions in one month within China’s crypto market. 

In the current digital age, blocking access to Binance is unlikely to be effective. Users can easily bypass restrictions by installing a Virtual Private Network (VPN) with a fleet of thousands of servers across many countries, choosing a server in a country where Binance operates, and accessing the platform with minimal effort. 

In 2021, Binance encountered regulatory challenges in Thailand, with the country’s financial authorities accusing the platform of operating without a license. This led to filing a criminal complaint against Binance with the Thai police. Later, Binance was finally banned from operations in Thailand.

Binance finds itself entangled in a legal dispute with US authorities, facing accusations of violating federal money laundering laws by neglecting to report more than 100,000 transactions deemed suspicious. Prosecutors argue that Binance serves as a prime environment for ransomware transactions (a cyberattack method that denies victims access to their computers until a specified ransom is paid via payment systems) and the exchange of payments for child abuse materials. In what appears to be an effort to resolve the matter out of court, Binance has opted for a plea bargain with US authorities. 

Under the terms of that agreement, Binance agreed to pay the US authorities a substantial fine of over $4.3 billion ($1.81 billion for criminal acts and forfeiture of $2.52 billion). Additionally, Binance plead guilty to sponsoring terrorism and involvement in money laundering. As part of the agreement, Binance has committed to operating within the legal framework and implementing monitoring mechanisms, as reported by Reuters on February 24, 2024. 

On February 24, 2013, NPR reported that the US Securities and Exchange Commission and Commodity Futures Trading Commission filed a lawsuit against Binance in court. The lawsuit was based on the absence of regulatory oversight, highlighting Binance’s operation without stringent policing akin to traditional financial institutions, artificially inflating trade volumes, and diversion of customer funds. 

Currently, Binance is engaged in a contentious dispute with the Nigerian government, which has resulted in the government blocking access to the platform. The government reportedly fined Binance a substantial sum of $10 billion, though the circumstances surrounding the fine are controversial. Users can circumvent the block by utilising a VPN, as previously discussed. Therefore, legalising and regulating the platform would be more prudent rather than the Nigerian government potentially losing billions in revenue through the backdoor. 

Given that Binance handles transactions in billions of dollars, I argue that it would be unwise to discard the benefits along with the drawbacks (“throwing a baby with the bath water”). Particularly in light of the high levels of unemployment among youths and the prevailing hardships in the country, many young people have discovered opportunities in the world of Binance. Therefore, rather than outright banning Binance from Nigeria, integrating it into its legal framework may yield better outcomes. 

As a short-term solution, Binance should be permitted to continue its operations in Nigeria under stringent control mechanisms established within the country’s legal framework, with critical oversight from entities such as the Central Bank of Nigeria (CBN), Economic and Financial Crimes Commission (EFCC), and other relevant authorities. 

For a long-term strategy, the CBN and EFCC, in collaboration with the Cybersecurity Department of the Federal University of Technology, Minna, should undertake high-impact research to be sponsored by the CBN and EFCC to develop a robust framework for regulating cryptocurrency operations in Nigeria. This framework should balance Nigeria’s legal system and economic growth objectives. 

Emphasising research and development is a globally recognised best practice for addressing societal challenges instead of relying solely on inter-ministerial committees, which may lack the necessary technical expertise, resources and research skills. 

Haruna Chiroma, Ph.D. Artificial Intelligence, wrote from the University of Hafr Al Batin, Saudi Arabia, via freedonchi@yahoo.com.

By Ismail Obansa Nimah

Yesterday again saw another targeted Israeli assassination of a high-profile leader of the Palestinian resistance axis, Hamas deputy leader Saleh Al Arouri. The assassination by Israel took place in the heart of Beirut, the capital of Lebanon, at about 5:45 pm Local time. It comes roughly 24 hours before the 4th anniversary of the assassination of Qassem Soleimani, former Commander of Iran’s elite Quds brigades of the Iranian Revolutionary Guard corps.

On the 3rd of January, 2020, turmoil was yet again unleashed in the Middle East when the United States of America (USA), in collaboration with her Israeli ally, assassinated Major-General Qassem Soleimani, a man who doubled as the commander of the Iranian Elite Revolutionary Quds Force and the second most potent/influential man in Iran after Ayatollah Al-Khamenei (Iran’s supreme leader).

Citing the preservation of the interest and national security of America, the United States launched a drone strike at a convoy conveying Soleimani and Iraqi militia leader Abu Mahdi Al-Muhandis, killing them both and eight others near Baghdad airport in Iraq.

The conflict between the US and Iran dates as far back as the 1970s, and as almost always, the killing of Soleimani immediately rattled up tensions, bringing the US and Iran to the brink of war. According to some Iranian sources, General Soleimani was on an important mission to deliver a message to the Iraqi prime minister about its gulf neighbours and reconciliatory steps taken between Iran and its neighbours, especially its regional rival Saudi Arabia, suggesting that Riyadh may have leaked intelligence to Washington.

The killing of Soleimani was met with shock, worldwide condemnation and fierce declarations of avenge from Iranian officials and Iranians, generally with the supreme leader, President and military commanders/leaders pledging a harsh retaliation. Following the killing, massive protests and mourning broke out in the cities of Iran and Iraq, with hundreds of thousands of Iranians pouring out into the streets, mourning and chanting their desires for revenge.

On January 5th, 2020, the remains of General Soleimani and the other Iranians killed alongside him were flown into Iran amidst a sea of millions of mourners. The funeral and national procession of the Iranian legend was planned for the 7th of January, at his home town in ‘Kerman’, but an ensuing stampede due to massive crowds led to the death of at least 56 people and injuring 213 people, resulting in the immediate postponement of the burial.

In the early hours of the 5th day after Soleimani’s assassination, on the 8th of January 2020, Iran retaliated and launched over a dozen ballistic missiles on two US bases in Iraq. The attack by Iran injured over 100 US soldiers, with most of them reportedly suffering traumatic brain injuries, and also resulted in the destruction of important US assets in the bases. Tensions immediately skyrocketed following the Iranian counterattack, with oil prices rising to levels not seen in 3 months and countries including the US ordering their citizens to evacuate and leave Iraq and its environments, as well as airliners being told to avoid the airspace over Iran and Iraq.

As the world woke up to the news of an Iranian response, so did the news of the downing of Ukrainian International Airlines flight 752, killing all 176 on board. The Iranian Revolutionary Guard Corps placed its defences on high alert following the counterattack, allowing its surface-to-air missile defence system to mistakenly shoot down the Kyiv-bound airliner shortly after take-off from Tehran. Following damages to the US bases and injuries to personnel, President Trump and the Pentagon ordered the immediate deployment of more US military assets to the Gulf region. Consequently, an airstrike on Iran that would be called off at the last minute by President Trump was ordered.

 Iraq, caught in a conflict between the world’s superpower and a Middle Eastern regional power, became destabilised. With the outright violations of its national sovereignty by a supposed ally, protest broke out with both ordinary Iraqis and the Iraqi parliament calling for the expulsion of American troops and other foreign forces from its soil. For a lot of them (Iraqis), the horrors and consequences of decades of war can still very much be remembered and felt, and they, by all means, want to be left out of another regional conflict.

Four years on, tensions remain at a ceiling level between Iran and the US/its Middle Eastern allies, particularly Israel. Israel’s brutal genocidal war on Gaza has killed more than 22,000 Palestinians, as well as more Israeli-targeted killings of Iranian officials. It’s regional allies with American support, including Mohsen Fakhrizadeh; it is yet to be fully known how close an all-out war is between Iran and American-backed forces within the region, particularly Israel.  Although so many structures have been re-named after Soleimani, the void created in the hearts of Iranians, the Palestinian resistance axis and the Islamic Republic of Iran by his death will take a long time to heal and will require more than an anniversary celebration for the already sanction crippled nation.

Ismail Obansa Nimah wrote via nimah013@gmail.com.

By Umar Sheikh Tahir (Bauchi)

Columbia is an Ivy League University, one of the eight most prestigious institutions in the United States of America. Ph.D. students at this university undergo two years of coursework. One of the classes I took was Islam, Knowledge and Forms, which a visiting professor from Germany taught. Part of the course is a library visit to the exhibitions section under the project of Islamic Sciences, Science, Nature, and Beauty: Harmony and Cosmological Perspectives in Islamic Science (2022) at Butler Library, the largest library of Columbia University with millions of resources. 

The exhibition contained objects, images, rare manuscripts, and other learning materials. Two materials, among others, became the most astonishing factors in the exhibition: one of them is a rare copy of the Holy Quran, and the second is a locally handmade wooden tablet (Allo).   

The instructor asked everyone to talk about any material in the exhibition. Students gave their feedback on the experiences passionately; different things wowed everyone. When it came to my turn as someone who had known these items since childhood in my father’s private library, where we sneaked as children, which housed similar treasures. To us, these are the most useful items in his library as we do not read books; we only view images and magazines, such things that are not viewed as essential to the readers. Then, I shared my familiarity with these items, telling them I was exposed to most of the exhibited materials from my upbringing in Northern Nigeria, including “rare manuscripts” of the Quran. 

The Quran displayed was a giant copy of the original Uthmanic Quran, denoted to the third Caliphate of the Muslim nations who reigned (644/23H–656/35H). It was so amazing to all of us. As for me, the Quran is the most frequently read book in my entire life, and to their surprise, I can read this copy fluently without diacritical marks. I highlighted that memorising the holy Quran, even without understanding Arabic, is common in Northern Nigeria.  Most of my fellows never knew that sometimes people memorise it at an early age. I did not shock them with that, as I am one of them. 

In the second incident, Professor Brinkley Messick invited me to speak in his class on Islamic Shariah Law as someone with experience with an Islamic Madrasa background and went to Azhar University in Egypt. The theme of the class is the Islamic madrasa. He is interested in the Islamic tradition, as evident from the cover of his book, “Calligraphic State.” 

The Professor brought Allo a wooden tablet to the class and circulated it to students. Everyone was looking at it with surprise. I named it to them as a personal tablet for inscription and memorisation of the holy Quran, and the students asked for more details. I said we write verses from the holy Quran for memorisation after repeating it several times; not everyone understands how that works, except those with Islamic background. However, when I told them when we wash the script, we drink it, everyone was left with open mouths, surprising our embodiment of the holy book, including the professor. They could not process as modernised individuals with high sensitivity to germs and bacteria. Again, as I told our class last semester, this is very common in Northern Nigeria. 

Coincidently, one of the attendees from a Saudi background added that people used some scripts for Talismite and protection from Djinn (Ruqyā in Arabic or Ruqiyya in Hausa) by reciting some verses in water. I told her this is true; we have that part in our culture too, but the biggest part is that we drink washed script for the embodiment and show respect for not letting a drop of that water on the ground as a sacred word. As kids, we were told that whatever verses we memorise from the holy Quran and drink will stay in our hearts for a long time.

In reference to that, American Professor of Islam in Africa Rudolph Ware published his book Walking Quran on the Madrasa system in West Africa. He referred to those Quranic students’ embodiment as the Walking Quran in relation to the narration of the Hadith reported in the books of Hadith such as Ṣaḥīḥ Muslim; Aisha was asked about Prophet Muhammad’s PBUH character, and she said he was a Walking Quran.  

Our cultural legacy, often undervalued by some of us in our region, gained recognition at Ivy League institutions. Those people appreciate a centuries-old Quranic educational tradition or Almajiri system and show their respect to our subregion. Even our way of drinking the washed script of the Quran mesmerised them. 

A professor dedicated his projects to studying a school system called Daara schools in Senegambia or the Tsangaya schools in Northern Nigeria, making it evident that our legacy is an astonishing point to those communities. Then, as indigenous Africans who were introduced to the colonial system of Education less than a century ago in Northern Nigeria, we should be more proud of our system by appreciating those communities who choose to preserve it, as they make our subregion a central point of high intellectual conversation around the world. 

We should not deny our legacy by stigmatising the Almajiri system of education. Instead, we should support it and create a way of modernising it to empower and preserve our centuries-old legacy.  Whoever shows kindness to the Quran and its reciters will receive people’s applauses in this life, including Western intellectuals, and God’s reward in the hereafter. Thanks to those state governments in Northern Nigeria who support and recognise this system of education.

Umar Sheikh Tahir is a PhD student at Columbia University, New York, USA. He can be reached via ust2102@columbia.edu.

By Zailani Bappa

The satellite television, Arewa24, with headquarters in Kano, will continue to be a pain for northerners who cherish their heritage. It is a necessary evil and a bad influence on the teeming youth in a predominantly conservative society. But, it is established to achieve a purpose and do that efficiently and quickly.

I learned the medium was established by the US government through one of its established NGOs some nine years ago. Amidst the devastating experience of Boko Haram in this part of the country, several studies have indicated to the West that the passion for Islamic values in the North and the teeming followership of a springing set of radical Salafists in the region is the major cause of such developing activism….or should I say…terrorism.

Hence, the decision to spend the hard-earned tax-payers money of the American people to build an entertainment television station in the heart of conservative Kano (after rejecting Kaduna and Abuja as a base for the new medium). I am sure you know that when these guys give you a dime worth of something with the right hand, they are sure enough to take back something worth a dollar from you with the left hand.

So, the Arewa 24 came into light with a bang…..good hands employed mostly popular actors from the entertainment industry as pioneer staff, with good pay for them to work optimally and to stay, very enticing and entertaining programmes with fresh breath of air and of course, all programmes beamed to us with the best of technology one can find around here. Significantly, most programmes target women and the young.

Free of charge, we were entertained until the station became a menu that came to every table in the house. Then came the next stage of the plan (as I see it). It was sold out to a very rich and powerful Nigerian who has the capacity and the passion to run it according to both the quality of content and the pursuit of the target.

Gradually, the programmes started becoming more daring in their approach to change. There is mild and uncoordinated resistance here and there, but the medium has a strong advisory consultant. They evade or outrightly neutralise every challenge from angry quarters at times. And they will continue to do so.

I firmly believe that the Arewa 24 debut, acceptability, prowess, and popularity (often challenged with visionless resistance) are only the tip of the iceberg. This is an era of globalisation. It is a moving train we cannot stop. It will reach its destination, ultimately. Our resistance to it will continue to be a massage to its global ego.

So, for those who understand this phenomenon, just pray, stay calm and do your own thing according to your conscience. Teach your young ones to value your values the way you can, very hard and consistently; then, leave the rest to God. This fight is just too big for us……..for every one of us.

Zailani Bappa wrote from Bauchi State via zailanbappa@gmail.com.

By Muhsin Ibrahim

Social media has a double-edged function. It can uplift you or do the exact opposite. It largely depends on the people and pages you interact with. Worried about their teens’ mental health, Utah became the first US state to regulate teen social media access this week.

According to a BBC report, “under the measures enacted on Thursday, a parent or guardian’s explicit consent will be needed before children can create accounts on apps such [as] Instagram, Facebook and TikTok.”

People of all ages can have their mental health wrecked on social media if they aren’t cautious. Some of us crave attention or other’s validation. Thus, people do crazy things to get more “likes” or ensure what they do gets their friends’ applause. That is one thing some of your social media ‘friends’ will never grant you because they are not your friends in the true sense of the word. So, the earlier you understand this, the better.

Of course, you should not be carefree. Each culture has its codes, and so on. So, consider these etiquettes but worry not about people’s attention or endorsement. Social media friendship is primarily fake. Folks, especially teens, can’t understand this. Thus, trolling push them to lose self-esteem, hate themselves, and some take their lives!

I salute the government of Utah. I am sure more states in the US and elsewhere will do the same. However, as ours (in Nigeria) will likely not do the same anytime soon, parents and guardians should do more. As it’s very challenging to deny your kids access to social media, monitor whom they interact with and the pages they visit.

Muhsin Ibrahim lives and works in Cologne, Germany. He can be contacted via muhsin2008@gmail.com.

By Uzair Adam Imam

Bill Cosby, a renowned American stand-up comedian and actor, has been sued by five women over sexual assault during their early careers.

The 85-year-old Cosby has been dragged through the mud by numerous women over the allegation of rape throughout the years.

The Daily Reality recalls that back in 2018, the comedian bagged a 10-year jail term in Pennsylvania for indecent assault.

Several reports indicated that the majority of the women sued the actor for acting more like a predator than a mentor to them.

The victims were identified as Plaintiffs Lili Bernard, Eden Tirl, Jewel Gittens, Jennifer Thompson, and Cindra Ladd.

They alleged that the actor was able to take advantage of them because they were young and vulnerable.

Some time ago, the actor was also dragged to court by Mrs Minifield, who claimed Cosby drugged and abused her multiple times.

The victim recalled one incident in which she awoke during a rape to discover the actor trying to smother her with a pillow.

By Muhammadu Sabiu

The United Kingdom has warned its citizens in the United States (US) that terrorists are planning to perpetrate an attack on the US.

It also urged its residents there to remain cautious and stay away from public gatherings.

In a new travel warning to British people in the US on Friday, the UK stated that terrorists may target crowded areas, places where foreigners congregate, or transportation routes.

This may be related to the security warning issued by the Federal Bureau of Investigation (FBI) to Americans in New Jersey regarding terrorist attacks on synagogues.

Recall that a week ago the US and the UK issued security alerts warning that terrorists were preparing an attack on Abuja, the capital of Nigeria.

By Muhammadu Sabiu

Ramon Abbas, better known by his online handle Hushpuppi, has had his verified Instagram account banned.

Recall that a joint team from the Dubai Police and the US Federal Bureau of Investigation, FBI, detained Hushpuppi in June 2020 in Dubai for alleged online fraud. He now faces charges in the US.

Other charges he is facing include hacking, impersonation, scamming, banking fraud, and identity theft.

Hushpuppi was detained and put on trial, but Instagram still permitted him to post videos and pictures as long as he did not represent any harmful entities or people.

The social networking site, however, appears to have reconsidered its choice to keep Hushpuppi’s account active.

By Ahmad Deedat Zakari

Speaker of Nigeria’s House of Representatives, Femi Gbajabiamila, has returned to the classroom.

In photos posted on Gbajabiamila’s Facebook page on Tuesday, July 26, he was seen in a classroom alongside other students at the Harvard Kennedy School in the United States of America. 

However, the House of Representatives Speaker’s post did not go well with many Nigerians. Many opined that the Speaker should not be schooling abroad while Nigeria’s public universities are on strike. 

“ASUU is on strike, and you’re there posting pictures of being in class. Shame on you,” Ibrahim Abubakar Musa commented.

“Aren’t you aware that university students back in your country are still at home? I don’t wish you luck.” Hassan Muhammad Yahaya, another Facebook user, commented. 

The Academic Staff Union of Universities, ASUU, embarked on strike on February 14. This has crippled academic activities across Nigeria’s public universities.

– Newsbriefs

Russian courts have fined TikTok and Meta for failing to delete LGBTQ+ content. Meta was fined 4mn rubles by a court in Moscow. The US tech giant had failed to remove content that ‘promoted LGBTQ+ rights’, ruled the judges. 

TikTok was also fined 2mn rubles in another trial for a similar violation. LGBTQ+ advocacy, such as gay pride marches, and the pride flag, are banned in Russia.