Economy
Binance Gives Important Tips to Protect Users from Evolving Crypto Scams
By Modupe Gbadeyanka
The evolving crypto scams in Africa have spurred a global cryptocurrency exchange, Binance, to educate its users on how to protect them from losing their hard-earned money to fraudsters.
In a statement, Binance said it was committed to working with African regulators to promote safe, compliant crypto access, urging its users to always avoid unlicensed services that could expose them to unnecessary legal or financial risks.
The firm is saying this amid the growing adoption of digital assets on the continent, noting it is more important than ever for users to only trust official Binance channels for information, updates, and support.
It stressed that scammers are using increasingly sophisticated methods, including AI-driven deepfakes and fake websites, to mislead users, encouraging its community to stay informed, secure, and vigilant by following essential safety practices.
“Staying safe in the world of cryptocurrency requires vigilance, education, and common sense. By understanding how scams work and using trusted tools and official channels, Ethiopian and African users can enjoy crypto securely and confidently,” Binance’s Africa Compliance/MLRO, Samukele Mkhize, stated.
It listed these important tips to protect users on its platform;
Be Cautious of Unsolicited Messages
One of the biggest red flags is receiving unsolicited messages from someone claiming to be from a cryptocurrency platform like Binance. No legitimate company will ever contact you directly to ask for money, personal details, or investment advice. Binance will never call you to request funds or account details. Always be sceptical of unsolicited offers, especially those that come with pressure to act quickly.
Use Only Official Binance Channels
Before making any financial decisions or taking action, double-check the information through official channels, including its official website, the verified Binance app via Google Play or App Store, Binance’s official social media profiles and local Telegram communities, and Binance Academy for educational content.
Educate Yourself on Cryptocurrency
A big part of staying safe is having a basic understanding of how cryptocurrencies and exchanges like Binance work. The more educated you are about the crypto world, the less likely you are to fall victim to scams. Binance Academy offers resources that explain the fundamentals of digital assets, blockchain technology, and safe trading practices.
Trust Your Instincts
If something feels off, it probably is. Scammers often create a sense of urgency, pushing you to make fast decisions or share personal information. A legitimate company will never rush you into making a financial decision. Take your time, ask questions, and don’t be afraid to step back and evaluate the situation.
Use Strong Security Measures
Ensure that your crypto accounts are protected by strong passwords and two-factor authentication (2FA). This adds an extra layer of protection to your accounts, helping to keep your assets secure. Never share your private keys, passwords, or login information with anyone.
Be Aware of Deepfakes and AI-Generated Content
Scammers are increasingly using AI and deepfake technology to impersonate people, including executives from companies like Binance. These deep fakes can be very convincing, but remember that no real company representative will ask you to send money or invest in a project through video calls or social media DMs.
Understand the Role of Crypto Platforms
It’s important to know that cryptocurrency platforms like Binance are tools for buying, selling, and managing digital assets. These platforms provide access to the crypto space, but they are not financial advisors. They don’t offer investment advice or guarantee returns. If anyone claiming to be from a crypto platform offers investment advice or asks for money, it’s likely a scam.
Report Suspicious Activity
See something off? Report it immediately through Binance Support (https://apo-opa.co/4fvnp7T) and alert local law enforcement if needed.
Keep Your Personal Information Private
Finally, always be mindful of the information you share online. Scammers often target individuals who share excessive personal information or are overly trusting online. Be especially careful with your online presence, especially on social media.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange closed higher by 1.41 per cent on Friday, May 15, supported by four securities on the platform.
During the session, FrieslandCampina Wamco Plc added N14.24 to its share price to sell for N159.00 per unit, in contrast to the previous day’s N144.76 per unit.
Further, Central Securities and Clearing System (CSCS) Plc appreciated by N1.34 to N72.34 per share from N71.00 per share, Geo-Fluids Plc improved its price by 4 Kobo to N2.94 per unit from N2.90 per unit, and Industrial and General Insurance (IGI) Plc gained 1 Kobo to trade at 61 Kobo per share compared with Thursday’s closing price of 60 Kobo per share.
As a result, the NASD Unlisted Security Index (NSI) rose by 58.20 points to 4,188.41 points from 4,130.21 points, and the market capitalisation soared by N34.82 billion to N2.506 trillion from N2.471 trillion on Thursday.
During the session, the volume of trades went up by 180.8 per cent to 1.2 million units from 417,349 units, and the value of transactions increased by 29.8 per cent to N29.8 million from N23.2 million, while the number of deals fell by 22.6 per cent to 24 deals from 31 deals.
Great Nigeria Insurance (GNI) Plc ended the day as the most traded stock by value on a year-to-date basis with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 60.8 million units exchanged for N4.1 billion, and Okitipupa Plc with 27.9 million units valued at N1.9 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis with 3.4 billion units worth N8.4 billion, followed by Resourcery Plc with 1.1 billion units transacted for N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
By Dipo Olowookere
The bears overpowered the Nigerian Exchange (NGX) Limited on Friday, sinking it further by 0.76 per cent when the closing gong was struck by 4 pm.
The nation’s flagship equity market was under selling pressure during the session, as investors booked profits after the shares witnessed price appreciation in the past trading sessions.
The energy sector was the most impacted, as it shed 4.43 per cent. The consumer goods index declined by 0.90 per cent, the banking counter decreased by 0.15 per cent, and the industrial goods sector lost 0.08 per cent, while the insurance counter gained 2.42 per cent, which was not enough to salvage the situation.
Consequently, the All-Share Index (ASI) contracted by 1,912.19 points to 250,330.92 points from 252,243.11 points, and the market capitalisation moderated by 1.225 trillion to N160.444 trillion from N161.669 trillion.
Zichis was the worst-performing stock for the session after it gave up 9.97 per cent to close at N29.43, FTN Cocoa slipped by 9.95 per cent to N8.96, The Initiates slumped by 9.90 per cent to N32.30, LivingTrust Mortgage Bank tumbled by 9.88 per cent to N3.83, and International Energy Insurance dropped 9.71 per cent to trade at N2.79.
The best-performing stock was ABC Transport, which grew by 10.00 per cent to N6.27. May and Baker also appreciated by 10.00 per cent to N47.30, SCOA Nigeria surged by 9.98 per cent to N33.05, Trans-Nationwide Express expanded by 9.97 per cent to N7.06, and DAAR Communications jumped 9.76 per cent to N2.25.
Yesterday, investors traded 1.1 billion shares worth N44.3 billion in 65,744 deals compared with the 1.0 billion shares valued at N41.6 billion transacted in 74,822 deals a day earlier. This indicated a dip in the number of deals by 12.13 per cent, and a rise in the trading volume and value by 10.00 per cent and 6.49 per cent, respectively.
Chams was the busiest equity for the day, with 328.5 million units sold for N1.1 billion. UBA traded 61.6 million units worth N2.7 billion, First Holdco transacted 58.7 million units valued at N4.2 billion, Secure Electronic Technology exchanged 51.9 million units worth N45.0 million, and Access Holdings traded 51.8 million units valued at N1.3 billion.
By Adedapo Adesanya
The last trading session of the week at the Nigerian Autonomous Foreign Exchange Market (NAFEX) ended on a negative note for the Naira on Friday, May 15, as it lost N15 Kobo or 0.1 per cent against the Dollar to trade at N1,371.04/$1 compared with the previous day’s N1,370.89/$1.
However, it further appreciated against the Pound Sterling in the same market segment yesterday by N20.77 to close at N1,830.61/£1 versus Thursday’s value of N1,851.38/£1, and gained N7.91 against the Euro to settle at N1,595.07/€1 versus N1,602.98/€1.
At the GTBank FX desk, the Naira lost N2 against the US Dollar during the session to sell at N1,383/$1 compared with the preceding session’s N1,381/$1, and at the black market, it remained unchanged at N1,385/$1.
The Naira is forecast to be broadly stable, supported by Dollar sales by the Central Bank of Nigeria (CBN) amid steady, higher oil receipts, with the market settling into a balance.
Policy direction is also expected to give the market some boost as the CBN said the new edition of the FX market guidelines will deepen liquidity, improve transparency and strengthen confidence in the country’s foreign exchange market.
According to the Governor of the CBN, Mr Yemi Cardoso, the update is due to changing global economic realities, domestic reforms and the need for a more coherent and forward-looking regulatory framework. According to him, the last edition of the FX manual was issued in 2018, making the latest review both timely and necessary.
Meanwhile, the cryptocurrency market plunged into the red zone as rising bond yields hit risk assets across markets, while traders are increasingly betting the Federal Reserve may need to raise rates again. Rising energy prices and resurging inflation could force central banks back into tightening mode.
Cardano (ADA) shrank by 4.4 per cent to $0.2557, Dogecoin (DOGE) slid by 3.7 per cent to $0.1104, Ripple (XRP) depreciated by 3.5 per cent to $1.41, Solana (SOL) crashed by 3.5 per cent to $87.81, and Binance Coin (BNB) slumped by 3.4 per cent to $659.64.
Further, Bitcoin (BTC) declined by 2.6 per cent to $78,547.49, Ethereum (ETH) lost 2.1 per cent to quote at $2,209.19, and TRON (TRX) tumbled by 0.7 per cent to $0.3509, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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