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.
Economy
BNB Price Reflects Changing Dynamics in the Digital Asset Market
Economy
NASD Unlisted Security Index Crosses 4,000-point Benchmark Again
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange achieved a milestone on Friday, April 24, 2026, after five securities on the platform helped with a 1.85 per cent growth.
Data showed that the NASD Unlisted Security Index (NSI) again crossed the 4,000-point benchmark yesterday.
The index chalked up 73.64 points during the trading day to close at 4,052.59 points compared with the preceding session’s 3,978.95 points, while the market capitalisation added N5.38 billion to finish at N2.424 trillion versus Thursday’s closing value of N2.380 trillion.
The price gainers were led by Okitipupa Plc, which grew by N25.00 to sell at N305.00 per share compared with the previous price of N280.00 per share. Central Securities Clearing System (CSCS) Plc gained N6.92 to close at N76.26 per unit versus N69.34 per unit, Afriland Properties Plc appreciated by N1.00 to N17.00 per share from N18.00 per share, FrieslandCampina Wamco Nigeria Plc improved by 55 Kobo to N99.55 per unit from N99.00 per unit, and Food Concepts Plc increased by 5 Kobo to N2.70 per share from N2.65 per share.
However, there was a price loser, MRS Oil, which dipped by N21.75 to N195.75 per unit from N217.50 per unit.
During the final session of the week, the value of securities jumped 75.2 per cent to N41.3 million from N23.6 million units, and the number of deals expanded by 62.9 per cent to 44 deals from 27 deals, while the volume of securities declined marginally by 0.9 per cent to 447,403 units from 451,522 units.
At the close of trades, Great Nigeria Insurance (GNI) Plc was the most traded stock by volume (year-to-date) with 3.4 billion units worth N8.4 billion, trailed by Resourcery Plc with 1.1 billion units valued at N415.7 million, and Infrastructure Guarantee Credit Plc with 400 million units traded for N1.2 billion.
GNI was also the most active stock by value (year-to-date) with 3.4 billion units sold for N8.4 billion, followed by CSCS Plc with 59.6 million units transacted for N4.0 billion, and Okitipupa Plc with 27.8 million units exchanged for N1.9 billion.
Economy
Naira Slips to N1,358/$1 as FX Reserves, Policy Uncertainty Concerns
By Adedapo Adesanya
It was not a good day for the Nigerian Naira in the currency market on Friday, April 24, as its value depreciated against the major foreign currencies at the close of transactions.
In the Nigerian Autonomous Foreign Exchange Market (NAFEX), it lost N4.53 or 0.33 per cent against the United States Dollar yesterday to trade at N1,358.44/$1, in contrast to the N1,353.91/$1 it was exchanged on Thursday.
Equally, the domestic currency slipped against the Pound Sterling in the official market during the session by N8.14 to close at N1,834.02/£1, compared with the previous rate of N1,825.88/£1 and dropped N8.01 against the Euro to sell at N1,590.73/€1 versus N1,582.72/€1.
Also, the Naira depreciated against the US Dollar at the GTBank FX desk on Friday by N4 to quote at N1,370/$1 compared with the previous session’s N1,366/$1, and at the parallel market, it depleted by N5 to settle at N1,380/$1 versus the preceding day’s N1,375/$1.
Data published by the Central Bank of Nigeria (CBN) indicated that NFEM interbank turnover surged to N43.562 million across 68 deals, up from N28.117 million the previous day.
Despite the CBN’s reassurance that the recent drop in external reserves is not worrisome, the market remains unsettled by persistent concerns over liquidity constraints, policy transparency, and weakening confidence in Nigeria’s FX market as gross reserves continue to decline to $48.4 billion.
The outlook for the Dollar appears supported by broader macro risks, including elevated oil prices tied to the tanker traffic disruptions in the Strait of Hormuz and a continued US-Iran standoff over ceasefire negotiations.
A look at the digital currency market showed that investors are sitting on the edge as the US Dollar rebounded amid geopolitical and inflation risks despite continued inflows into US spot bitcoin Exchange Traded Funds (ETFs).
Solana (SOL) rose by 1.2 per cent to sell $86.45, Cardano (ADA) appreciated by 1.1 per cent to $0.2517, Dogecoin (DOGE) grew by 0.9 per cent to $0.0989, Ripple (XRP) improved by 0.3 per cent to $1.43, Ethereum (ETH) soared by 0.2 per cent to $2,316.83, and Binance Coin (BNB) chalked up 0.1 per cent to sell for $637.44.
However, TRON (TRX) depreciated by 1.3 per cent to $0.3235, and Bitcoin (BTC) lost 0.2 per cent to close at $77,562.27, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) closed flat at $1.00 each.
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