CBN revokes 4,173 BDC licenses ⚖️ | Binance $10 billion fine 🪓 | Elon Musk sues OpenAI 🤖

In today’s menu 🥘

⚖️ Central Bank of Nigeria Revokes Licenses of 4,173 Bureau De Change Operators
🤖 Binance hit with $10 Billion Fine by Nigerian government Amid Forex Crisis Allegations
🤖 Elon Musk Sues OpenAI, Alleging Breach of Founding Agreement
👩🏾‍💻 Cybersecurity Breach at South Africa’s Business Registry: CIPC Takes Immediate Action

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⚖️ REGULATION

Central Bank of Nigeria Revokes Licenses of 4,173 Bureau De Change Operators

In a significant move, the Central Bank of Nigeria (CBN) has revoked the operational licenses of 4,173 Bureau De Change (BDC) operators, citing non-compliance with regulatory guidelines as the primary reason. The apex bank announced the decision through a statement signed by the Director of Corporate Communications. The list of affected BDCs has been made public on the official CBN website.

This is one of the latest measures

The CBN invoked its powers under the Bank and Other Financial Institutions Act (BOFIA) 2020 and the Revised Operational Guidelines for Bureaux De Change 2015 to take this action. The BDCs in question reportedly failed to adhere to various regulatory provisions, including the payment of necessary fees within the stipulated period, timely license renewal, and compliance with guidelines related to Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT), and Counter-Proliferation Financing (CPF) regulations...…..continue reading

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🤖 ARTIFICIAL INTELLIGENCE

Binance hit with $10 Billion Fine by Nigerian government Amid Forex Crisis Allegations

In a major development, the Nigerian government has levied a hefty $10 billion fine on Binance, the prominent cryptocurrency trading platform. The fine is based on allegations that Binance played a role in influencing Nigeria’s ongoing foreign exchange crisis. The announcement was made by Bayo Onanuga, the Special Adviser to President Bola Tinubu on information and strategy, in a recent interview with the BBC.

Onanuga contends that Binance engaged in “illegal transactions” in Nigeria, making significant profits while the nation suffered substantial losses. He claims that Binance, which is not registered in Nigeria, allowed users to manipulate dollar-naira exchange rates, negatively impacting the country’s currency value. Onanuga further asserts that the platform fixed exchange rates illegally, a function reserved for the Central Bank of Nigeria.

The Nigerian government alleges that Binance’s operations led to an increase in foreign exchange rates through currency speculations, causing the Naira’s value to plummet by nearly 70% in recent months. In response to the accusations, Binance has reportedly cooperated with the government by providing information and has suspended naira-related transactions on its platform.....…..continue reading

Elon Musk Sues OpenAI, Alleging Breach of Founding Agreement

In a recent legal development, Elon Musk, co-founder, and early supporter of OpenAI, has filed a lawsuit against the artificial intelligence research organization, its co-founders Sam Altman and Greg Brockman, and affiliated entities. The lawsuit alleges a breach of the original contractual agreements, contending that OpenAI has deviated from its founding mission to develop AI for the benefit of humanity and has instead shifted towards profit-centric motives, particularly in collaboration with Microsoft.

Musk’s complaint, filed in a San Francisco court, contends that OpenAI, initially established as a non-profit to counter the competitive threat from Google, has transformed into a closed-source subsidiary of Microsoft. The lawsuit claims that this shift represents a stark betrayal of the founding agreement, which mandated OpenAI to make its AI technology freely available to the public. Notably, Musk, a substantial donor to OpenAI, asserts that the organization’s recent focus on commercializing its Artificial General Intelligence (AGI) research is contrary to the principles laid out in the initial agreement…..continue reading

👨🏻‍💻 CYBERSECURITY

Cybersecurity Breach at South Africa’s Business Registry: CIPC Takes Immediate Action

The Companies and Intellectual Property Commission (CIPC) of South Africa, tasked with business registrations and intellectual property oversight, revealed a cyberattack on February 29th, exposing personal information of both clients and employees. The breach prompted immediate action, shutting down specific CIPC systems to contain potential damage.

While the extent of the compromised information remains undisclosed, the agency assured ongoing investigations would determine and communicate the impact shortly. Established in 2008, the CIPC manages records of millions of South African companies, ensuring compliance with Company and Intellectual Property Law and facilitating business activities.

The breach raises concerns about the exposure of directors’ and owners’ names, addresses, and contact details, as well as those of patent and trademark holders. CIPC urged affected clients to closely monitor credit card transactions and authorize only known and valid requests.....…..continue reading

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