Changpeng Zhao out; Richard Teng is new Binance CEO

ARTIFICIAL INTELLIGENCE

Richard Teng is the new Binance CEO as Changpeng Zhao steps down as part of $4 Billion Settlement with US DOJ

Changpeng Zhao “CZ” has announced Richard Teng, its former Global Head of Regional Markets as the new CEO of Binance.

Before joining Binance, Richard was CEO of the Financial Services Regulatory Authority at Abu Dhabi Global Market (ADGM); Chief Regulatory Officer of the Singapore Exchange (SGX); and Director of Corporate Finance in the Monetary Authority of Singapore.

The former CEO Changpeng “CZ” Zhao had to step down from his role as CEO of Binance as part of a substantial $4 billion settlement between the Department of Justice and the cryptocurrency exchange he founded.

In June, the SEC charged Binance and Changpeng “CZ” Zhao with operating an unregistered exchange and misleading investors. The charges included utilizing a Switzerland-based fund, Sigma Chain (owned by CZ), to inflate trading volume on Binance’s U.S. platform. SEC Chair Gary Gensler stated, “Through thirteen charges, we allege that Zhao and Binance entities engaged in an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”

Stitch launches ‘Pay With Crypto’; Expands Cryptocurrency Payment Options in South Africa

South African payment platform Stitch has introduced “Pay With Crypto,” enabling customers to make payments with cryptocurrency while businesses receive settlements in rand. Users can send bitcoin or ether directly, or utilise crypto balances from their Valr or Binance wallets. Stitch’s Pay With Crypto is designed to cater to a substantial audience preferring crypto payments, offering clients the opportunity to serve this market without directly shouldering volatility risks….read more

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STREAMING

Mobile users in DRC, Madagascar, Mali and Guinea to enjoy music for free on Spotify

Orange, a leading telecommunications provider operating in 18 countries across Africa and the Middle East, has recently joined forces with Spotify, the world’s foremost music streaming platform. This strategic partnership aims to provide an enhanced music experience for Orange’s mobile customers, reinforcing Orange’s position as a comprehensive entertainment service provider.

One of the key highlights of this collaboration is the provision of complimentary data bonuses, granting Orange customers seamless access to Spotify’s extensive music library. Specifically, mobile users in Democratic Republic of Congo, Madagascar, and Mali and very soon in Guinea, will enjoy music for free on Spotify platform when subscribing to an Orange mobile offer.…..read more

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INVESTMENTS

Payment24 Invests in Inergy 24 to Expand Digital Payment Solutions Across Europe

Payment24, a global payments platform provider specializing in payment and loyalty solutions, has announced a strategic investment in Inergy 24, a technology service provider based in Switzerland. The collaboration aims to offer customers across Europe access to the comprehensive Payment24 platform, encompassing payment, fleet management, mobile and retail solutions, loyalty programs, electric vehicle (EV) services, and Cloud Switch solutions.

With a presence in five continents and 18 countries, Payment24 was founded in 2013 by Nolan Daniel and Shadab Rahil. Today, Payment24 boasts one of the most extensive private refuelling and fuel loyalty networks in Africa, with billions of litres of fuel transacted through its platform annually..…..read more

Aduna Capital Unveils $20M Fund to Boost Tech Innovation in Northern Nigeria and Africa

Aduna Capital, a pioneering investment firm, proudly announces the launch of its first $20m fund dedicated to transforming the African tech start-up ecosystem.

Aduna Capital is dedicated to discovering and nurturing early-stage, tech-enabled start-ups across Africa, with a special focus on empowering female founders and start-ups in underserved regions like Northern Nigeria. The firm aims to unlock the vast potential of these entrepreneurs, driving innovation and sustainable growth across the continent……read more

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OTHER STORIES

Dr ‘Bosun Tijani, the Minister of Communications, Innovation and Digital Economy announced the launch of the Startup Support and Engagement Portal, https://startup.gov.ng, a key requirement for the implementation of the Nigeria Startup Act.

The startup portal will drive the identification and aggregation of Nigerian startups, venture capital companies, hubs and innovation centres in order to facilitate engagement and support for ecosystem players.

The launch of the portal will also allow ministry initiate the process of setting up the startup consultative forums to select representatives to the National Council for Digital Innovation and Entrepreneurship, in order to facilitate discourse and consensus among Nigerian ecosystem players…….read more