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Cryptocurrency Regulations Impact Operations in Nigeria

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Cryptocurrency Regulations Impact Operations in Nigeria

OKX, a cryptocurrency exchange, has decided to discontinue its operations in Nigeria due to increasingly strict local regulations impacting digital asset services. The announcement reflects the challenges faced by crypto companies in Nigeria amidst a crackdown on the sector.

In an email sent on July 17, OKX informed its users about the cessation of services in Nigeria, attributing the decision to recent regulatory changes. The exchange stated, “We are discontinuing OKX services in Nigeria after recent changes in local laws and regulations. This is based on our ongoing assessment of policies in each market we serve.”

According to OKX, users have until August 16 to close their P2P, margin, futures, and options positions, withdraw assets from Grow products, and transfer funds to their preferred wallets.

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This move follows similar actions by other cryptocurrency exchanges in Nigeria. Binance, for instance, faced a ban in April over allegations of money laundering and tax evasion. The Nigerian government has also prohibited operations of other major exchanges like Coinbase, citing measures to safeguard the local currency, the naira.

In related news, KuCoin has announced the suspension of its naira card and peer-to-peer naira services following guidance from the Securities and Exchange Commission. The exchange assured customers that they would be notified once these services resume, although no specific timeline was provided.

Despite these regulatory challenges, the cryptocurrency industry continues to evolve globally, adapting to regulatory landscapes while exploring opportunities for innovation and growth.

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Trump Appoints Linda McMahon and Mehmet Oz to High-Profile Roles

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Trump Appoints Linda McMahon and Mehmet Oz to High-Profile Roles

US President-elect Donald Trump has nominated Linda McMahon, co-founder of World Wrestling Entertainment (WWE) and a long-time ally, as his pick for education secretary. Mehmet Oz, the celebrity doctor and former TV host, has been chosen to head the Centers for Medicare and Medicaid Services (CMS).

McMahon, who led the Small Business Administration during Trump’s first term, is known for her close ties to the president-elect. She has limited experience in education but has served on Connecticut’s state board of education and currently chairs the pro-Trump America First Policy Institute. Trump has tasked her with advancing his controversial plan to dismantle the Department of Education and return educational oversight to the states.

On Truth Social, Trump praised McMahon, highlighting her advocacy for parental rights and her commitment to decentralizing federal control over education. With a Republican-majority Senate, her confirmation is expected to proceed smoothly.

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Dr. Oz’s appointment to CMS marks another headline-grabbing selection. Known for his television career and health advice, Oz’s approach has faced scrutiny from medical professionals in the past. His role will involve overseeing critical federal healthcare programs, including Medicare and Medicaid, which serve millions of Americans.

Trump also announced Howard Lutnick, CEO of Cantor Fitzgerald, as his pick for commerce secretary, underscoring a pattern of selecting loyal allies and high-profile figures for his administration.

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Jimmy Lai Denies Foreign Collusion in Landmark Hong Kong Trial

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Jimmy Lai Denies Foreign Collusion in Landmark Hong Kong Trial

Jimmy Lai, the 76-year-old pro-democracy advocate and founder of Hong Kong’s now-shuttered Apple Daily, has denied allegations of collusion with foreign forces during his first testimony in a national security trial that could result in a life sentence.

Facing accusations tied to his foreign contacts, including former U.S. Vice President Mike Pence and Taiwan’s ex-President Tsai Ing-wen, Lai firmly stated in court on Wednesday, “Never.”

Dressed in a brown jacket and glasses, Lai appeared in good spirits despite visibly losing weight since his arrest. Smiling and waving to supporters outside the courtroom, he received warm encouragement from dozens of well-wishers who queued to show their solidarity.

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When questioned about his interactions with international figures, Lai said his meetings were purely informational. Regarding a meeting with Pence, Lai stated, “I would just relay to him what happened in Hong Kong when he asked me.” As for then U.S. Secretary of State Mike Pompeo, he explained that he asked Pompeo “not to do something but to say something, to voice support for Hong Kong.”

Lai is already serving multiple sentences for his alleged role in the 2019 pro-democracy protests that prompted Beijing to implement the sweeping National Security Law (NSL). His trial follows the sentencing of 45 activists from the “Hong Kong 47” group earlier this week, including prominent figures Benny Tai and Joshua Wong.

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Prosecutors Suggest Delaying Trump Sentencing Until Post-Presidency

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Prosecutors Suggest Delaying Trump Sentencing Until Post-Presidency

New York prosecutors have indicated they will oppose efforts by President-elect Donald Trump to overturn his criminal conviction but are open to deferring his sentencing until the end of his upcoming presidential term in 2029.

The Manhattan district attorney’s office filed a motion urging Justice Juan Merchan to consider postponing Trump’s sentencing, currently set for November 26, while rejecting any dismissal of the conviction. Prosecutors suggested deferring the proceedings to balance constitutional concerns surrounding the conviction of a sitting president.

Trump was found guilty in May of falsifying business records in connection with alleged attempts to conceal a potential sex scandal during his 2016 presidential campaign. The case, the only one of four criminal prosecutions against Trump to reach a guilty verdict, has become a legal flashpoint as he prepares for his second term in the White House.

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Trump’s legal team argues for the conviction’s dismissal, citing presidential immunity following a U.S. Supreme Court ruling earlier this year that grants broad protections for official acts. Prosecutors countered that the charges are unrelated to presidential duties and predate the ruling.

Mitchell Epner, a former prosecutor, commented that the DA’s proposal essentially “pauses the case until after Trump leaves office,” emphasizing that it avoids dismissal while addressing constitutional concerns.

If accepted, this proposal could delay Trump’s sentencing until after January 20, 2029, when his presidential term concludes. Legal experts, including former Manhattan prosecutor Diana Florence, anticipate that the November hearing will likely be rescheduled.

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Potential sentences range from fines and probation to a maximum of four years in prison. However, with Trump’s impending inauguration and constitutional questions at play, the prospect of any immediate legal repercussions remains uncertain.

Meanwhile, Trump spokesperson Steven Cheung declared the situation a “total and definitive victory,” although Justice Merchan has yet to issue a ruling on the matter.

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