CRYPTO MARKET

Bitcoin	$17,175	+ 1.45%
Ether	$1,272	+ 2.12%
BNB	$268	+ 1.18%
FTX Token	$1.40	– 6.69%
Name of the coin Price of the coin 24-hour percentage change		Source: CoinMarketCap

* Data as of 06:16 PM WAT, December 13, 2022.

According to reporting by Reuters, the US Department of Justice (DOJ) is delaying the conclusion of a long-running criminal investigation into the world’s largest cryptocurrency exchange, Binance. The investigation started in 2018 and is focused on Binance’s compliance with US anti-money laundering laws and sanctions. 

Reuters reports that some DOJ prosecutors in the case believe that the evidence already gathered is enough to file criminal charges against individual executives of the exchange, including founder and CEO Changpeng Zhao, famously known as “CZ”. Some of the charges include unlicensed money transmission, money laundering conspiracy, and criminal sanctions violations.

Binance has refuted the claim that the DOJ is considering leveling money laundering charges against it. However, several experts have been questioning a report released last week by a South African accounting firm, Mazars, to show that Binance had enough reserve funds to cover customer withdrawals at a ratio of at least 1:1.

ARCON REGULATES COMEDIANS AND INFLUENCERS

Comedy has become illegal in Nigeria. Well, not all comedies, just the ones that involve unapproved advertisements.

Nigerian skit creators, comedians, influencers, bloggers, and other advertising stakeholders in Nigerian digital and online media must now obtain permission from the Advertising Regulatory Council of Nigeria (ARCON) before posting any advertisements.

ARCON insists that most of the skits, videos, and pictures these groups use to advertise goods and services are unethical, sources of misinformation, and violations of the Nigerian Code of Advertising Practice.

Now, in accordance with the Nigerian Code of Advertising Practice and the ARCON Act No 23 of 2022, it requires all skit makers, comedians, influencers, bloggers, and others to obtain approval for all advertisements before posting them for public consumption. 

According to ARCON, non-compliance will attract prosecution and sanctions.

ICYMI: Earlier in October, ARCON sued Meta Incorporated and its agent, AT3 Resources Limited in Abuja, for broadcasting unvetted advertisements. ARCON is seeking ₦30 billion in sanctions for the violation of the advertising laws and loss of revenue from fees associated with ad vetting.

CAIRO ANGELS REBRANDS TO ACASIA GROUP

Cairo Angels is getting a makeover.

Egypt-based angel investment group Cairo Angels has changed its name to the Acasia Group to represent its new investment strategy more accurately.

What was its old investment strategy?

Cairo Angels is Egypt’s first formal network of angel investors and Africa’s largest. Since its inception, it has actively made angel investments in early-stage startups and high-growth businesses across the Middle East and Africa (MENA).

Later on, in addition to angel investments, it started making mini venture capital investments with its $5 million syndicate fund. Cairo Angels now wants to fully dive into venture capital investment and also venture into impact investment. 

This development is part of its vision to increase access to capital for founders and capture bigger opportunities in the market.

So, how does Cairo Angels look now?

Cairo Angels has become the Acasia Group, an investing and impact platform that aims to support the next generation of technology entrepreneurs in the Middle East and Africa. 

According to a press release shared with TechCabal, the Acasia Group is made up of three components: Acasia Ventures, Acasia Impact, and Acasia Angels. Acasia Ventures is a venture capital firm that invests in early-stage start-ups across the MENA region. Acasia Impact designs and builds programmes and events for corporations, governments, and foundations to empower founders and startups. Acasia Angels, a chip off the old block, will be just like the old Cairo Angels—an angel investing platform that supports early-stage start-ups across the MENA region.

KENYAN NELLY CHEBOI WINS CNN HERO OF THE YEAR

Co-founder and CEO of TechLit Africa, Nelly Cheboi, is the CNN Hero of the Year 2022. In 2019, Nelly Cheboi quit a lucrative software engineering job in Chicago to create computer labs for Kenyan schoolchildren. She is doing this through TechLit Africa, a non-profit she co-founded with a fellow software engineer that brings donated, upcycled computers to thousands of students in rural Kenya. TechLit distributes the computers to partner schools in rural communities, where students ages four to 12 receive daily classes from teachers and professionals.

The CNN Hero of the Year award comes with a $100,000 grant and a $10,000 cash award. Cheboi will also be named the winner of the Elevate Prize, which comes with a $300,000 grant and $200,000 to support the work of TechLit Africa.

So far, TechLit Africa currently supplies refurbished computers to ten schools in rural Kenya, and Cheboi aims to supply 100 more schools with computers within the next year. 

IN OTHER NEWS FROM TECHCABAL

Madica Ventures wants to balance Africa’s technology ecosystem.

Next wave: Africa’s journey to digital innovation is older than you think.

Why your startup may not get funding.

OPPORTUNITIES

• The VFA Fintech Product Management Bootcamp is now open to applications for its second cohort. Anyone trying to accelerate their career in product or looking to break into product management, specifically within the fintech industry, can now apply to be part of the 12-week programme. At the boot camp, participants will learn how to conduct user research, communicate with stakeholders, and use product analysis tools, amongst other things. Apply by December 16.

• Applications are open for the TechBridge accelerator programme to innovative African startups. It provides $200,000 in funding, learning opportunities, and access to the TechBridge hub, community, and support tools and resources. Apply by December 15. 

• The GROW Impact Accelerator is now accepting applications from agtech startups offering solutions to the problems facing the processing, packaging and transportation of food. Apply by January 30.

• Undergraduate and graduate students can apply for the Student Summer Research Fellowship (ETH SSRF) Programme to gain their first research experience in an area of their choice. The fellowship provided by the Computer Science Department of ETH takes place during two summer months and is open to all students worldwide. Apply by December 15th.

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