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An Overview of SaBi Exchange

SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange in Africa. Find out more in this review by cryptowisser.
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An Overview of SaBi Exchange
An Overview of SaBi Exchange

There are currently over 15 cryptocurrency exchanges in Africa with about five centralized cryptocurrency exchanges in Nigeria. However, among these exchanges. SaBi Exchange happens to be the most advanced centralized Cryptocurrency Exchange. SaBi Exchange was launched 10 March 2019. It was founded by Lucky Uwakwe and Peter Huang. Lucky Uwakwe is a graduate of Nicosia University in Cyprus and has earned a Masters Degree in Cryptocurrency and Blockchain Technology. He is the current Ambassador of Dash Cryptocurrency to Africa, Founder of Cheetah Africa and a citizen of Nigeria.
SaBi Exchange is based in Abuja Nigeria.
Huobi Partnership
The exchange is powered by Huobi Cloud and has the same security and liquidity features as Huobi. SaBi Exchange has partnered with Huobi to deliver outstanding crypto trading services to the region. According to the review from cryptowisser. It has not been able to verify the details of the Huobi partnership with SaBi Exchange and as such investors are advised to read this partnership details with caution. SaBi Exchange allows cryptocurrency deposits and fiat deposits on its platform with limitations.
Deposits
US citizens aren’t allowed to deposit fiat currency into the platform while some listed countries are allowed to deposit fiat currency. The countries allowed to deposit fiat currency on SaBi includes China, South Korea , Canada, Russia, Britain, India, Australia, Switzerland, Brazil, Taiwan, NewZealand, Singapore, Vietnam, Nethaland, Hongkong, Nigeria, Indonesia, Philippine, Cambodia, Middle-east, Malaysia, Myanmar, Turkey. Fiat deposits through Wire Transfers and Card Deposits are allowed using Qiwi, Paytm, Paynow etc. However, Cryptocurrency deposits are allowed by users worldwide.
Trades And Fees
Aside from the normal trade features, SaBi offers four types of trades. They include OTC-trading, Margin, Exchange and Leveraged Trading. The OTC-trading feature of Huobi Exchange comes under the following currencies—USDT, BTC, ETH and EOS. SaBi Exchange offers 2x to 5x leverage. The leveraged trading features are available on 41 trading pairs out of the 240+ trading pairs available for regular exchange trade. It also offers 0.20% trading fees on both makers and takers which is slightly below the normal 0.25%  fee charged by other exchanges worldwide. It charges a withdrawal fee of 0.0005 BTC. The withdrawal exchange fee charge is approximately 40% lower than the global exchange fee charge.
SaBi Security
SaBi uses the Huobi security protocol “Huobi Cloud” to secure its platform against hack attempts. It equally shares the Huobi liquidity to ensure a liquid trading platform for its users. The exchange platform boosts of speed and faster transactions on trading of cryptocurrency on its platform. Fiat deposits are available through wire transfer and debit cards with a good security feature ensuring the safety of users account details in Nigeria. Fiat deposit can also come through Paynow, Paytm, Qiwi, IMPS, UPI or Interac e-transfer on the platform. SaBi has developers with over 6 years of experience working with Huobi and Huobi Cloud.

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Blockchain News

Cypherpunk Ditches its Investment in Monero and Ether to Purchase BTC 

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A Canada-based investment outfit dubbed Cypherpunk Holdings recently ditched its store of value in two different Altcoins, Monero and Ether and stashed its gains from both into Bitcoin BTC.  

Cypherpunk Holdings revealed on Thursday the 26th of November,  2020 that its store of BTC is now worth 276.479 BTC. Its Bitcoin holdings rose from  72.979 BTC to its current 276.479 BTC estimated to be the remainder for the second quarter of 2020. This stands as a whopping 279% increase.

The holding company liquidated their investments in the privacy coin dubbed Monero, and Ether, one of the most valuable cryptos. They in turn used the money they got to buy more and more BTC. 

Cypherpunk also used monies obtained from the private placement of CA$505,000 which is approximately USD 400,000, a deal closed on the 27th of August to buy BTC. 

Cypherpunk is not the only company that took the BTC route, publicly quoted companies like MicroStrategy and Square have diversified their investments into BTC in 2020.

These trends suggest that BTC is a worthy store of value and an alternative hedge for inflation. 

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China Nabs 102 Masterminds and Accomplices of $4B PlusToken Ponzi Scam

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The Chinese police department recently confiscated cryptocurrencies valued at billions of dollars held by the PlusToken Ponzi scheme (Scam perpetrators) in China. 

The Jiangsu Yancheng Intermediate People’s Court revealed via a court ruling the list of the cryptocurrencies seized by the country’s police department.

The following is an outline of the cryptos:

  1. ETH- 833,083 
  2. XRP- 487 million 
  3. EOS- 27.6 million
  4. DASH- 74,167
  5. DOGE- 6 billion
  6. BTC- 194,775 
  7. BCH- 79,581 
  8. LTC- 1.4 million
  9. USDT- 213,724

The seized crypto assets are worth about $4 billion as at press time.

The court pronounced that:

“The seized digital currencies will be processed pursuant to laws and the proceeds and gains will be forfeited to the national treasury.”

Thanks to the timely seizure of crypto assets, many more unknowing victims would have been defrauded.

The price of BTC has continually been on a constant dip as scammers continue to illicitly sell the asset at frivolous prices.

It is not known yet what the Chinese government would make of the confiscated cryptos. It is hoped that these seizures will not be sold frivolously or at once, as this may just perpetuate the fall in the price of BTC thereby advancing the efforts of the scam operators.

All the masterminds and accomplices of this fraudulent scheme, totalling a whopping 109 suspects have been arrested by the Chinese police department.

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Russia to Change the Face of the Crypto Market and Protect Crypto Traders

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It appears that Russia is headed towards protecting crypto users as the Prime Minister of Russia, Mikhail Mishustin brought the issue of protecting crypto users to the fore on Thursday, 26th of November, 2020.

The Prime Minister admitted the government’s “growing interest in this relatively new tool.” According to him, the Russian government is set to supervise the Crypto Market so as to support it to scale in a “civilized direction”. This way, Crypto users will be able to preserve their “rights and interests” as they navigate their way through the Crypto sector.

Mishustin emphasised that this move will adequately prevent scams and illicit “shadow schemes”.

According to the Russian prime minister, Russia’s Tax Legislation will be modified in a way that will regard crypto assets as actual property. This way, the holders of crypto assets will be able to obtain redress in court should they suffer scams and other illegal perpetuations. 

As at press time, Russia’s Ministry of Finance has made recommendations to the Tax Code, a body of legislations that govern how taxable persons are levied in Russia. One of the recommendations is the duty to register the amount of crypto a holder has when his crypto holding hits a particular threshold. 

Severe penalties have also been recommended for persons and organisations who are not compliant.

The present Prime Minister was elected the head of the Russian terrain very recently. Prior to this time, he had been running the nation’s  federal tax agency for about a decade.  

As at the time of writing this piece, Russia still has no concrete and wholesome legal blueprint as regards cryptocurrencies in its landscape. Nevertheless, the country is still making do with the recently signed legislation by President Vladimir Putin.

This new law regulates the disbursement of digital securities and designated crypto as a taxable asset.

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