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How Bitget’s BGB Became the Best Performing CEX Token in 2022

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Although the last year has undoubtedly been a bear market, some cryptocurrency trading platforms made a great job of proving that the success of exchange tokens is closely tied to the success of the platforms they represent. While the year was not entirely successful for the majority of them, Bitget still managed to successfully manoeuvre its way through the wreckage of both the Terra and FTX collapses. BGB token demonstrated positive yearly dynamics, raising the all-time high (ATH) price bar several times last year.

Bitget Token (BGB) — Biggest Winner From FTX Collapse

Source: CoinMarketCap

The BGB token turned out to be the only exchange token that stayed green all year round. The asset posted an unprecedented 136% year-over-year gain, with prices lifted in March and October and reaching its ATH of $0.4 on February 15, 2023.

Bitget massively benefited from the FTX collapse, increasing its share of the crypto derivatives trading market from 3% to 11%, according to the Token Insight report. A Boston Consulting Group report shows that in 2022, Bitget ranked among the top three crypto exchanges in terms of cryptocurrency derivatives trading volume, with a total trading volume growth of more than 300%.

As the Bitcoin options market sees whales opting for bullish strategies and amidst the market volatility in general, the demand for crypto derivatives as an instrument for hedging risks and earning stable profits is higher than ever. Since the second half of 2022, crypto derivatives volume has been growing faster than the spot market.

According to data from CryptoCompare, in January 2023, derivatives trading volume showed a monthly gain of 76% reaching $2.04 trillion, the largest percentage increase since 2021, and currently representing  70% of the entire crypto market.

The exchange’s foray into the spot market has been another contributing factor to the growth in the price of BGB. Bitget added AI (Artificial Intelligence), Arbitrum, and NFT zone listings to its Innovation Zone for early-stage exposure to related tokens. Within a week, 21 assets were listed in the Innovation Zone, while Future (AI) witnessed the biggest gain of 1263%.

Not only that. BGB token has reached its ATH several times over the past year driven by major partnerships, market expansion and the launch of pioneering products such as copy trading. It is noteworthy that in 2022 the token never dipped below the price of 2021, unlike other cryptocurrency exchange coins. In addition, BGB rallied impressively in October, breaking its price record after Bitget announced its partnership with prominent football player Lionel Messi.

The financial and technical stability of the exchange also played a big role in maintaining a stable price of its token throughout the year. Bitget is the only exchange among today’s top five that has never faced hacking attacks. The platform management did not reduce its staff, but indeed increased the number of employees by five times to 1,100 people in January 2023. This allowed the company to minimize the consequences of the market fall and show record financial and quantitative indicators in the new year.

 


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Anambra Cracks Down on Illegal ISPs, Cites Security, Service Concerns

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Anambra State Government has begun a crackdown on illegal Internet Service Providers (ISPs) operating across the state, citing concerns over data breaches, poor service quality, and environmental defacement.

The enforcement, led by the Anambra State Physical Planning Board (ANSPPB) and the Anambra State ICT Agency, follows numerous complaints about unauthorized road excavations and the indiscriminate erection of poles, which deface infrastructure.

Investigations revealed that several ISPs were operating without approval or submitting deployment plans, a violation of regulations governing telecommunications infrastructure.

Authorities stress that the objective is not exclusion but compliance, ensuring only registered ISPs approved by the Nigeria Communications Commission (NCC) operate in the state.

Residents are urged to report unlicensed ISP activities via the dedicated hotline 02014143039.

Speaking on the development, Barr. Chike Maduekwe, Executive Chairman of ANSPPB, said: “This isn’t about shutting anyone out but about ensuring everyone follows the right process. If you want to offer internet services in Anambra, go through the proper channels. We will support those who comply, but we will not tolerate shortcuts.”

Similarly, Chukwuemeka Fred Agbata (CFA), Managing Director/CEO of the Anambra State ICT Agency, emphasized: “The internet is no longer a luxury—it’s a necessity. Governor Soludo has implemented a zero right of way policy to encourage players, but the first step for any ISP must be regulatory approval. The people of Anambra deserve services from providers they can trust.”

The Anambra State Government remains committed to fostering a safe, fair, and well-regulated digital landscape where residents can enjoy secure, high-quality internet services without fear of exploitation.

The enforcement drive signals a new era of accountability in the state’s fast-growing digital space.


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Instagram Unveils Teen Safety Features in Nigeria

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Ibrahim Suleiman, Actor and Architect; Emanuella Samuel, Comedienne/Actress; Titilayo Oyinsan, TV Host & MC and Oluwasola Obagbemi, Head of Communications, Sub-Saharan Africa at Meta
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In a significant step towards enhancing online safety for teenagers, Meta is proud to announce the launch of Teen Accounts on Instagram in Nigeria. This initiative is part of Meta’s broader commitment to ensuring safe, private, and positive online experiences for teens across Africa.

As more Nigerian teens join Instagram, it is crucial to prioritise their safety and privacy. Parents want to feel confident that their teens can use social media to connect with their friends and explore their interests, without having to worry about unsafe or inappropriate experiences.

Teen Accounts were designed to better support parents and give them peace of mind that their teens have the right protections in place.  Teen Accounts have built-in protections that limit who can contact them and the content they see, and we’ll automatically place teens in Nigeria into Teen Accounts, and teens under 16 will need a parent’s permission to change any of these settings to be less strict.

Key protections offered with Teen Accounts include:

  • Private Accounts: Teen accounts are set to private by default and teens under 16 can only change this setting with parental guidance.

  • Messaging Restrictions: Teens can only receive messages from people they are already connected to.

  • Sensitive Content Control: Teen Accounts are automatically set to see less sensitive content in search results and recommended content in Explore, Feed and Reels.

  • Limited Interactions: Teens can only be tagged or mentioned by people they follow, and the strictest anti-bullying feature, Hidden Words, is enabled by default.

  • Time Limit Reminders: Notifications prompt teens to exit the app after 60 minutes of daily usage.

  • Sleep Mode: Enabled from 10 PM to 7 AM, this feature mutes notifications and sends automatic replies to DMs overnight.

“We’re excited to bring these features to Nigeria and help families navigate online spaces safely. Teen Accounts are designed to give parents peace of mind, allowing teens to connect with friends and explore interests without worrying about unsafe experiences,” said Sylvia Musalagani, Safety Policy Manager, Africa, Middle East & Turkey (AMET) at Meta.

Since Meta started reimagining its apps for teens with Teen Accounts globally in September 2024, Meta has enrolled 54 million teens into Teen Accounts on Instagram, with 97% of those aged 13–15 remaining within the strict default protective settings.

While Teen Accounts come with built‑in safety protections, Meta understands many parents want to take a more active role in their teens’ online experiences. With the enhanced supervision tools, parents can:

  • See who their teen has interacted with: While message content remains private, parents can now view a list of people their teen has messaged over the past seven days.

  • Set daily time limits on Instagram: Parents can decide how long their teen can spend on the app each day. Once the limit is reached, Instagram will be inaccessible for the rest of the day.

  • Schedule downtime from Instagram: Parents can block access to Instagram during specific hours, like bedtime, with just a tap.

  • View the topics their teen is exploring: Parents can see which age-appropriate interest areas their teen is choosing to follow and engage with.

“Meta’s new policy aligns with several core priorities outlined in NITDA’s strategic roadmap, particularly concerning data privacy and protection for minors, now under the purview of the Nigerian Data Protection Commission, and child online protection and digital well-being, which we have collaboratively addressed with our sister agency, the Nigerian Communications Commission.

“NITDA has been a strong advocate for child online protection through various initiatives, including national strategies and proposed legislation, such as the Online Harms Protection Bill, which addresses age verification and parental controls.

“This policy reinforces the need for age-appropriate online experiences and promotes digital well-being.” commented, Barr. Emmanuel Edet – Director Regulations and Compliance Department, NITDA

To mark the launch, Meta hosted an exclusive event where parents, content creators, policy stakeholders, media and teens could engage on the available safety features and tools.

Meta remains committed to developing tools, resources and partnerships that protect teens and foster safer online experiences for families in Nigeria.

For more information about Teen Accounts and updates to parental supervision tools, visit here


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Telcos Threaten to Disconnect Banks over Misinformation on New USSD Charges

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Telecommunication companies have threatened to withdraw their Unstructured Supplementary Services Data (USSD), services from banks over what they called misinformation.

Telcos Threaten to Disconnect Banks over Misinformation on New USSD Charges

MTN Nigeria, Airtel, Globacom and 9Mobile- the  telcos disclosed that the banks’ notice to their customers on the new billing system and airtime deductions for USSD services was misleading.

Also, Association of Licensed Telecom Operators of Nigeria (ALTON) also denied that the directive was from the Nigerian Communications Commission (NCC).

USSD is done via shortcodes on mobile phones and allows bank customers to make transactions in places with limited or no internet service.

Recall that banks earlier this week claimed that NCC has directed them to begin charging them from their airtime rather than from customers’ accounts.

The notice from the banks read in part: “In line with the directive of the Nigerian Communications Commission (NCC), please be informed that effective June 3, 2025, charges for USSD banking services will no longer be deducted from your bank account.

“Going forward, these charges will be deducted directly from your mobile airtime balance in accordance with the NCC’s End-User Billing (EUB) model.

“Under this new billing structure, each USSD session will attract a charge of ?6.98 per 120 seconds, which will be billed by your mobile network operator.

“You will receive a consent prompt at the start of each session, and airtime will only be deducted upon your confirmation and availability of the bank to fulfil this service.

“If you do not wish to continue using USSD banking under this new model, you may choose to discontinue use of the USSD channel.”

Reacting, ALTON, umbrella body of telecom operators in Nigeria, said the banks’ notice is a gross misinformation deliberately hatched to suit their selfish interests.

Hence they threatened to withdraw network support to the banks’ USSD services.

Engr Gbenga Adebayo, chairman of ALTON  told Vanguard: ” I don’t understand why the banks are twisting agreements and distorting information just to favour their selfish interests. In the first place, the information wasn’t a directive from the NCC but a joint regulatory agreement between the NCC and the Central Bank of Nigeria, CBN witnessed by the telcos and the banks. The agreement was that if the banks finally cleared all USSD debts owed to the telcos by June 2, 2025, they are free to migrate to the end-user billing method, so long as the model of migration is transparent and agreed upon by the telcos.

“The reason for that clause was because the telcos insisted that the process of migration is such that will not allow a customer to be billed twice; in other words, that a subscriber would not have his airtime deducted and also have his or her money deducted for same services from his or her bank account.

” As we speak, some of the banks have cleared their debts, but the majority are yet to do so. So, even if all the modalities of migrating to end-user billing have been perfectly carried out, the implementation cannot even begin because the banks are yet to clear the USSD debt owed to the telcos.

“Our position now is that if that is the way the banks want to treat the agreement, we may withdraw support for their USSD services. It is not a must-have. They can do without it. But, they should clear the debts as agreed,” he added.

 


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