Bitcoin Forum

It is no longer news that the Nigeria government and binance has been at logger heads for a long time over taxation and release of their official under the custody of the Nigeria government. This case has lingered for a long time  now and the government still holding the official and making things very difficulty for a calm and amicable resolve by both parties.

However, they stated two reasons but I think the release of their executive is the major concern of the exchange.  Little wonder he is being used as a bait to get at binance but now they can not shy away from it as they gave it as a condition that must be met before they do anything in Nigeria.
I believe the other conditions would be better managed as it usually concerns about other aspects of Crypto policy and etc.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

SOURCE
https://nairametrics.com/2024/09/18/binance-sets-two-conditions-before-registering-under-nigerias-sec-crypto-program/?amp=1

These are the two conditions:


I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

They float naira and started lying that crypto P2P is the cause of naira devaluation when we are dependent more on imports. They completely removed fuel subsidy at once when they know that it could lead to inflation.

They made Nigerians not to believe in naira. They are the cause of what is going on in Nigeria.

If they want Binance to pay fine, I do not know what is taking them so long. Binance is not also only the exchange that falls into this category. They left other exchanges but now not fearfully dealing with Binance because of the detained executive. The way Nigerian government are handling matters can not let us know if this will be resolved fast or not. But with how they have been so far, they want it slow and they can even prefer it unresolved.

Our government are beast if they're still holding those executives hostages like this is so much unfair, imagine if this was the method used by the Indian's government would they have seen any of those exchanges accepting their strict terms, like what's all these foolishness but we can do nothing sadly though I wonder why external bodies haven't tried to speak about, they're lucky CZ is no longer the CEO of Binance exchange.

In a lawless Nation like Nigeria with no said democracy, this is what we suffer in the hands of our government, they wake up to shift blame to anything even to snake, fire and any other dumb excuses and still continue to govern us sadly.

I think except there's an external factor all these issues will not be resolved because once the detained Binance executives has been released then Binance might be ready to speak to the government about coming to terms and clearing every false claims from the fact that they no closing service in Nigeria is a huge lost since Nigeria is still the number 2nd in crypto adoption globally while unfortunately the government are too corrupt and foolish to see the economical advantages of coming to terms with them.

the question is, do the Nigerian government stand to lose anything should binance exit totally from Nigeria? Won't it be a thing of joy to see such kind of thing happening?

From all indication, our government de ready to frustrate every effort when Binance and her official wan put in place to take run crypto matter for the country and this clause when Binance de bring out say untill the Nigerian government release her executive them no go operate for the country na a wrong calculation from Binance angle and our government go use them catch better cruise. All this ones na just show of incompetent behavior from both parties. Make them just find way work for the release of thier executive either peacefully or even if it involves consulting of an higher power that will make things easier for them. Nigerian government no de reason peaceful talk or clauses like this one them de talk about.

I don laf tire, no be small eh!
Naija is always known for being slow with both making policies that will benefit the citizens and with their tactics on the field of play.  Its no wonder why this binance issue has lingered more than should.
Although Binance is more concerned about their detained personnel, am sure that as shown, he has been released.

One thing I see is that once Binance agrees to the terms of regulations that the government is presenting, along with agreeing to pay the huge fine that is requested from them,  that will be the beginning of other exchanges falling into like order of regulatory control or else, they must face the fear of experiencing worse or become sanctioned and arrested by the government.

You sound like you are in full support of what the Nigerian governments are doing, detaining the Binance executive for how long, i am pretty sure if it was the other way round then by now we already will be slamming them for doing so.

Every of this should have been dissolved by simple negotiations, Binance are not just focused on retrieving their executive from detainment by the Nigerian government but they as well consider Nigerians as a big market for their success in the industry and will likely do to any length to meet up an agreement with the Nigerian government. Both parties are definitely going to benefit from all these, the faster they resolve the easier and quicker they get what they've wanted, i think the Nigerian government should look into their request and consider.

I am not in any way support of the Nigeria government in detaining the binance official, I just believe the government was only using him as a bait to get at binance compelling them to do their biddings but it would be very difficult for both parties to resolve looking at the fact that both have more to gain and more to loose as well if they fail to reach a resolve but to the detriment of the crypto community here in Nigeria. This should have been done long ago in a peaceful and diplomatic way not all these noise making. Since both have interest and goal to achieve, a better understanding should been their resolve to settling the rift raft and not one party exercising power over the other as that would not yield any positive result. It is better the government release the official and have a better understanding with the binance team to seeing both parties benefit from each other. One can not be at the benefitting side and the other loosing out hence the government actions.


Arresting him was a very big mistake they made. They did that to get at binance thinking they would hurriedly reach an agreement and fulfilling all terms and conditions of the federal government imposed on them little did they know that binance would not fall for such trick. They think they could use that their arrest and charge tactics for an international organization like binance.

E shock them!

The Nigerian government have failed to prove their competence in regulating cryptocurrency a d even to manage situations as suranding the Nigeria cryptocurrency space, this is because instead taking the right approach, their have always followed the wrong, way, at first, the Nigeria legislators invited Binance executives, and the binance team honored the invitation, and upon they arrival in Nigeria, they were arrested a d detained, just like a hostage kind of thing, and until now the government have not release the official in the custody, the other excaped from the Nigeria security hands, while one have been held hostage since then.
This does not speak well of the Nigerian government because with this kind of action, the Nigeria cryptocurrency space is being starve a d the motivation for crypto start-up is being killed on daily, this doesn't go well in the long term because, Instead of the government to attack bitcoin a d cryptocurrency, why not regulate the cryptocurrency market and look for ways to generate tax from cryptocurrency transactions that goes on within the Nigeria cryptocurrency space.

This matter between Nigeria government and Binance is not resolving anytime soon. what Binance are targeting na to get their detailed executive released by the FG, the moment dem achieve that, I think them no go get anything to do with the Nigeria government again. The Nigeria government knows that, that's why dem be do everything within their power to make sure they pull the Binance executive from Kenya to Nigeria when em been escapes from Nigeria custody.

the cause of all this na because Binance no wan easily accept the huge tax payment wey the FG don ask them to pay. If Binance should agree to it, the Binance executive will be release asap. Binance no d ready to be paying such huge tax for their services in Nigeria, while the Nigeria government no wan  release the Binance executive without letting Binance succumb to them. You see, the very matter long so, to resolve

The arrest of the two Binance executives by the Nigerian government is not justifiable to me because the acclaimed 26 billion dollars that was said to have been processed through Binance in one year was unverified as government hasn't really come up with a tangible data to back up their claims on that. The government discribed the transactions illicit financial flows and fingered the Binance exchange as distorting the foreign exchange market thereby undermining the role of the CBN in regulating the forex market.

I still don't see the justification to all of these claims rather I see it as a negligence from the side of the government and government trying to shift the blames on Binance for thriving in the country. I understand Binance was also meant to do the due diligence in registration and implementation of the government's financial policies on them, however, I can't fathom the reason why the government had to stay so long to allow such unmonitored transactions and to later clampdown on the exchanges.


Binance remains the top standing online exchange in the world, they have succeeded to thrive very well and become an industry leader over time, this have naturally attracted governments clampdown on them having realized how well they performed lately. Holding those executives to their custody till this point is not necessary to me. It is also good to note that despite  the removal of the P2P trading platform in Binance, it hasn't bring about any serious change or betterment in the unstable and highly inflated economy today.

The SEC already made a bad faith by arresting and detaining that Binance. According to the article, they were concerned about Binance still making revenues from Nigerians using their platform without remitting back to them via tax — you can't go at them that hard and not do anything in good faith then except them to willingly comply.  If Binance gets their two conditions met, we should be ready for rigorous crypto policies for Nigerians. Crypto often gets ugly when governments get involved.

Binance knows why the government arrested their official and the federal government knows that binance would not easily give in to their demand  hence the Nigeria government action. This is just like holding their official hostage and demanding for a ransom or an agreement to be reached before they could release him which is really hitting brick walls. Looking at the situation of things now, neither of the two parties are willing and ready to shift grounds and as a matter  of fact, that was in demand by binance to be met by the government before they could accept  coming to Nigeria to have a base.

These would be a very tough battle between both parties as they are yet to come to clear terms as it relates to cryptocurrency trading in Nigeria. On the other hand, I think the federal government is being to pressing on binance with respect to taxation and some funny policies which binance does not want to oblige to.

I have the feeling that the Nigerian government is bent on extorting money from Binance. I know they made one outrageous demands in the past which was later withdrew but based on who we have as president, it will be difficult for the government to let go without getting something from the rich exchange. If Binance open the door or negotiations today, you will see how fast they will address the issue and release the exchange executives. Binance have good reasons if they refused to register Nigerians in the platform.

Of course, it really possible for both parties to come to an agreement, as what could be causing a delay is a bridge on the agreement terms and conditions, since we all know say our Nigerian government go always want higher percentage when it comes to taxation, of which there was a news about Binance and Nigeria implementing a value added tax of 7.5% per transaction fees, of which maybe our people in government might have seen that amount as been small and needed something higher, which may seems not to have been okay by Binance, causing a delay in implementation. So on a long run, I'm definitely sure this issue will be resolved.

If I get you clear here, the both parties implemented a VAT of 7.5% per transaction fee, this is huge and to be frank we all know Nigerians are registered on binance in their millions multiplied by this in every trade a day. This is much and I believe if we are to go by what you have said, they must have wanted to add theirs on top with or without binance benefitting from it hence binance refusal to agree to such their plight. All I can see is that Binance is just being careful with the government based on the experience they have had with other government to not dent their reputation and as for their official, that is a priority for their demand.

Nigeria government and it agencies said Binance must Has office in Nigeria and must pay tax. But in turn Binance also gave them their conditions to return to do country. The two Binance officials must be released which I thought has been released when US parliament visited the Joe Biden concerning this matter. The Settlement of Nigerian Government concerning the allegations on tax evasion, money laundry and the manipulation of the country economy which I also thought have been solved. Well the major one which I see from the two is the release of the two officials and once that is done then the second will be a dialogue between the two parties to settle the issue and operation will start. We need peaceful coexistence between them to return.

The wrong move that the sec made can still be corrected only if they are willing to accept correction. It's not as if they don't know what they are supposed to do, but they are not just ready to do it. That's the problem.

The agency is just incompetent in what they are doing; they can't forcefully detain somebody without following proper procedures and expect to force the hand of the organisation to comply. If it works in their politics, they should have learnt better now.
 
There could have even been more for them to achieve from this whole issue if matters were handled the way they should be, but right now they are in between trying to maintain and defend their wrong decisions.

Binance would have so much to not gain if they don't thread careful with this present Nigeria government, and it's something binance ain't oblivious about that's why they first of all requesting for the release of their staff before a round table discussion can take on stage so both parties go into discussion and freely make contract as it pleases without one party using any advantage ground to coerce the other in agree to terms nonfavoirable.

This issues can be resolved but maybe it may not happen under this present administration

It is normal that in such a situation, any organization would want their staff to be released before they think of doing anything with the government or people involved in such arrest. Binance have every right to put such in demand and come to talk of it, the government of Nigeria would benefit more than they do from whatever agreement they reach because they do nothing but to collect tax for any transaction that involves a Nigerian on their platform  so releasing the official should not be an issue for them to do as binance is ready for a round table negotiation with them and I know Binance on their part would not want to loose the Nigeria crypto market as they too have a lot to benefit from Nigerians trading on their platform.

"Pari Passu"

Nigerian and their methods of operation I believe the two detained official are the people who are giving them this energy and momentum go act this way because they knew that without this two staff binance wouldn't pay heed to all their request in other for them to be released. Naturally I think what they are solely fighting for is for them to pay all the taxes they haven't paid since their operation in nigeria and if this is put into consideration or as term to get those staff released then they gonna lose big time, although I know Binance are capable and can pay such amount if needs be for them to get their staff released from the nigerian custody.

I believe that would be the reason why they have decided not to released those officials because there only chance of getting that money from binance is by keeping them on there custody, they are actually smart because they no that the moment they released them they would lose the opportunity of getting it, actually given a serious thought about the whole thing I think is totally beyond the direction most people are looking at it because since binance have not been able to comply to any of there demand, they have gone extreme in making sure that they pay for any amount they would have supposed to pay, so I believe they just sum all the money that makes it to be that huge and since there officials are under there custody they would have no option but to comply.

You right I have same feelings to that the Nigeria government are bent on extortion from the binance exchange that why their are prolonging the matter till now..
Why is it that this shitted so called government are alway slow when good opportunities keep knocking our door step greediness don cover their eyes honestly speaking if I be one of binance executives registering Nigerians in the platform will cause lose to them because Nigerian government have wrong mindset to ward them..

I do not think it is feasible telling binance to pay taxes in arrears because as at when this Crypto stuff got to Nigeria, the government have not really declared their stand on Crypto and it was a free will thing and banks were open to receiving Crypto transactions. No standing policy to hold anybody against trading Crypto not until few years ago the government put a ban through the CBN prohibiting banks from dealing on Crypto and I was thinking they would come up with a good policy to back up their actions as they have seen the revenue generated and possibly find a way to tap into it but here we are nothing has been done yet and they are busy dragging feet with binance and holding their officials as a ransom to making them do their biddings.

Binance already knows what the government stands to benefit from their deal and it would be a big loss if the government let go of this opportunity to get an extra source of revenue hence their demands before negotiation and the government knows that holding their official would enable them get a good landing in the agreement pact hence they are still holding onto the official till binance are ready to discuss things with them.

Asking Binance to pay tax in arrears is not just because there were no regulatory laws to back the tax. Maybe they might start calculating the tax when it was enacted and discuss the fine regarding the criminal offences. The Nigerian government was smart to hold Tigran Gambaryan to enable them to get the best deal. But  I am scared of the living conditions of the American citizen because he didn't look okay the last time he appeared in court.

I suspect that the reason why the court is not granting him bail is because of how his co-worker British-Kenyan executive Nadeem Anjarwalla escped from custody and left Nigeria. The Nigerian government want to also exploit them just like the US. The Nigerian market is a big one but the government should also know that Binance creates jobs and could be a good source of revenue.   

Of course it was a very smart and calculated move by the government to hold the official because they know through that they could get the attention of binance to a round table negotiation but I think that would not be in play anytime soonest because from the looks no party is ready for a soft landing.

I fear that the health of the official may be deteriorating as the last time he appeared before the court, he looks so disorganised and sick. He is not properly taken care of under the custody of the government. Nothing should happen to that man otherwise there would be sanctions against Nigeria government.

Binance learnt it the hard way from the US government and became wise but Nigeria government was too late to stand up and do the same. There could be a better means of them resolving their differences as it relates their interests rather than holding an innocent man and the crypto community standstill.

Settlement go slove everything, make we forget this Cho Cho Cho wey FG dey do. We all know as this country dey be, if Bob risky no go prison but dey apartment (for 3 months) instead of prison, anything dey possible with the right connect.

FG never end this matter because Binance never cooperates with them, I just dey blame this new CEO sha because if na the old one, things will be resolved since. This new CEO just belike him no want they comot money for hand but wants to make more instead, see as them just they list every memecoins wey come out. Make Binance press money, them too make money from Nigerians but now self the taxes no go do we Nigerians any good but na still the FG them go chop am when Binance done pay. Binance sha dey lose money wey them suppose they make with cooperating with the government.

The best thing is for Binance to pay and their workers will be released.

Binance sef get enough to benefit from the Nigeria Crypto market.  Before binance stop the Nigeria p2p, Na their platform 99% of Nigeria Crypto community dey use for p2p trade and dem dey make money heavily from Nigerians wey dey use their platform for business. So to reason with Nigeria government and pay tax no suppose be their palava because them.don make serious money from Nigerians wey dey use their platform.

As for their official wey dey government custody, na binance make am still dey there because I no see any reason wey binance go give wey make dem no fit reason with the government. If na CZ, I believe say dem for don die this matter tey tey and business for dey go on and each party dey get their own cut as agreed.

As for  our government, we already know why dem dey chook eye dey press for the tax because na dem go gabadus the money. Dem never tire to pack money, dem no mind whatever e go cost dem to get that money out from binance as long as the official still dey with them, Na 50 50 for them.

Where two elephants are fighting it's the grass that will suffer and in this case of our Nigerian government versus Binance disagreement it is the staff that are still held in our prison and fellow Nigerians that are supposed to be enjoying naira p2p services that are feeling the pains. Our government is not crypto friendly and I don't think that they are bothered about the difficulties that Nigerians that trust Binance services are facing. On the other hand Binance is the number one and most reputable exchange in the world, they don't want to bow to the pressures and demands of the Nigerian government that is why their personals are still languishing in our prison. I hope that the two elephants will resolve their issues so that Nigerians will continue to enjoy Binance excellent services and the officials will regain their freedom as soon as possible.

Definitely all these will be resolved, both parties seems doing themselves more to less benefit or no benefit  than resolving and getting back into the market. Before our judgement on who should first stick out a hand for settlement, terms and conditions are likely to be registered and both of them won't give in to the other so easily without some level of concrete agreement which seems to be what is lacking for proper resolution.

Nigerians has been a good percentage of the community, but despite the ongoing situation on ground they are still making a lot of profits from other countries, while our government are busy clinging to their executives which hasn't yielded to no outcome, why not find alternatively a means of settlement. 

I agree with you that the feud between binance and Nigeria government would be resolved but I do not see it getting resolved any time soonest. If there is any turn of event that leads to a sudden change of course from binance then there is every possibility that CZ has intervened behind the scene to making sure this issue is resolved amicably because. No organization  I think would be willing to loose a market target irrespective of the fact that they already have other markets. Every market is a plus for organizations and as such they would want to maintain that  constant flow. Come to talk of it, Nigeria is a large market target for the crypto organizations and this is why her government is bent on making sure they get everything they want from them by all means since they have the population to capitalize on.

Well said, and I was and am still one of those who believe that the Nigerian government's approach to Binance was wrong, and that the claims against them are ridiculous, but aren't they entitled to defend themselves? The ball is already in Binance's court to expose the allegations against them to the rest of the world, but they have yet to do so and have not done so in any of the nations with which they are now involved in legal conflicts. There could be more than we know, that is my position in this issue, and emotional blackmail and refusing to respect SEC regulatory requirements will not help their case but will only make it worse.

The best way to approach the Nigerian government is to lie in their bed rather than impose requirements. If Binance truly wants all of this to go away, they must accept everything hurled at them, establish an office in Nigeria, enable the government to supervise their operation and protect her citizens funds, and of course get service tax.