Cz taking advantage of the Nigerian government ban on bitcoin wrongly.

[CryptopreneurBrainboss]

Guess by now it's no news that the nigerian government has decided to push the country's development years back by banning bitcoin related activities. This is a country that has showed great potential and have grown over the years in becoming a stronghold when cryptocurrency is been mentioned. This is also the same government that previously showed some positive signs towards legalizing the currency months back as highlighted here; Breaking NEWS: SEC, Bitcoin now legal (a security) in Nigeria. The government of the day is just confused and i'm not that concerned about the banning anymore but the recent tweets from the founder of Binance has caught my attention. If you read his tweet and understand them, what he's trying to say is our funds are safe on binance which we all know that's not the case as all centralized platforms are liable to hack.

My problem with this are the noobs coming into the industry and others that must have panic due to the threat by the government of our accounts getting blocked (that's those accounts linked with cryptocurrency related activities) will understand his tweets as Binance exchange been the idea platform for storing of our coins or fiats which we all know that's false. Him imputing a personal wallet, cold or hardware wallet after implying that we can exchange NGN to crypto would had gone a long way in spreading the awareness of taking control of our finances but no instead he takes advantage of the situation playing out in the country.

Behaviors like this by the top figures in the industry clearly points out the industry is slowly heading towards the same mode of operation practice by the bankers and government, always wanting to be in control of our finances. Binance as an exchange platform is quite decent but let it been known that your funds on the platform aren't secure as they claim. If you have your NGN, covert them to bitcoin and withdraw to your personal wallet.

[zanezane]

Zhao seems to be out of touch with his user base, everyone with an inkling of experience in bitcoin knows about not putting your coins in exchanges. I have to commend the bravado/audacity of implying that Binance is safe against attacks that are devastating especially for users that treat trades in the exchange as a full-time job, not your keys not your coins or some sort right? I get the sentiment that bitcoin is slowly becoming a medium that replicates what it was trying to defeat in the first place, but what can we do, those big bankers and money babies have the cash to buy a lot of bitcoin, and a global flock of sheep/people that are following what the media says blindly doesn't want to learn about bitcoin because it is bad because they watched it on a Youtube video that was posted 10 years ago, the only way is to adapt, over time priorities change and I don't think that bitcoin isn't resistant to that change, for better or for worse.

[aoluain]

I understand your concern Brainboss and I get it that top figures in the industry should
outwardly show more of a degree of leadership by stating that buyers of Crypto should
take control of them rather than entrusting an exchange with them indefinitely.

After all exchanges are exactly as they are called, to exchange one for the other.

CZ is saying in his tweet to convert NGN to Crypto via Binance and to hold it but
it is slightly misleading by not saying to Hold either on Binance or PRIVATELY.

all he had to add was "on Binance or in a private wallet"

He does make a good point though that P2P transactions will increase.

[Fundamentals Of]

I understand your frustration but I have two things to say:

1. CZ is just sending a sort of a warning in the face of the impending ban on crypto by the Nigerian government. There are indeed two options left for the people of Nigeria who are using Binance. It is either they will withdraw their NGN because fiat support will also be gone, or they would convert those NGN into crypto and continue using Binance.

2. CZ is Binance and Binance is CZ, so don't expect CZ to encourage people to get their cryptocurrencies out of exchanges and keep them in personal wallets. That's his business.

[bassbity]

Behaviors like this by the top figures in the industry clearly points out the industry is slowly heading towards the same mode of operation practice by the bankers and government, always wanting to be in control of our finances. Binance as an exchange platform is quite decent but let it been known that your funds on the platform aren't secure as they claim. If you have your NGN, covert them to bitcoin and withdraw to your personal wallet.

With CZ tweet, this will also trigger thieves and test how strong Binance is in dealing with attacks. I think this has been a signal for CZ to be careful and try to fix the fragile system. We all know that Binance has been hacked before.
so the worries would escalate after CZ tweet was posted on Twitter.

[buwaytress]

Zhao just loves doing shit like that. Obvious to everyone else that's either a shill, or someone who doesn't know how crypto works.

News to me about Nigeria doing that though. Actually thought they'd been going the progressive path for some time. I did wonder why Binance has been closing shop in the continent though, think they also pulled out of South Africa end of last year.

[Tytanowy Janusz]

Damn ... didn't expect that. Nigeria was famous for being open to crypto. The Nigerian crypto community was huge.
This government will not win the next election for sure

Back to CZ. I saw that tweet before you put it here and to be honest I didn't read his intention that way. I agree with you in most cases but... for newbie ... it might in fact be safer to keep founds on binance. Its not mt gox era. Binance generated 800 mln $ in profit in just Q4 2020. They are not going anywhere. Kucoin was hacked (biggest hack in crypto in terms of $). They collaborated with projects, blocked everything they could, they were insured. Not even a single user was affected.

Average newbie that is here thanks to BTC pump will "forget to write down seed" or do other dump things and lose coins.

[Upgrade00]

Zhao seems to be out of touch with his user base, everyone with an inkling of experience in bitcoin knows about not putting your coins in exchanges.

I get it that top figures in the industry should
outwardly show more of a degree of leadership by stating that buyers of Crypto should
take control of them rather than entrusting an exchange with them indefinitely.

There's not much to be expected from CZ as he's the CEO of binance and would want to push users to his platform even though it is not safe practice to store your funds on a custodian exchange.
The Nigerian government are being retrogressive by their new declaration and this is most probably an attempt to further control the citizens by controlling the flow of money.

it might in fact be safer to keep founds on binance. Its not mt gox era.

It all depends on your level of security, keeping your funds on an exchange means you are not in control and there are other risks besides hacks;
• Your assets can be easily frozen,
• The government can easily regulate your holdings through such exchanges, as they are regulated,
• There's privacy risk as your identity is necessary to set up certain accounts.

Average newbie that is here thanks to BTC pump will "forget to write down seed" or do other dump things and lose coins.

Anyone should do their research before buying Bitcoin or any asset. Wallets even put a warning to write down the seed phrase and store it in a secure place.

[Tytanowy Janusz]

it might in fact be safer to keep founds on binance. Its not mt gox era.

It all depends on your level of security, keeping your funds on an exchange means you are not in control and there are other risks besides hacks;
• Your assets can be easily frozen,
• The government can easily regulate your holdings through such exchanges, as they are regulated,
• There's privacy risk as your identity is necessary to set up certain accounts.

You take my sentence out of context to write few obvious statements. I said that ... "for newbie ... it might in fact be safer to keep founds on binance." Because we are talking about newbies here that could be manipulated by this tweet.

Average newbie that is here thanks to BTC pump will "forget to write down seed" or do other dump things and lose coins.

Anyone should do their research before buying Bitcoin or any asset. Wallets even put a warning to write down the seed phrase and store it in a secure place.

When someone did his research good he will not be manipulated by this tweet, if someone didn't ... well his founds will be safer there until he will become interested in the topic and read how to properly take care of his money.

[Mpamaegbu]

This post of yours OP deserves my merit but I lack the essentials ATM. You're spot on. However, I think those who traded on Binance directly to their Nigerian bank accounts can just turn into other crypto assets and begin a p2p and use a different bank account for receiving local payment among themselves. It's not advisable to withdraw funds now except one had a plan for its use earlier. Otherwise, such withdrawn fund will be squandered quickly. This isn't the time for panic sells. Bitcoin is decentralized and there's no stopping it. If advanced China could not stop it, is it a government from a third world struggling country that can?

[The Cryptovator]

Feeling sad Nigeria decide to ban crypto. But not for holders, feeling sad for the government. Citizens will never stop using Bitcoin, but the government will get nothing since no one can deal with banks. Texas funds would be used to develop the country's economy and peoples could earn Bitcoin in various ways which were positive for whole economies. Now peoples will use it legally and skip taxes.

I think CZ indicates something positive for Nigerian traders.  If government ban crypto then by force all the exchange will disable bank withdrawal and deposits for Nigerian citizen. But peoples could convert Nigerian fiat to crypto and continue trading. I am assuming CZ just busting his peer to peer exchange when Nigerians still would buy sell Bitcoin  

[Swordsoffreedom]

Exchange is not safe, But Changpeng Zhao's tweet makes a lot of sense from another perspective, what should we do in such a situation? The Nigerian government has announced to ban cryptocurrencies. So what to do now for those who had NGN in holding! They must be at the door of the exchange to liquid their coin. I believe in "not your keys, not your coin". that's why Exchange is good for doing short trading, No pro-Bitcoin user will recommend anyone to use exchange for holding their coin long term.

[verita1]

Thanks for this thread, dear admin. Whenever I hear any news related to Nigeria. I am very interested in what is happening in your country and I feel in solidarity with the problems that you suffer. In addition to knowing that Nigerians have played an important role in adopting bitcoin and cryptocurrencies as the solution to their economy.

Regarding CZ, the invitation is to convert NGN to crypto soon. But the problem for the Nigerian is that they will not be able to exchange NGN / crypto when the measure takes effect, that is why they must act soon. I have my doubts because the government can find a way to identify the accounts that trade with crypto. CZ says his P2P exchange is safe. "?"

It is honestly a sad decision that the Nigerian government has made. I wish that these new measures do not continue their course and that they are annulled.
 https://twitter.com/cz_binance/status/1357749065878937602?s=19

[Ryker1]

Well, thank you for bringing up it here, so that even we are not in a part of that country ^[NIGERIA] we still updated on the latest news in your country that perhaps will be affected the bitcoin price. I feel you being frustrating to them but I think CZ was trying to have a safe play between the Nigerian government and follow their law. If the user will know how crypto will work, they can still able to use Binance exchange but without using Nigerian currency that connected to the bank account. Traders mostly did not hold their bitcoin on the exchange, even the government banning bitcoin, people can still use it if they wanted to.

[OpenCryptoSystem]

Regulations are good it means its serious.
And worthed
Also its makes market more not so wide
Regulations are good

[Clement Kaliyar]

I thought the P2P trading will help users when a government tries to ban without any logic and now CZ proved that he cannot be trusted and he will likely dance to the tune of these government even though he does not have any legal implications. CZ created an empire but if that is not used properly then it is time to move to other exchanges but the problem is that which exchanges provide P2P trading that has enough liquidity.

[ene1980]

Exchange is not safe, But Changpeng Zhao's tweet makes a lot of sense from another perspective, what should we do in such a situation? The Nigerian government has announced to ban cryptocurrencies. So what to do now for those who had NGN in holding!

The stupid dork Changpeng Zhao can be silent in a situation like this, why does he think that he needs to tweet everything and what is the implication if he sit silent, he is not under the authority of the Nigerian government and he does not need to comment on everything if he really cared about bitcoin and the users who are using his exchange.

[Swordsoffreedom]

Exchange is not safe, But Changpeng Zhao's tweet makes a lot of sense from another perspective, what should we do in such a situation? The Nigerian government has announced to ban cryptocurrencies. So what to do now for those who had NGN in holding!

The stupid dork Changpeng Zhao can be silent in a situation like this, why does he think that he needs to tweet everything and what is the implication if he sit silent, he is not under the authority of the Nigerian government and he does not need to comment on everything if he really cared about bitcoin and the users who are using his exchange.

The thing you are talking about is totally different, I just tried to reply this statement:

Binance as an exchange platform is quite decent but let it been known that your funds on the platform aren't secure as they claim. If you have your NGN, covert them to bitcoin and withdraw to your personal wallet.

As an exchange, Binance is not safe but we have to use exchange frequently to swap our coins, as it is custodial so it is not wise to use Binance as a wallet.

Now come to your point, why would you think CZ's tweet will impact the price of Bitcoin! No wise Nigerian investor will liquidate their Bitcoin just hearing the rumor of GOVT.
The best thing they can do just convert their NGN to BTC and hold that on their own wallet until the situation is getting back to normal.

[Lordhermes]

Imo, I think CZ is simplifying everything for Nigerian citizens by avoiding their respective accounts to be blocked by central bank of Nigeria if found depositing/withdrawing via NGN debit cards.
Binance CEO just lets Nigerians to think towards p2p transaction for the moment until further notice if at all the ban on cryptocurrency will be stopped.

[Bitcoin_Arena]

Reading the tweet and what was quoted;
I don't think CZ emphasized anywhere that one has to hold their funds in Binance. I mean, they can convert NGN to crypto and hold it in an external noncustodial wallet.
Perhaps the purpose of the tweet was to alert Nigerian traders to convert their NGN as soon as possible as Binance may stop supporting it soon in a move to comply with the crypto ban by the Nigerian Government. Maybe the mistake he did was quote a tweet where someone was saying their money feels safe in the Binance wallet.

That being said, I think p2p exchanges will once again be away people from Nigeria will buy and sell Bitcoins. I am not sure whether there are other online money transfer services in Nigeria but Banks and other financial institutions will soon not be an option for receiving and sending money for crypto related trades.