Nigeria continuous banning of crypto

[kryptocanon]

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action.

These wise traders are just exhausted of having their money controlled by the government.

Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-trading

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[arwin100]

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action.

These wise traders are just exhausted of having their money controlled by the government.

Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-trading

Sad to see this happening in Nigeria and its like that they are closing the doors of their citizens to learn something beneficial to them and it looks like their government doesn't want their citizens to improve their lives by discovering new technology which can possibly give them decent income. Anyways hopefully we can see a change of decision here since imposing a law like this is quite not good for people and its adoption.

[JeromeTash]

Sad to see this happening in Nigeria and its like that they are closing the doors of their citizens to learn something beneficial to them and it looks like their government doesn't want their citizens to improve their lives by discovering new technology which can possibly give them decent income. Anyways hopefully we can see a change of decision here since imposing a law like this is quite not good for people and its adoption.

Because a poor and vulnerable population is easy to control. They are scared that if people look for other ways of earning wealth away from their reach, then that would mean that they would not be able to control and manipulate the population.

It's a war the Nigerian Government will never win, the best thing they would try to do is maybe regulate crypto trading and maybe tax, but banning? Impossible.

[pragna]

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

This however is becoming outrageous for the Nigerian government and with no single doubt, the non-compliance of the young Nigerians not believing and making use of their newly launched E-naira must have triggered this action.

These wise traders are just exhausted of having their money controlled by the government.

Source: https://cointelegraph.com/news/nigerian-banks-tracking-customer-accounts-for-crypto-trading

No news can down crypto market now. Day before age China has bann crypto in their country and everybody was upset that market will brack down. But that did not because of cryto investment. Now huge investment came specially in pandemic season so now crypto market will run its own way and we have to continue it.

[kryptocanon]

Sad to see this happening in Nigeria and its like that they are closing the doors of their citizens to learn something beneficial to them and it looks like their government doesn't want their citizens to improve their lives by discovering new technology which can possibly give them decent income. Anyways hopefully we can see a change of decision here since imposing a law like this is quite not good for people and its adoption.

It's so disheartening how the Nigerian government are the ones terrorising the same country they're being voted to governed. Though, there are many society causing chaos in Nigeria like Boko Haram, Biafra to mention few. But the truth of the matter is the fact that, the Nigerian government are the ones committing the highest crime in history. Well.. I have no idea if your state are experiencing this same bad governance too but this is a country I was born and raised so I know statistically how bad the county are being ruled and its current condition. The leaders have no integrity when it comes to money, which however make them more centered on their own self-interest while the country economy is dying on a dailies.

Because a poor and vulnerable population is easy to control. They are scared that if people look for other ways of earning wealth away from their reach, then that would mean that they would not be able to control and manipulate the population.

It's a war the Nigerian Government will never win, the best thing they would try to do is maybe regulate crypto trading and maybe tax, but banning? Impossible.

You're very correct. But I'm afraid I might consider leaving the country in the nearest future if this unpleasant continues. Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

Nigeria has lost it completely 🤦‍♂️

[JeromeTash]

You're very correct. But I'm afraid I might consider leaving the country in the nearest future if this unpleasant continues. Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

Nigeria has lost it completely 🤦‍♂️

They certainly won't be able to arrest every youth who is using crypto. How big would Nigerian Prisons be?
In a country where the Government is disorganized and corrupt. I think one thing is bound to happen if the youth teamed up together, and that would be to overthrow the current incompetent government.

I have been watching International news at times from stations like Aljazeera but everything that seems to come out of Nigeria is just sad. From Kidnapping school girls, gang attacks in communities to police brutality. I certainly would have left the country a long time ago if I was a citizen there.

[CryptoCraze11]

They certainly won't be able to arrest every youth who is using crypto. How big would Nigerian Prisons be?
In a country where the Government is disorganized and corrupt. I think one thing is bound to happen if the youth teamed up together, and that would be to overthrow the current incompetent government.

I have been watching International news at times from stations like Aljazeera but everything that seems to come out of Nigeria is just sad. From Kidnapping school girls, gang attacks in communities to police brutality. I certainly would have left the country a long time ago if I was a citizen there.

Nigeria is oil rich country and member of OPEC but its heartbreaking to see its internal conditions. I mean they have greatest resource any country can dream of but they are not utilizing it for there own development.

Leaving your own country is not an option for everyone, since not everyone is that rich.

Nigeria govt must focus his attention on core issues rather curbing the crypto enthusiastic. In p2p wallets, there is no way any organization can catch the crpto user. It will be just wastage of time chasing such guys.

[Bttzed03]

~ Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.


I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

[Taskford]

~ Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.


I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

Well I believe the banning of crypto exist in that country but I really don't care they will detained people especially minors for just downloading the app and if that really happen there for sure a huge protest will happen. I also need to see the source first before giving a conclusion towards that implementation, But I do hope all of crypto user there is fine and this kind of banning will be lift out by their government.

[examplens]

~ Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.


I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

Well I believe the banning of crypto exist in that country but I really don't care they will detained people especially minors for just downloading the app and if that really happen there for sure a huge protest will happen. I also need to see the source first before giving a conclusion towards that implementation, But I do hope all of crypto user there is fine and this kind of banning will be lift out by their government.

I guess most of all crypto people knows how to hold or hide their portfolio if he wants. it is not an obstacle.
but the moment that decision becomes final and active, Binance and probably all other exchanges will disallow Nigerians to use their platforms. Maybe only non-KYC services where they will must using VPN or something like that.

[stompix]

It is becoming more strict to transact crypto in Nigeria as the CBN now plant agents on Binance P2P to trade with you and intentionally add crypto keywords to the payment transaction so it can alert the bank to block the receiver's account.

8 years later than the US...
I always warned poeple that just because you do P2P transactions it doesn't mean you're safe, and even if you deal with a trustable guy in the market you're still exposed.

Just talk to your friends who are not into crypto and ask them how many bank transactions with other poeple they do a year, the number is minimal. Somebody who is active on p2p is doing hundreds a month, a simple query from the bank and they can track him easily. And all they have to do is pick one by one the guys who have sent him or received money from him. Easy as ....pie!
It takes one transaction from an undercover agent to find the account of that trader, then the bank will give the police the entire list with everyone connected to that account, then they will pick those and see where it spreads.

In this case, you don't try to hide all your life, you try to change the laws.
I always see poeple from Nigeria bragging that there have 10, 20 even 30% of the population involved in crypto, where are those 60 million protesting about these laws?

[Nigerian_Prince23]

I can help sending the funds.

If you need to transfer the funds i do it for 15%.

[gabbie2010]

~ Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.


I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

Because of the ban imposed by CBN the daily transactions of Nigerians using P2P via binance had drop drastically infact thevnews article below said it all. But trust Nigerians they will always find a way out, crypto has come to stay I don't think there is any clamping down or banning from the government can stop crypto enthusiasts from using it, especially Nigerians whose teeming unemployed youths had fully embraced crypto trading as their main source.https://nairametrics.com/2021/11/15/nigerian-bitcoin-p2p-trading-weekly-volume-drop-for-by-43/ income.
Link:

[Taskford]

~ Now news are reaching me that the youth are getting detained and extorted by the police for having Binance app installed on their mobile phones.

They can't do that. If there's a solid proof, please share it here. AFAIK, it's only a banking ban that's imposed on crypto users. Possession of crypto is not like possession of an illegal drug that's why banks only freezes your account and ask for personal information. They are not even allowed to forfeit your balance.


I wonder what's the next step for Binane, Paxful, and other P2P platforms operating there. Having these planted agents will definitely decrease their user base.

Because of the ban imposed by CBN the daily transactions of Nigerians using P2P via binance had drop drastically infact thevnews article below said it all. But trust Nigerians they will always find a way out, crypto has come to stay I don't think there is any clamping down or banning from the government can stop crypto enthusiasts from using it, especially Nigerians whose teeming unemployed youths had fully embraced crypto trading as their main source.https://nairametrics.com/2021/11/15/nigerian-bitcoin-p2p-trading-weekly-volume-drop-for-by-43/ income.
Link:

It's not surprising to see this happening to their citizen knowing that they are been restricted to use this and might they will be in big trouble if they oppose what government order to them. But hopefully their government will realize that they are doing a huge mistake for not adopting the huge innovation of technology. But maybe in future we can see them roll up on this industry and will not ban bitcoin in future.

[Issa56]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

[passwordnow]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

That's the whole point of banning, the government has a "better" product for their people and that's why they're trying to eliminate the most popular one and that's cryptocurrencies and mostly, bitcoin.
A government that wants their people to thrive and sees the statistics that they're one of the top markets, they'll take advantage of it and will do something favorable to monetize it and benefit from the stats that they're having for being one of the biggest crypto market in the world.

[ultrloa]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

That's the whole point of banning, the government has a "better" product for their people and that's why they're trying to eliminate the most popular one and that's cryptocurrencies and mostly, bitcoin.
A government that wants their people to thrive and sees the statistics that they're one of the top markets, they'll take advantage of it and will do something favorable to monetize it and benefit from the stats that they're having for being one of the biggest crypto market in the world.

I don't know about the product introduced if this is true then maybe this could be a source of corruption since this could be used for certain things which the politician could benefit. Maybe people should boycott if something like this will come to them so that they will realize that crypto is important and they could adopt it since this is the most preferred currency by majority of their citizens.

[Taskford]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

Their government doesn't see the real value of bitcoin yet that's why they decide to put this action towards cryptocurrency. But I believe this banning scene will not last for long time since knowing how good the potential of bitcoin is and if the adoption and mainstream media awareness provably this could change the outlook of government toward the bitcoin and other crypto.

[batang_bitcoin]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

Their government doesn't see the real value of bitcoin yet that's why they decide to put this action towards cryptocurrency. But I believe this banning scene will not last for long time since knowing how good the potential of bitcoin is and if the adoption and mainstream media awareness provably this could change the outlook of government toward the bitcoin and other crypto.

I think that it's relation is about that they'll build their own crypto soon so they're trying to remove the barrier and that's through banning. I also think that the banning sequence will stay for long. Just like India, they've been known for banning crypto but eventually has decided to regulate it. So this is going to be in the same shoe as Nigeria that they'll look at that matter because it's going to work for them and their citizen to have a regulated crypto market within their country.

[ultrloa]

Am kind of surprised why Nigeria is trying to block another source of income for the youths, with the way things are in Nigeria I believe they should be one of the first country to adopt cryptocurrency because lot's of youth that are not employed or under employed are really making money from cryptocurrency but they just want there citizens to continue suffering. I believe the leaders are just after there selfs they only care about there self and not the citizens of the country. So what is the use of launching eNaira when they are banning cryptocurrency.

Their government doesn't see the real value of bitcoin yet that's why they decide to put this action towards cryptocurrency. But I believe this banning scene will not last for long time since knowing how good the potential of bitcoin is and if the adoption and mainstream media awareness provably this could change the outlook of government toward the bitcoin and other crypto.

I think that it's relation is about that they'll build their own crypto soon so they're trying to remove the barrier and that's through banning. I also think that the banning sequence will stay for long. Just like India, they've been known for banning crypto but eventually has decided to regulate it. So this is going to be in the same shoe as Nigeria that they'll look at that matter because it's going to work for them and their citizen to have a regulated crypto market within their country.

Well this could be good for their citizen if their government planned to run their own crypto but they should assure that they can handle the volatility well knowing they cant still control its growth especially the surge of buy and sell in the market. But if there's something evil plan towards creating this maybe its good for their citizen to boycott this so that they their government could see that people doesn't want their current implementation.