Can Binance action revitalize Nigeria community?

[Ripe_berry]

Binance, the cryptocurrency exchange has restricted Nigerian users account to ensure users security and to protect the community from fraudulent activities saying is for a good reason. What is ur say about this.
Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

[tippytoes]

What kind of restriction are they imposing to Nigerian accounts? I know binance has compulsory KYC so they will know who are their Nigerian users but any additional restriction they are not allowed to do?
And also even if they have strict rules about Nigerian accounts, scammers can always operate outside Binance. So they may lessen the scamming under their platform but outside, they have no control of that.

[Strongkored]

Binance, the cryptocurrency exchange has restricted Nigerian users account to ensure users security and to protect the community from fraudulent activities saying is for a good reason.

Want to make sure what you mean is the same with this news https://cryptocurrencybazaar4u.io/2022/01/31/heres-why-binance-froze-the-accounts-of-281-crypto-users-from-nigeria/
If true, it has been explained that it is about complying with AML regulations, and some frozen accounts already re-accessed by their owners.

Can Binance truly protect Nigerian community from fraudulent activities?

If Binance can't protect their Nigerian users from fraudulent activities they will loss much because Nigeria is an African country that has a many crypto user.

[Oshosondy]

We should not forget that binance is a centralized exchanges, it shouldn't really be the point of focus rather than means the government and the exchanges themselves are having full control.

Can this action yeild a better result?

Yes for the government or the people that told binance to do so, they will see some evidence that some freezed accounts perform illegal activities.

Can Binance truly protect Nigerian community from fraudulent activities?

Be careful of exchanges, some people even still use bank and fiat to defraud people, there is no complete protection from second party, the complete protection is from the first party which is you.

[hugeblack]

Binance is a centralized platform and therefore when you use them, you agree to their terms of use^[1] and therefore they actually have the money on your behalf and as soon as you violate their usage regulations the account will be frozen.

The strictness of the regulations will be due to the pressure of the regulatory authorities and the difficulty of obtaining licenses, which makes them scrutinize all transactions and accounts, and the possibility of cancelling the account if any abnormal activity occurs.

Therefore, it is their duty to maintain a society free of scam and money laundering, especially after KYC has become mandatory.


[1] https://www.binance.com/en/terms

[Taskford]

Binance, the cryptocurrency exchange has restricted Nigerian users account to ensure users security and to protect the community from fraudulent activities saying is for a good reason. What is ur say about this.
Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

How can it help to their citizens? yeah fraudulent activity is there but this is normal if we talk about money since there are so many bad people always do this just to get money. Fraudulent activities happen with fiat to so its crazy that their government think about that since they are taking their freedom to decide on what they like and they lose opportunity to change their lives by adopting or using those platform or the cryptocurrency it self if they are targetting it.

[bitmover]

Binance, the cryptocurrency exchange has restricted Nigerian users account to ensure users security and to protect the community from fraudulent activities saying is for a good reason. What is ur say about this.
Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

Binance is blocking , but they are just following the law. Look:

Binance Restricts Nigerian Crypto Accounts on Security Concern
38% of the affected accounts blocked due to international law
Nigerians are trading cryptocurrencies despite government ban

https://www.bloomberg.com/news/articles/2022-01-30/binance-restricts-nigerian-customer-accounts-on-security-concern

I believe your question should be "Can government truly proctect Nigerian community" not Binance.

 binance just have to follow government orders or leave the country...

They also say that it is hard to get dollars locally in Nigeria, and nigerians are trying to protect themselves from inflation. So, doesn't look like the government is protecting anyone, as they banned crypto :

Despite a central bank ban, Nigerians have continued to turn to crypto for business, to protect their savings as the naira currency loses value, and to send payments abroad because it is often hard to obtain U.S. dollars locally

https://www.reuters.com/technology/crypto-giant-binance-restricts-281-nigerian-accounts-2022-01-30/

[kryptqnick]

Okay, so first of all, from what I read and others also pointed it out, we're talking about less than 300 accounts being frozen. While hypothetically alarming because they can freeze more, it's such a small amount that I think it's reasonable to assume that they weren't restricted without any reasons, and there were indeed some suspicious activities on these accounts, or they didn't comply with the current terms of using Binance. Binance isn't interested in losing customers, so they wouldn't block accounts because they simply feel like it. But they do take legislations very seriously and try to comply the best they can, so the authorities don't shut them down.

[Jawhead999]

Froze people account especially if the account still have coins is never a good action. What if they're wrongly freeze account? It shouldn't be about the IP is Nigerian user, but it should based on the activities and how it's really suspicious. It's really sad if a good Nigerian citizen bought Bitcoin with his paycheck because he's really trust Bitcoin as long term investment, but his money is gone after Binance froze his account.

[Zilon]

It's sad over 281 citizens in Nigeria fell victim of this. This is why storing your coin in a non-custodial wallet will save the unnecessary KYC verification limitations. At this point there is nothing else the victims can do other than have their accounts properly verified so they can gain back full access to their wallets. Deeply Africans need a well structured decentralized exchange to counter this pressing issues with government regulations and their enslaved centralized exchanges

[noorman0]

Can Binance truly protect Nigerian community from fraudulent activities?

Binance (or any other exchange) doesn't care if your business is clean or dirty. As long as you pay them commissions, you are free to use the platform. If they don't do this freeze, they will lose the biggest customer in Africa for not meeting the demands of the legal authorities. In any case, it doesn't mean they like this incident where they have to get bad responses from affected customers and concerns to global customers.

[Similificator]

To be honest, there really is no miracle method that'll be able to protect everyone from all fraudulent activities. But even so, there are a wide variety of ways to reduce the number of these fraudulent activities. Still though it depends on a country's regulations on how binamce and all the other centralized exchanges set up their terms of use. Which is why different countries despite having the same centralized exchange ( for example binance) still has different rules for every user that avails their services.

[bittraffic]

The government bann cryptocurrency and binance is just following the laws of the government to which case binance will prohibit Nigerians from registering. The old accounts however should have given time to withdraw their funds or at least turn their crypto to stablecoin until money laundering investigation is over.

[poldanmig]

The government bann cryptocurrency and binance is just following the laws of the government to which case binance will prohibit Nigerians from registering. The old accounts however should have given time to withdraw their funds or at least turn their crypto to stablecoin until money laundering investigation is over.

What binance did was quite surprising to all of us, but I think what binance did was the right thing to protect their users, and it's clear that all this time binance has required its users to do KYC as a way to prevent money laundering, of course It can be said that if the fault lies not entirely with the binance platform, it is the user who may actually be neglecting the obligation to do KYC all this time.

[fiulpro]

No one can actually protect any country from frauds. One have to understand the fact that it's the responsibility of the government to make the measures stricter but unfortunately in this case the government of Nigeria is itself very corrupt therefore nothing can be done. Binance can try to make those things better but how far can it go?
KYC is honestly everywhere now, I don't understand why people try to avoid it but continue to use the wallet this might result in long term probelms.

When cryptos were banned in India people were given time to withdraw their funds but at the end of the day, here the government is making them loose their money in middle of a pandemic in a country with dying economy.

People need to use different wallets which might be hidden without KYC it's still gonna be used in Nigeria for sure. Government is not capable of banning bitcoins.

[e_abrams]

I was left with the impression that Nigeria banned the cryptocurrency industry some time ago? Has that changed?

[wxa7115]

The government bann cryptocurrency and binance is just following the laws of the government to which case binance will prohibit Nigerians from registering. The old accounts however should have given time to withdraw their funds or at least turn their crypto to stablecoin until money laundering investigation is over.

I think the same, binance is just following the law, we may like it or not but they do not really have any option but to do it or they will face consequences themselves, I know that people would prefer that we could go back to a point in time in which you did not needed to go through KYC in every single centralized platform, however this is not possible anymore.

Governments are seeing in bitcoin a rival they cannot let live and as such they are doing everything they can to make the lives of bitcoin holders as difficult as they can, and this includes regulations and in some cases outright bans.

[Fivestar4everMVP]

Binance, the cryptocurrency exchange has restricted Nigerian users account to ensure users security and to protect the community from fraudulent activities saying is for a good reason. What is ur say about this.
Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

Probably the owners of the restricted accounts were into some form of illegal trading activities, I trust that binance can't just wake up one morning and decide to restrict several accounts of their customers for no just curse.
Am a Nigerian and I own and trade with my verified binance account, immediately I saw the news, I quickly checked and I can still access my account like always, so those who were restricted probably have one or two offences they've committed which is why they were restricted.

[el kaka22]

Considering Nigeria is one of the top crypto using nations in the entire world, I am sure that Binance will do everything in their power to keep them. They want to follow the rules set by the government but they also want to make sure that they are doing everything in their power to keep every single user and not lose it to their competition there.

When there is a good amount of money to be made from somewhere, you push the limits of what is legal, you do not outright do something illegal but you do something that you can defend in court at least, even if it comes down to that. This is why I am sure that they will find ways and loopholes in the laws that they will abuse as much as they can in order to get as many customers as they can.

The trading fee is a big part of their deal and they are making so much profit from only the Nigerian people alone, globally they make even more but they can't just say "we have enough" and give up an entire nation.

[gantez]

It's sad over 281 citizens in Nigeria fell victim of this. This is why storing your coin in a non-custodial wallet will save the unnecessary KYC verification limitations.

This is a lesson that we can teach ourselves that we are always good to have our coins saved by ourselves in our wallet. Some people have coins they don't trade in exchanges and is there like that. But KYC is going against the decentralised anonymous system in the first part to start with it.