Can Binance action revitalize Nigeria community?

[Skinny48]

Nigeria has a big history in cryptosystem world right now and CZ knew that already so if they are restricting some accounts for some time its for the best, you should look into how many Nigerians are into crypto this days the number is big.

[lumbanrang]

thinking that Nigeria is one of the countries with the largest crypto users in the world, Binance might be able to revitalize the crypto community in the country with some actions like account freeze, etc. But back to the local government, do they agree with the steps taken by Binance?

[Zlantann]

Binance have been accused by most government of poor money laundering check. The firm is just trying to clear it's name by showing that it can clampdown on illegal transactions.

Yes its actions might make them gain more trust, but its too harsh. They would have informed the account users about their suspicions, warned them of the consequences , advice them to deregister from the platform before freezing.

If this process was not followed, then everyone's account should be unfrozen and those found guilty of fraud (after thorough investigation) should be advised to move their funds and bared from the platform.

My stand is because you can't enforce a new rule without notifying your clients.

[tygeade]

Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

In order to comply with local Nigerian law, it seems binance is no more allowing people from Nigeria to trade with them. But, freezing out funds leads me to think differently because for the reason of government law, an exchange should give users time to withdraw funds by announcing about termination of services well in advance. Simply freezing of funds should be only for the case of breach of terms and services of exchange. So, binance may take further action regarding this as probably they may temporarily froze funds to get time to comply their services with law.

[Xinarae*]

Nigeria is far ahead in terms of crypto use binance is not given to minors or validators who are responsible for processing transactions and securing the associated blockchain network. But whether binance action can revive the nigerian community will depend on the government of their country if it becomes legal you select the network that is compatible with the withdrawal address there will be no barriers to raising funds.

[TheNineClub]

Restrictions of any kind can definitely reduce the restricted actions, but will definitely not completely eradicate them. SO there is always merit in choosing to protect what can be protected and raise the overall security of your business and its customers. However, as I stated numerous times on this forum, crypto is not the solution to a deeper economic problem, nor can one company alone shift a mindset of a certain country. The change needs to be systematic, it needs to come from within the society and it needs to be widespread to all parts of its economy to truly work.

[Flexystar]

With the amount of control binance is getting I am pretty sure that not users but Binance would benefit a lot from this matter. Obviously if they have taken the big step like freezing the account then there has to be control issues. For example, this seems like forceful KYC completion and thus user has no options but to showcase their crypto earnings to the government. I think one way other this is good for government since as far as i know Nigeria is not that rich country and have no plans of developing in the near future. Most of them are so busy in under education and fleeing out of the country for the hunt of jobs and post education.

So this has complete relation with government trying to take as much info as they could from binance and have taxes levied for the state purpose.

[Cookdata]

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.

If you don't have any proof to back up your claim, I'll assume it's a big fat lie.
No exchange would want to promote fraud, and no exchange would want to be fined and punished if they boycott her host community. Most exchanges, particularly Binance, ensure that they obey all country requirements, which is why they stop NGN fiat deposits and withdrawals from their exchange. No exchange would condone or enable fraud, period.

[noorman0]

If you don't have any proof to back up your claim, I'll assume it's a big fat lie.

Otherwise, is there any proof to your claim?
I don't think any proof is needed, as this is opinion. By the way, have you read this entire thread? What do you think caused those accounts to be frozen? Did Binance suddenly have the initiative to do it without any regulatory pressure they had to comply with? Do you think this action will not have a negative impact, especially if the accounts are not proven to have violations?

They create user policies in such a way and execute violators to fulfill regulatory demands. If they are not regulated, they will let you do business however you want using their platform because they are not responsible for anything that happens afterwards.

It's no secret that all businesses have risk, and all crypto players also hold to the principle that their risk is greater.

[Accardo]

It's a tough experience for traders that locked their funds on Binance. The Nigeria government banned cryptocurrency to Fiat transaction. That is linking your bank account to any cryptocurrency exchange or wallet and withraw directly to your bank account. And they is no other possible means of banning the peer to peer kind of trading in Nigeria.

The Nigerian government make money from bureucrats by selling dollars at a higher rate to them through the central bank of Nigeria. So the average Nigerian buy dollar at a very high rate, therefore the cryptocurrency method of getting dollar and changing it to Nigerian currency has made alot of Nigerians to forget the bureau de changers and trade peer to peer since they see more profits because they sell the Bitcoin at a good rate.

I have noticed that the government don't prefer it when citizens have a way out to getting things like dollars and they cannot regulate it. Therefore, the freezing of some Nigerians account on Binance could be one of the tricks the government want to integrate to help regulate a good number of Nigerian cryptocurrency traders by rending some people to go back to the local bureau the changers to boost the dollar market in Nigeria.

Fraudulent activities happen everywhere and it's not a strong reason to freeze people's account without any warning. I think their Government concealed their intentions such that Binance will see a reason to accept the offer of freezing some Nigerian accounts.

[romero121]

Why Binance has restricted some Nigerian accounts

Binance have restricted specific number of personal accounts upon the request of international law enforcement. According to the information from the news article 281 personal accounts have been restricted to prevent fraud and ensure the platform's security. In specific CEO Binance added

“User security remains our top priority,” he said. “We love and are devoted to our Nigerian community, but we must ensure that our users are safe.”

Some #tags connected with Binance have been trending in twitter. Further it is said 79 cases have been resolved and are working on it. People will regain access as the team is working on speed resolution on those accounts.

[CryptopreneurBrainboss]

Can this action yeild a better result?
Can Binance truly protect Nigerian community from fraudulent activities?

When you say better results do you mean for Nigerian or for Binance? From the looks of things Nigerians are the ones most affected here and not Binance. I did a thread on this topic here; Binance & Nigerian; Most recent development on frozen funds without prior notice the affected accounts are in their hundreds, you can't tell me all those are associated with what ever investigation they're doing. Why punish innocent individuals that make a living from your platform just because of some bad eggs. Among the hundreds, there would be traders, investors etc that would have lost heavily due to the market correction.

Nigerians rely on Binance for peer2peer transaction, there are so many noobs coming into the industry to escape the hardship in the country, it'll be hard to keep up even if you're trying to enlightened them on what to do or not to do in regards to trusting centralized exchange with their funds. This centralized service does the most outreach in teaching about Bitcoin so unconsciously they're to use this platforms. I'm still not in support of this decision by Binance but I don't blame them though, they have their terms and have to complie with the government but they should know, they have lost many trust of Nigerians.

[Oshosondy]

Binance have restricted specific number of personal accounts upon the request of international law enforcement. According to the information from the news article 281 personal accounts have been restricted to prevent fraud and ensure the platform's security. In specific CEO Binance added

But it can be very disappointing if the price of the coins that was seized by binance dropped significantly, it can also increase though, but if it drops, it will be a bad experience for Nigerians that are not fraudsters but their coins were seized or their accounts were freezed.

Some people are actually fraudsters, if such people are caught, it will be good, they were unable to successfully fraud but this does not mean fraudsters are not using custodial exchanges successfully even in a way the custodial exchanges will never know anything about it as it is not directly connected.

It is good to use noncustodial ways instead of not having total control, I do not mean fraudsters but people that are innocent and their coins are seized.

[Wiwo]

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 the Nigerian community from fraudulent activities?

According to Binance, the action is in line with global anti-laundering law and not only peculiar to Nigerian users alone. Binance is a centralized exchange which makes it regulatory compliance so any user on binance knows that. before going ahead to open an account and going through the KYC process on the exchange you have to be prepared to take whatever comes from it to be on a safer side don't store large amounts on an exchange.

[RealMalatesta]

Binance have restricted specific number of personal accounts upon the request of international law enforcement. According to the information from the news article 281 personal accounts have been restricted to prevent fraud and ensure the platform's security. In specific CEO Binance added

But it can be very disappointing if the price of the coins that was seized by binance dropped significantly, it can also increase though, but if it drops, it will be a bad experience for Nigerians that are not fraudsters but their coins were seized or their accounts were freezed.

Some people are actually fraudsters, if such people are caught, it will be good, they were unable to successfully fraud but this does not mean fraudsters are not using custodial exchanges successfully even in a way the custodial exchanges will never know anything about it as it is not directly connected.

It is good to use noncustodial ways instead of not having total control, I do not mean fraudsters but people that are innocent and their coins are seized.

This happens all the time with many exchanges. Not "seized" but the exchanges gets frozen, I have seen plenty of exchanges never handling the load correctly and whenever there are some big movements up or down they end up crashing and that causes websites to go down for a while until it can get back.

This means people who have funds there would have to watch the market go up or down while not being able to use their funds to buy or sell. This is just way too common and people just learned to ignore it after a while, can't say that it was something that we should ignore but it is Binance we are talking about and I am sure alternatives wouldn't be all that much better.

[Mahanton]

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 had made out such decisions because it was just a response from Nigerias Central Bank.
You could read up more on this link. https://thepaypers.com/cryptocurrencies/binance-suspends-nigeria-deposits-after-central-bank-ban--1247108

So far, the CBN has not provided an official reason for the sudden order that is sending panic through social media.
Source: Link above.

So this one isnt Binance own action.

[Cookdata]

Otherwise, is there any proof to your claim?
I don't think any proof is needed, as this is opinion.

There is difference between fact and truth.
When you said binance are fueling illicit activities, your opinion doesn't just wake up your mind and say something like that, you should have read it somewhere before your opinion may count on a statement. I don't trust centralized exchange after reading so many count charges on Tether manipulation but your statement doesn't justify binance.

I read about those freeze accounts and I was damn Happy about that, they were rusting p2p section for other legitimate traders and hustlers.

[doomloop]

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?

I do not know if I understand it correctly but at first read, that sounds racist. They restrict Nigerian users to protect their community but which community? Was it binance or Nigerian? It seems they aren't different to others that thinks Nigerian people are fraudsters and now you ask if this actions can yield better result? lol, to binance maybe but to the other party no.

If there's anyone that they are protecting, that is their selves and the other countries that they like but it shouldn't be like this, discriminating must be stop now. Cryptos are something that can make the lives of people or their economy improve and all have the rights to use it. Cryptos aren't controlled by someone else.

[noorman0]

There is difference between fact and truth.
When you said binance are fueling illicit activities, your opinion doesn't just wake up your mind and say something like that,

There is a difference in the meaning of the words "fueling" and "don't care". Not caring doesn't mean it will be the cause if it's in the other party's control (authority). From the start, actually none of your opinions contradict mine.

-snip-
If they don't do this freeze, they will lose the biggest customer in Africa for not meeting the demands of the legal authorities.

-snip-
Most exchanges, particularly Binance, ensure that they obey all country requirements

Your opinion is basically "binance is trying to comply with regulations". Then where is your disagreement with me?

-snip-
you should have read it somewhere before your opinion may count on a statement. I don't trust centralized exchange after reading so many count charges on Tether manipulation but your statement doesn't justify binance.

I read about those freeze accounts and I was damn Happy about that, they were rusting p2p section for other legitimate traders and hustlers.

A person can have an opinion instantly by reading and drawing conclusions from the situation or case being read. That is the result of authentic thinking (the true meaning of opinion). If you're asking where I generate thoughts, I've read this thread and you missed these parts,

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.

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

This freeze is a regulatory initiative, not binance. So what's your opinion if regulation isn't involved?

I'll tell you again, centralized exchanges will seize money for only 2 things:
Disadvantaging them such as attacking their security systems (especially centralized wallets), cheating in reward programs.
Regulatory orders. Even if your account is hacked, your case will not be processed if you don't attach a police letter.

If you have reasons other than the above that prompted Binance to freeze your account, please show me a case in point.

[wxa7115]

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.

Most of the time people will choose comfort over security and privacy and even in this market that is the way it works, I can understand that those that actively trade will leave their coins on the exchange as there is not really any other option for them, but those that do not do so and make the occasional trade do not have any justification.

Most of the time they do this out of convenience but also because they do not want to spend some of their bitcoin on the fees to move it in and out of the exchange, and in their attempt to save themselves some money they exposed themselves and lost everything.