Nigeria why😭😭

[Mpamaegbu]

I hope that more regulations are coming to make the 10% capital gain tax to become reality and effective, while the exchanges too should not be left alone, or they should stop providing services to Nigerians.

Those exchanges suppose to have offices in Nigeria, or they should stop their services to Nigerians.

You talk as if those in charge go take the tax derived from those companies do better thing for d cowtry wey nor be to loot am. Naija na real big crime seen and na d worse dey warm up to happen. Hardship scatter ground everywhere for dis owa Naija. Imposing sanctions hastily on these companies wey na from dem most youths dey take sustain demselves nor go smooth oh. Na small small dem dey take do all that.

[Stable090]

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

Government no fit ban binance jare, the only thing Wey government dey look for na tax, they want make binance come make dem reason things so that binance go fit dey pay tax, if binance don gree, then case don settle be that. Also even if government ban binance, we go still dey use binance, if we wan buy bitcoin na to dey use our normal p2p now, and other reputable exchanges dey now like KuCoin and their p2p dey okay also, if I no wan use binance I dey always use KuCoin.

The only place wey problem go dey be say if police stop you and search your phone, if dem see anything like binance or crypto na wahala be that ooo, dem go talk say you dey use wetin government don ban for country, you go dey need settle them be that.

[Timmzzy]

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

FG no ban binance oh na SEC place ban because of fraud activities them detect and also the ban no mean say we no go fit use BINANCE the thing just be say them dey tell you and i say anything wey we dey do for BINANCE na at our own risk

[Cryptomultiplier]

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

You may have misunderstood the news and the development,  and just to correct you,  binance have not been ban and every Nigerian is free to trade the cryptocurrency on binance but shouldn't use the exchange to store their coins most especially Bitcoin which can be readily held in a custodial wallet even hardware bitcoin wallets device which is the most secured form of self custody wallet.

The binance Nig subsidiary should respond to the lawsuit and try to comply with the governmental demand in other to operate a cryptocurrency exchange in the Nigeria business environment and I think this new development will help the government to be able to tax the cryptocurrency exchange and even it users,  so at that, Binance users will be subject to taxation unless for those who hold decentralized coins like Bitcoin in their wallet and trade them on P2P manner that one can avoid tax,  there has always been Tax invasion in the Nigeria system,  and the emergence of cryptocurrency has helped many to avoid paying tax most especially most decentralized Bitcoin coin and its transactions may be untraceable.

I at some point was thinking that the lawsuit against Binance only was targeted at the Binance U.S.  I wonder if it is the case against Binance U.S that set the lawsuit against Binance Nig. in motion? Whichever way, it would turn out positively.

I know the lawsuit against Binance Nig. is just to ensure the public is made more aware and of course inclusion of tax for traders I believe specifically.

Even if we get taxed, I wonder if the investors who invest to HoDL short or long term get affected too?
Those who also get paid their salaries/wages via the exchange, do they get taxed too?

This lawsuit is also the beginning of how cryptocurrencies, mostly Bitcoin, as the first and most dominant coin in the country becomes recognized as legal tender.

[Wiwo]

This lawsuit is also the beginning of how cryptocurrencies, mostly Bitcoin, as the first and most dominant coin in the country become recognized as legal tender.

I don't see any advantage of the sec war vs binance on either bitcoin or the entire cruotocutrncy industry to gain recognition in the country,  rather this will make room for more taxation on cryptocurrencies income and if binance Nigeria subsidiary suicide to get registered then means that the exchange will be taxed and that becomes an indirect burden on the exchange users who use it to trade one coin to another since the exchange will increase trading fees on coins that are traded in that line and also increase in their transaction fees for those who receive payment via cryptocurrencies so at whatever point,  I don't see the advantage of all this since it will open doors for more regulations and will further push people away from adopting good crypto coins like bitcoin ethereum and the rest.

[blackened515]

This lawsuit is also the beginning of how cryptocurrencies, mostly Bitcoin, as the first and most dominant coin in the country become recognized as legal tender.

The whole situation is a mess, bitcoin already gained the necessary popularity but its all about time before the projects shoots to the moon. We are living in a terrible country that prohibits the growth of its citizens. We have good knowledge about the crypto space and how entirely it operates but with the implementation of certain rules and regulations, that alone limits us from achieving what we came to do, leaving us in the dark, it's all about what they tend to achieved other than what we, the citizens stand to achieved. Alot of things gone wrong it's left for them to either fixed it or make things worse.

[Adbitco]

There are lot option to trade crypto currency that should be the least worries from we as Nigerians because there must surely be alternatives whereby p2p exchange through some reputable members here. Although someone introduced me to Bundle and I have tried it over time and is working perfectly though it is originate of Binance exchange but specifically for Africans so I don't think it should be something to worry about FG with whatever they wanna do.

[Chris44521]

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

You may have misunderstood the news and the development,  and just to correct you,  binance have not been ban and every Nigerian is free to trade the cryptocurrency on binance but shouldn't use the exchange to store their coins most especially Bitcoin which can be readily held in a custodial wallet even hardware bitcoin wallets device which is the most secured form of self custody wallet.

The binance Nig subsidiary should respond to the lawsuit and try to comply with the governmental demand in other to operate a cryptocurrency exchange in the Nigeria business environment and I think this new development will help the government to be able to tax the cryptocurrency exchange and even it users,  so at that, Binance users will be subject to taxation unless for those who hold decentralized coins like Bitcoin in their wallet and trade them on P2P manner that one can avoid tax,  there has always been Tax invasion in the Nigeria system,  and the emergence of cryptocurrency has helped many to avoid paying tax most especially most decentralized Bitcoin coin and its transactions may be untraceable.

If there are to be actual tax placement on binance and any Nigeria Bitcoin platform definitely Bitcoin will no longer answer as a decentralized crypto cause now that the politics are in play  definitely they are going to centralized it in order to monitors peoples worth.

[Charles-Tim]

If there are to be actual tax placement on binance and any Nigeria Bitcoin platform definitely Bitcoin will no longer answer as a decentralized crypto cause now that the politics are in play  definitely they are going to centralized it in order to monitors peoples worth.

Bitcoin will remain decentralized as long as you are using noncustodial wallet and decentralized means of exchange.

But the exchanges and custodial wallets are using their customers activities on their platform to make money from their customers. Like those exchanges that Nigerians are using and the exchanges are not paying Nigeria government anything and the government are losing the money that the exchanges should be paying. Also people that are using the exchanges ought to be paying tax too.

[Zaguru12]

If there are to be actual tax placement on binance and any Nigeria Bitcoin platform definitely Bitcoin will no longer answer as a decentralized crypto cause now that the politics are in play  definitely they are going to centralized it in order to monitors peoples worth.

That is for people storing on centralized platforms. Bitcoin will forever remain decentralized and privacy oriented because it is not associated with centralized platforms. The anonymity part of it is based on the user preferences. For people that don’t prioritizes privacy then they would expose their selves to the government but still this won’t stop decentralization on other aspects like government having an effect of the price of bitcoin.

[omgitsmehehe]

There are lot option to trade crypto currency that should be the least worries from we as Nigerians because there must surely be alternatives whereby p2p exchange through some reputable members here. Although someone introduced me to Bundle and I have tried it over time and is working perfectly though it is originate of Binance exchange but specifically for Africans so I don't think it should be something to worry about FG with whatever they wanna do.

There are numerous exchanges that still function as well as Binance. The government is enforcing restricted regulations in order to completely eliminate the exchange from the country, however certain individuals will always find methods to gain a safe path to access to the exchange. Of course, the government is aware of the benefits of the exchange, and because they are concerned that crypto might surpass their fiat currency, they have imposed a ban on the top-ranked exchange, Binance.  Anyone utilizing Binance will either discover a substitute for the exchange or find another way to use it in no time.

[Adbitco]

There are lot option to trade crypto currency that should be the least worries from we as Nigerians because there must surely be alternatives whereby p2p exchange through some reputable members here. Although someone introduced me to Bundle and I have tried it over time and is working perfectly though it is originate of Binance exchange but specifically for Africans so I don't think it should be something to worry about FG with whatever they wanna do.

There are numerous exchanges that still function as well as Binance. The government is enforcing restricted regulations in order to completely eliminate the exchange from the country, however certain individuals will always find methods to gain a safe path to access to the exchange. Of course, the government is aware of the benefits of the exchange, and because they are concerned that crypto might surpass their fiat currency, they have imposed a ban on the top-ranked exchange, Binance.  Anyone utilizing Binance will either discover a substitute for the exchange or find another way to use it in no time.

I think what they only wants from this exchange is share, they wants to have some benefits from binance possibly paying tax just as US are handling their own case they don't like company operating on their lands without taxation and I know same thing is what FG is looking for execution otherwise Binance has been operating for years in our country without having any issues till US started their cases with Binance.us it was then Nigerians realised they have to set up restrictions and regulation policies.

[Youngkhngdiddy]

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

My dear make you no fear, because both the federal government and sec dey waste there time as them they try stop the use of cryptocurrency for this we country, in as much as them they restrict people from using binance the p2p option still dey function properly and you fit still buy and sell crypto for Binance naija, so make you no panic because bitcoin as a crypto currency done come to stay and Binance as one of the leading exchange done come to stay as well

 But if you still no dey convinced and you dey fear say the capings wey sec and fg dey cap fit affect your operations from binance, then I'll advice you to remove your stored crypto for that particular exchange then transfer to another one wey no get restrictions from government, you fit swap your bnb to for binance to usdt or bitcoin then transfer to another Trustworthy exchange as well.
 
Just like you done talk abandoning crypto no be option, other alternatives must dey considering the binance restrictions from sec and to abandon  crypto but be like say you wan abandon the future, if they like make them do anything dem one do we crypto enthusiasts go survive this fud.

[Lida93]

On the other end binance has refuted the claims and denied anything to do with binance nigeria limited saying I has no affiliation with binance nigeria limited.

Those exchanges suppose to have offices in Nigeria, or they should stop their services to Nigerians.

Nigeria is a big market for binance and having an occupation of a physical office here in Nigeria won't be a challenge to them, as they would rather view it as an opportunity to grab the whole exchange market users based on an increase in trust on the system from the customers having the full knowledge that they now have a physical binance office close to them,  they can always go lay a complain about whatever challenges that be concerning their asset in their custody.

[Gozie51]

This binance issue no suppose worry us too much, binance still dey operate for naija. The thing na just about wanting binance to identify with them. We sabi say our government na follow follow, so dem dey follow wetin dey happen for Canada, USA also. Na about regulation wey sec want to bring come because dem want to dey know about binance business for here. No cause for alarm for now.

[Adams0001]

Federal government no go band binance dey just talk am ne, dey get some parentage where binance go give them, binance still dey work smoothly for Naija, if Federal government stop binance for Nigerian he go affect many people because na him so people dey use for trading and P2P but now self I no dey hear the news again self, I think dey done go down for the matter dey done settle them already anytime federal government dey talk about anything relating to crypto you go just come see dey no talk about am again I see dey have some money where dey dey give them too,

[Coyster]

But the exchanges and custodial wallets are using their customers activities on their platform to make money from their customers. Like those exchanges that Nigerians are using and the exchanges are not paying Nigeria government anything and the government are losing the money that the exchanges should be paying. Also people that are using the exchanges ought to be paying tax too.

I get wetin you dey talk oh, but if the Nigerian government wan dey chop money via crypto exchanges/tax on crypto, dem suppose review their policy on crypto for the country, remember say Nigerian government through the CBN ban banks from running transactions wey concern buying crypto from exchanges, that one mean say dem no too support crypto, thus if dem wan gain from crypto dem suppose make friendly policies towards it and set clear regulations (wey everybody go understand) about Crypto for the country.

[Charles-Tim]

This binance issue no suppose worry us too much, binance still dey operate for naija. The thing na just about wanting binance to identify with them. We sabi say our government na follow follow, so dem dey follow wetin dey happen for Canada, USA also. Na about regulation wey sec want to bring come because dem want to dey know about binance business for here. No cause for alarm for now.

I will agree. I do not think SEC even know that many international exchanges supposed to be paying tax. Or maybe they are working on regulatory policies.

But the exchanges and custodial wallets are using their customers activities on their platform to make money from their customers. Like those exchanges that Nigerians are using and the exchanges are not paying Nigeria government anything and the government are losing the money that the exchanges should be paying. Also people that are using the exchanges ought to be paying tax too.

They are just like banks, they supposed to be paying tax which would have been an additional source of revenue for our government.

I get wetin you dey talk oh, but if the Nigerian government wan dey chop money via crypto exchanges/tax on crypto, dem suppose review their policy on crypto for the country, remember say Nigerian government through the CBN ban banks from running transactions wey concern buying crypto from exchanges, that one mean say dem no too support crypto, thus if dem wan gain from crypto dem suppose make friendly policies towards it and set clear regulations (wey everybody go understand) about Crypto for the country.

SEC do not just know their work. They have shown incompetence in crypto related matters. SEC regulates both commodity and security markets in Nigeria. It is a shame that they do not know their work about bitcoin and other cryptocurrencies. Even if cryptocurrencies are banned by CBN, they supposed to work with lawmakers and regulate cryptocurrencies. If the lawmakers are educated to know what Nigerians are losing from crypto taxes, they will come up with crypto regulation. In this present time, financial bill included 10% capital gain tax.

Some people thought a lot of thing came from the former president indirectly through the suspended CBN governor, CBN perfectly studied about cryptocurrencies for years before the ban, they only saw EndSARs as an opportunity, not what is directly from the president. CBN can not stop buying and selling of bitcoin and other cryptocurrencies, CBN knew and talked about it. They only wanted to discourage businesses, in favor of naira, it is not about EndSARs.

Another one was naira redesign. People thought that it was Buhari's initiative, but some governors did investigations and clearly stated by El Rufai that the CBN is the cause which we later knew about. Maybe correct or not, the suspended CBN governor had nothing to say about it directly.