Nigeria's government suspensio of Binance exchange. What's your take?

[TheVeteranAngel]

Since the ban on crypto in February 5, 2021, every move made by the Nigerian government seems to have missed the mark. Initially citing concerns about money laundering and terrorist financing, the restriction on commercial banks from processing crypto transactions has not yielded the intended results. Instead, it has resulted in significant financial losses for both the banks and the country funds that could have been retained to peer-to-peer (P2P) operations.

The government appears to have overlooked Nigeria's status as Africa's leading crypto hub and one of the top 10 globally. Attempts to halt crypto transactions seem futile given its widespread adoption. This latest action by the government appears to be another misstep.

Considering the positive impact of crypto on the lives of many unemployed graduates, the government's decision comes across as callous and indifferent. A more constructive approach would have been to allow commercial banks to operate within a regulated framework. However, it seems they are turning a blind eye to potential solutions.

While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

[Charles-Tim]

While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

No exchange suspension nor any ban for now.

Edit:
To make this clearer, the Binanace URL is not working as NCC said it should be taking down by ISPs in Nigeria, but the mobile app is still working and you can use it to access Binance.

[Mate2237]

There is a thread on this matter and I also created a thread on this yesterday and later discovered that someone has already created a thread for this the same matter so I have to make comment on the user's thread and delete my thread and also report it and the moderator moved it to archive so what I will want you to do is to lock this one and go and make comment there.

And according to information I got Binance was not suspected. And it was some challenges faced the site and it has been fixed and everything is working perfectly now. Lock the thread.

[nelson4lov]

~Snipped
While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

My opinion is that them simply go after the most popular exchanges and Binance is at the forefront of it. Kraken and Coinbase na just collateral damage because Nigerians wey dey use those exchanges no plenty. Both Kraken and Coinbase dey deep rooted in the US so them dey heavily regulated. Binance on the other hand, accounts for at least 80% of the volume from Nigerians (I no too sure odf the numbers right now, this was from last time I checked).

Nothing about their decision making process other than the fact that they don't know how crypto work and just using it as an avenue to push blame to.

There is a thread on this matter and I also created a thread on this yesterday and later discovered that someone has already created a thread for this the same matter so I have to make comment on the user's thread and delete my thread and also report it and the moderator moved it to archive so what I will want you to do is to lock this one and go and make comment there.

And according to information I got Binance was not suspected. And it was some challenges faced the site and it has been fixed and everything is working perfectly now. Lock the thread.

Binance web is still restricted since yesterday. I just got this error from trying to access their website using any IP from our ISP:


Binance sent a mail earlier this evening to users in the country about it. And according to them, The app is still accessible but the website itself cannot be accessed.

Dear Binancian,

We are aware that some users are experiencing issues accessing binance.com, along with other platforms in the industry. Only users attempting to access the website are impacted, although the App is currently available.  

Importantly, all user funds are secure and accounts can still be accessed.

We remain committed to the adherence to local regulations and laws. We continue to actively engage with regulators, policymakers and other relevant stakeholders to foster an open transparent dialogue about managing the evolving landscape of cryptocurrency.

Yesterday, most people reported not being able to access both the app and the web version. Although I didn't experience such all through the saga, I still think ISP in Nigeria have done something to disrupt access to Binance web because it was working until yesterday when word about the supposed ban started to circulate.

[Nangiconference]

While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

No exchange suspension nor any ban for now.

Open this link you go know say them don already ban am.
https://naijnaira.com/full-list-of-crypto-platforms-federal-government-has-blocked-over-forex-manipulation/
https://www.google.com/url?q=https://www.thecable.ng/crypto-clampdown-mobile-app-not-affected-binance-tells-nigerians&sa=U&ved=2ahUKEwi1jZKB9MKEAxVEU0EAHXPCCRYQxfQBegQICRAC&usg=AOvVaw1Ktb-jOc4BSO6C_5nsQBR5

[Charles-Tim]

Open this link you go know say them don already ban am.
https://naijnaira.com/full-list-of-crypto-platforms-federal-government-has-blocked-over-forex-manipulation/
https://www.google.com/url?q=https://www.thecable.ng/crypto-clampdown-mobile-app-not-affected-binance-tells-nigerians&sa=U&ved=2ahUKEwi1jZKB9MKEAxVEU0EAHXPCCRYQxfQBegQICRAC&usg=AOvVaw1Ktb-jOc4BSO6C_5nsQBR5

It is nelson4lov that is correct and I gave him 1 merit for it, but he posted two times consecutively and the post was merged was the reason you did not see then merit. Binance URL is not working as it has been taking down by the ISP as it was instructed by the NCC but Binance mobile app is still working and you can use the Binance app to access the exchange and it will work.

[Dailyscript]

While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

No exchange suspension nor any ban for now.

Edit:
To make this clearer, the Binanace URL is not working as NCC said it should be taking down by ISPs in Nigeria, but the mobile app is still working and you can use it to access Binance.

Your right.

But don't you think very soon they might as well restrict location? Like Binance, it may not be able to be downloaded on any mobile phone whose location is in Nigeria. That means we might be using a VPN to access or download Binance.

That would be crazy, you know, because anyone who lost his phone or deleted Binance from his phone will find it hard to get the app again.

[Olatundespo]

Binance fit dey face more wahala or scrutiny pass other exchanges sake of the plenty volume wey dem get from Nigerian users. E dey important make we sabi say government actions or investigations against exchanges fit come from different reasons including say dem no comply with laws, security concerns and e fit no be only based on the people wey dey use the platform.
Government bodies all over the world don dey focus more on cryptocurrency exchanges to make sure say dem dey follow the existing laws and regulations wey concern anti-money laundering AML and KYC requirements. Exchanges like Binance, Kraken, and Coinbase dey subject to government scrutiny and fit face punishment based on how dem dey operate and how dem dey comply with regulations, no matter the type of people wey dey use their platform.

[sokani]

Binance URL is not working as it has been taking down by the ISP as it was instructed by the NCC

I was able to access the website yesterday using Airtel network, perhaps they've lifted the restriction or they're rolling it out in phases.

But don't you think very soon they might as well restrict location?

~snip~

That would be crazy, you know, because anyone who lost his phone or deleted Binance from his phone will find it hard to get the app again.

Yes, they can restrict Nigerians access to Binance app on Play store, perhaps the idea hasn't struck them yet. If that happens, having the app on your phone will be pointless because you won't have access to Binance services but I hope it doesn't come that.  

That means we might be using a VPN to access or download Binance.

Binance mobile application and website can be accessed using VPN, however you need to look for a good VPN to be undetected, or else you risk having your account blocked.

[Gozie51]

The Nigerian government too dey chase shadows and these shadows dey affect the people wey dey try meet up with this hardship wey dem put people into. I know how many people wey don dey worry about this kind news say dem ban binance as Naira dey fall. Me I con dey ask say wetin concern binance and Naira wey dey fall as a result of high dependence on importation. Like if you want to import, you have to price in dollar and not in Naira.

Abeg make dem leave exchanges alone make guys dey feed from them. If dem want to check money laundering, dem no dey see officials wey dey thief billions, till today dem still dey smuggle things enter wey no suppose and custom and immigration dey allow am after taking bribe. Some people say naija na cruise. How can you get things right wey every president wey come, there have been debate about their academic verification.

[Y3shot]

This our government they do not even understand what is the problem of this bad economy.  What has binance,  crypto have to so with economy of the country.  Stealing of money from politicians is the main reason we are going through what we face today, mismanagement of funds by the politicians is also the problem . This government are just looking for what to blame for the constant of naira.

[TheVeteranAngel]

Binance fit dey face more wahala or scrutiny pass other exchanges sake of the plenty volume wey dem get from Nigerian users. E dey important make we sabi say government actions or investigations against exchanges fit come from different reasons including say dem no comply with laws, security concerns and e fit no be only based on the people wey dey use the platform.
Government bodies all over the world don dey focus more on cryptocurrency exchanges to make sure say dem dey follow the existing laws and regulations wey concern anti-money laundering AML and KYC requirements. Exchanges like Binance, Kraken, and Coinbase dey subject to government scrutiny and fit face punishment based on how dem dey operate and how dem dey comply with regulations, no matter the type of people wey dey use their platform.

You are right, regulations of crypto exchanges is the way to go and not the ban. Advanced countries are putting measures in place to see how well it can be regulated but unfortunately for our Nigerian government they are clueless and don't know what to do hence banning is what may comes to their minds similarly to the unsuccessful attempt they did with Twitter in the last administration. I think it's high time Binance as the biggest CEX starts complying with countries regulations. This lack of compliance has affected them in other several European counties like Canada, Australia, UK and many more. If exchanges like Bitget can comply with this extants laws and are operating without any issues, I think Binance can do same however I don't know for now if Bitget has license to operate in Nigeria but from what I read, they usually obtain license in most countries where they operate.

[Manlikefrank1]

Since the ban on crypto in February 5, 2021, every move made by the Nigerian government seems to have missed the mark. Initially citing concerns about money laundering and terrorist financing, the restriction on commercial banks from processing crypto transactions has not yielded the intended results. Instead, it has resulted in significant financial losses for both the banks and the country funds that could have been retained to peer-to-peer (P2P) operations.

The government appears to have overlooked Nigeria's status as Africa's leading crypto hub and one of the top 10 globally. Attempts to halt crypto transactions seem futile given its widespread adoption. This latest action by the government appears to be another misstep.

Considering the positive impact of crypto on the lives of many unemployed graduates, the government's decision comes across as callous and indifferent. A more constructive approach would have been to allow commercial banks to operate within a regulated framework. However, it seems they are turning a blind eye to potential solutions.

While Binance, Coinbase, and Kraken are among the suspended exchanges, it begs the question: Why these specific exchanges? Why not others like Bitget and Kucoin? These discrepancies raise concerns about the government's motives and decision-making process.

Nigeria don’t know how tackle issues,when creating policy and sanctions.for binance to tackle cancellation of p2p is not best solution but instead of creating a board and regulatory structure which help in this activity.