Government demanding from Binance the lists of its Nigerian users

[Charles-Tim]

FG detains two Binance executives –Report

Two senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app.

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

[Marvelockg]

FG detains two Binance executives –Report

Two senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app.

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

It's now obvious that our leaders want to use their hand to cripple our economy. Why the so much interest in crypto? They've not thought on ways to focus on dependence on our  locally manufactured goods or look for how to get Thier refinary working again so we don't have to be exporting our crude in exchange for petrol and they think looking for all the binance users will be the best solution to the current economic hardship?

The only reason why they are doing all these is just to make the gullible minds to believe that the problem and major reason behind the current economic hardship is from these trading platform.

If we even compare the amount of transaction that goes on binance to the amount of money used in importation and exportation of crude oil and petrol, which should be our concern? Because they are not directly benefitting from binance users they want to threaten them, why haven't they thought of looking for all those depending on imported product or make it compulsory that everyone must consume locally manufactured goods?

Make them de play.

[Rruchi man]

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

Is this even a legal move of our government or they're just trying to bully binance? With the news of their P2P already down on binance, it has already sent many users out of the platform and by the close of today many more people would leave binance and move to other exchanges where they can still trade their Bitcoin for naira.

If Binance bends to the government and submit a list of its users, it will further reduce the trust that other people in other countries who use their services have for the company. They will loose many customers.

[Charles-Tim]

Is this even a legal move of our government or they're just trying to bully binance?

It is not appropriate at all is all I think about it. They flew to the country immediately Nigeria Binance users were blocked to access the exchange on the web. They flew to Nigeria it discuss with the government and regulators. But what they could do to them is to detain them.

With the news of their P2P already down on binance, it has already sent many users out of the platform and by the close of today many more people would leave binance and move to other exchanges where they can still trade their Bitcoin for naira.

Even if all centralized exchanges are banned, people will move to decentralized exchanges.

If Binance bends to the government and submit a list of its users, it will further reduce the trust that other people in other countries who use their services have for the company. They will loose many customers.

Yes. But we all know that ones your personal identities are submitted on exchanges, no privacy. This is one of the disadvantages of using centralized exchanges.

[Su-asa]

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

Is this even a legal move of our government or they're just trying to bully binance? With the news of their P2P already down on binance, it has already sent many users out of the platform and by the close of today many more people would leave binance and move to other exchanges where they can still trade their Bitcoin for naira.

If Binance bends to the government and submit a list of its users, it will further reduce the trust that other people in other countries who use their services have for the company. They will loose many customers.

This is frustrating because it affects both we the users and the binance exchange it selfs, the government are not helping this our economy with their so called regime. Crypto is not in any way spoiling our economy but the government are the ones making sure to frustrating crypto users. However for those that doesn't find it difficult to sell their coins on binance I think there is another method you can use to sell your coins ASAP, but before you sell your coins you must first of all swap your BTC to USDT and send it through fiat.

[Rruchi man]

With the news of their P2P already down on binance, it has already sent many users out of the platform and by the close of today many more people would leave binance and move to other exchanges where they can still trade their Bitcoin for naira.

Even if all centralized exchanges are banned, people will move to decentralized exchanges.

This is what I strongly believe, we will always find a way.

[Majestic-milf]

 If you know you are going to begin snooping into the affairs of Binance, why give them the go ahead to operate here? It's attitude like this that makes us believe that our government have run-out of ideas to push the country forward and are looking for various means to shift the blame because why will you ask for the personal details of the users if not for you to be monitoring the accounts to at least maintain a semblance of control? Naija no go ever change no be lie because we get other things wey dey bother us but we govt choose to enter Binance like say that nai be the real cause of the hardship.
 

[Richbased]

Already when the ban placed on cryptocurrency was lifted I saw it as a strategy that the government want to use to fish out people who are into cryptocurrencies in the country and this clampdown on binance and arresting binance officials is not the best way to fight naira depreciation but however, this is the more reason why we have always been advised not to store our coins in exchanges because of developments of this nature or the exchange being hacked by some unfortunate hackers.

I think with this recent development on binance by the Nigerian government would make a lot of individuals in the country who have been storing their coins in an exchange to make a u-turn and start making use of non-custodial wallets like electrum and others for the safety and security of their assets.

[Asiska02]

FG detains two Binance executives –Report

Two senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app.

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

I can’t wait to see how this matter will turn out to be. Is it binance that is the cause of Nigeria economy downfall?
Or the government trying to leverage on them for the citizens to think they’re on top of the matter with top gear? Whatever the matter is, we shall wait to see the end of this drama.

 At some point, if the binance is actually the problem causing the economy hardship to the country which the government claimed that the exchange is used by Nigerians to set their foreign exchange rates by themselves thereby disrupting the effort made by the government to make the economy stable for its citizens, they should clamp on them.

If dollar is the issue, can’t we take the dollar away and not make use of it as our primary currency for foreign exchanges? Is it that hard to do. Other countries that don’t use them are doing fine. Do our leaders even know the cause of the problem we are facing in the country now at all? If the Naira doesn’t appreciate against dollar in some weeks time, that is when they will know that it isn’t the p2p operators on binance that are the main problem to the economy but bigger players than that are the ones making it hard for the economy to thrive.

Will disclosing the identities of Nigerians using binance make the economy stable? If Yes, let them do it and see the government officials that are also holding cryptocurrencies in their wallets, as long as we have not involved in anything illegal while using it.

[Davidvictorson]

FG detains two Binance executives –Report

Two senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app.

Charles see eh, this matter go long. I tell you. From what I am reading on the internet not from official source though, dem talk say the FG dey accuse Binance based on the following -

• Money laundering - FG talk say Nigerians dey pass billions of dollars through the app.
• Tax evasion
• Terrorism and organized crime financing

And as e be now, Binance fit release users data to FG like this. Binance fit comply with FG to release user data based on their Government Law Enforcement Request System wey require them to to submit information requests. In the case of money laundering allegation, dem fir pay big fine just as dem pay for US last year. Remember say for November 2023, dem Crypto admits to money laundering and dem come pay $4.3bn.

The worse wey fit happen be say FG go tell them to close shop.

We sidon dey observe.

[GiftedMAN]

If you know you are going to begin snooping into the affairs of Binance, why give them the go ahead to operate here? It's attitude like this that makes us believe that our government have run-out of ideas to push the country forward and are looking for various means to shift the blame because why will you ask for the personal details of the users if not for you to be monitoring the accounts to at least maintain a semblance of control? Naija no go ever change no be lie because we get other things wey dey bother us but we govt choose to enter Binance like say that nai be the real cause of the hardship.
 

I have a different view concerning the interference of the Nigerian government into the affairs of binance maybe they want to use this opportunity to task them more since they believe binance has more number of people that are using it's exchange for P2P transactions or they believe that attacking binance will make people to stop using the app there by making the price of dollar to drop below 1500 Nigerian naira who knows. Secondly I think the government wants to start tracking the account details of finance users so that they can freeze their bank accounts since they believe that people who holds dollars in their accounts are the reason why the naira keeps going down while the price of the dollar keeps climbing.

[Mate2237]

This one na serious matter oh. Nigeria financial institutions are confused of where the problem is coming from so them dey accuse everyone wey they do well in the as their problem. Last three weeks federal government order the Nigerian Army to arrest black market dollar exchanging Aboki people. And chase out the remaining ones. And that made Peter Obi to come to the media to abuse the FG. And the harassment of those people will not provide any solution to the inflation in the country.

The government is saying that it is because Binance is not regulated by the government so anyone can just wake up and increase their prices of buying and selling of cryptocurrency and that made the dollar to rise so they are investigating the matter now.

[Obim34]

This one na serious matter oh. Nigeria financial institutions are confused of where the problem is coming from so them dey accuse everyone wey they do well in the as their problem. Last three weeks federal government order the Nigerian Army to arrest black market dollar exchanging Aboki people. And chase out the remaining ones. And that made Peter Obi to come to the media to abuse the FG. And the harassment of those people will not provide any solution to the inflation in the country.

The government is saying that it is because Binance is not regulated by the government so anyone can just wake up and increase their prices of buying and selling of cryptocurrency and that made the dollar to rise so they are investigating the matter now.

What a country like Nigeria, I believe there are many more stories yet to unfold, this past few days I have heard alot and more are still yet to unfold. They have made their move for the betterment, right? Now we are left with no any choice than to just sit and observe if things will begin to change positively. Since the beginning of this matter, I know the government is heading somewhere, they just beating round the bush with time we will see their true intentions.

[Miles2006]

Onanuga will just be giving wrong narrative about binance, almost all the news I come across today it's either Onanuga will speak something negative like some Nigerians abused the transactions of foreign exchange, I believed all this negative comments triggered the current situation, if I may ask abuse in what way and I came across this fishy news about $26 billion passed through the crypto space from an unknown source. What's behind this is very big and we'll keep  hearing stories upon stories but still I don't  get the point when Onanuga said binance is standing as a sabotage to our economy, this statement is just too nonsense besides let's see how the economy will look like without binance since their focus is FX rate.

[DaNNy001]

This one na serious matter oh. Nigeria financial institutions are confused of where the problem is coming from so them dey accuse everyone wey they do well in the as their problem. Last three weeks federal government order the Nigerian Army to arrest black market dollar exchanging Aboki people. And chase out the remaining ones. And that made Peter Obi to come to the media to abuse the FG. And the harassment of those people will not provide any solution to the inflation in the country.

The government is saying that it is because Binance is not regulated by the government so anyone can just wake up and increase their prices of buying and selling of cryptocurrency and that made the dollar to rise so they are investigating the matter now.

What a country like Nigeria, I believe there are many more stories yet to unfold, this past few days I have heard alot and more are still yet to unfold. They have made their move for the betterment, right? Now we are left with no any choice than to just sit and observe if things will begin to change positively. Since the beginning of this matter, I know the government is heading somewhere, they just beating round the bush with time we will see their true intentions.

The truth is that, I think the burden of being the first administration ever to have risen the naira to almost 2k per dollar is really messing with this new administration and that's why they have decided to come out ranting and let the public know that they are actually working and finding solutions to the actual problems but the bitter truth is they don't actually have a clue to how these issue keeping coming and also on how to rectify them also.

[Adams0001]

This one na serious matter oh. Nigeria financial institutions are confused of where the problem is coming from so them dey accuse everyone wey they do well in the as their problem. Last three weeks federal government order the Nigerian Army to arrest black market dollar exchanging Aboki people. And chase out the remaining ones. And that made Peter Obi to come to the media to abuse the FG. And the harassment of those people will not provide any solution to the inflation in the country.

The government is saying that it is because Binance is not regulated by the government so anyone can just wake up and increase their prices of buying and selling of cryptocurrency and that made the dollar to rise so they are investigating the matter now.

No be small matter be this ooh, now dey think say na Binance dey make dollar raise like this why dey know talk about other exchange na binance dey put eyes for since na him popular pass, now waiting I never understand If dey blocked binance all the coin you have inside will be lose you won't get another way to access it, but I know they will later settle because even all this our big leader are doing trading online through exchange they won't allow they should bad it,  because he will affect them.

since FG done get access with binance they can get any task with them that is why dey decide to bad it, binance where we dey use dey buy coins to invest na him dey on bad for us, why this our government dey do like this, Work no dey country now if you no get any long hand that will help you out you will never get, and we decide to learn about cryptocurrency and we start to get profit with our investment money, and now dey on bad binance where person dey use swap coin and another things am just praying dey should settle each other soon.

[CryptopreneurBrainboss]

Charles see eh, this matter go long. I tell you. From what I am reading on the internet not from official source though, dem talk say the FG dey accuse Binance based on the following -

If this rumours na true then the Nigeria FG wan just cashout from Binance because say US dun do their own. I been just know say after US successfully make Binance pay fine for the allegations wey dem been give them say other countries go begin dey try their luck and Nigeria no dey carry last so I no suprise to see all this rumours flying around although I go wait first for the FG to come out come talk am demselfs before I go believe wetin you dey talk so. Na the disadvantage of a centralized system be this. Binance need to do anything wey the governments wants or dem go lose the money wey dey Nigeria as alot of crypto traders full their exchange from the country.

They're willing to sacrificed P2P trading volumes than to lose everything, exchanges are only for business so make we no dey think say dem get our best interest. But sha nothing come out for this demand wey FG dey ask about. Wetin dem go use the names do unless dem get their own agenda and get specific people wey dem dey target because I no see any point for this whole discussion.

Tinubu just dey fall my hands self, I thought he was better than all this but I believe say an frustration and cluelessness dey do the man. Him governments never even reach anywhere things dun dey scatter. Make him better bring good policy wey go help the country economy and leave all this ones wey him dey do so as dem be temporary solution and not everlasting stop to the deprecation of the Naira.

[Obim34]

This one na serious matter oh. Nigeria financial institutions are confused of where the problem is coming from so them dey accuse everyone wey they do well in the as their problem. Last three weeks federal government order the Nigerian Army to arrest black market dollar exchanging Aboki people. And chase out the remaining ones. And that made Peter Obi to come to the media to abuse the FG. And the harassment of those people will not provide any solution to the inflation in the country.

The government is saying that it is because Binance is not regulated by the government so anyone can just wake up and increase their prices of buying and selling of cryptocurrency and that made the dollar to rise so they are investigating the matter now.

What a country like Nigeria, I believe there are many more stories yet to unfold, this past few days I have heard alot and more are still yet to unfold. They have made their move for the betterment, right? Now we are left with no any choice than to just sit and observe if things will begin to change positively. Since the beginning of this matter, I know the government is heading somewhere, they just beating round the bush with time we will see their true intentions.

The truth is that, I think the burden of being the first administration ever to have risen the naira to almost 2k per dollar is really messing with this new administration and that's why they have decided to come out ranting and let the public know that they are actually working and finding solutions to the actual problems but the bitter truth is they don't actually have a clue to how these issue keeping coming and also on how to rectify them also.

What a messed administration, can't believe if they are truly doing this with clear conscience of solving this problems without having personal intentions to gain from it. This government has a very good understanding of everything going on, trust me when I say Nigerian government are fully aware of the demanded solution but in one way trying to aswell play things out on their favor.

[7juju]

FG detains two Binance executives –Report

Two senior executives of Binance were allegedly to have been detained by the federal government. The executive officers flew to Nigeria after Binance website was taken down by the NCC in a way Nigeria can not be able to access the website. Although, the site is still accessible through the mobile app.

The federal government are demanding to see a list of Binance Nigerian users since the exchange inception, a person familiar with the matter said.

Has there been any official announcement from Binance verified account stating that their officials were arrested by the Nigerian government? I read something online yesterday, one of the government spoke person said that they didn't arrest Binance official as speculated, rather they are in serious discussion with Binance to proffer solution to the situation on ground. Since Binance has not made any official announcement that their officials were arrested by the federal government, let's not draw a conclusion to this matter.

[Gozie51]

This na the case of say Nigerian government don murder sleep and pikin wey say im mama no go sleep, the pikin too no go sleep, na as simple as that. The thing go be like rat race and they will make other exchange to dey popular for naija until we finally begin patronize decentralised exchange because some guys don already dey settle with P2P arbitrage trading and dem sabi how much cool cash wey dem dey make from am, so dem no go just relax and fold their hands and watch government chase dem out of business wey be say na even online.

It is not funny as government dey chase shadow by witchhunting her people because of their very bad policies, make dem fix country dem say no.

Anyway, we go still know if dem truly detail binance guys because me I don't think they have such right to do so. Those guys come for discussion to see how the Nigerian situation can be supported. Nigerian government no get any right to hold dem back at least they were not in the wanted list so no basis for arresting them whatsoever.

However, my advise be say since the app is still on people wey get coin for binance fit rescue some out until we see the face of this matter to avoid stories that touch the heart.