Nigeria Government Detains Two Binance Executives

[CryptSafe]

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Your thoughts and opinions are welcomed.

Ref.




https://dailypost.ng/2024/02/28/naira-rescue-nigeria-govt-detains-binance-executives-amid-crackdown/

https://gazettengr.com/nsa-ribadu-detains-two-binance-executives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/

[Pi-network314159]

I don't see how this action will help to solve the inflation of the economy. Holding binance executive down will not solve the problem, arguably no doubt that binance has been making a lot of money from Nigeria. which it was supposed to be a welcome development for binance to build an office in Nigeria, but this action by our government is not the way forward. I thought they have dialogued on this before? This should be done amicable without the interference of binance P2P. Now they are requesting that those binance executive should provide the list of Nigerians under binance, what is there gain in doing that? Well for me I just see that this men don't want anybody to have peace, all what they want is see everyone suffer as it pleases them, but I believe there are many exchanges if they feel binance is the altimate.

[Charles-Tim]

About the Binance officials that Nigeria government detained, I have a topic about it not quite long and also about how the federal government are requesting for the lists of Nigerians using Binance: Government demanding from Binance the lists of its Nigerian users

“In the last four years, more than $26 billion have been funnelled through Binance without trace.”

It is in the last one year. I saw some news sites making this mistake.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

Is Binance making money from P2P? I mean from people that are creating ads? Because Binance is not making money from those that are not creating ads because the trading is of zero ( ₦0) cost as fee.

Know that government may demand for the list for investigation of illicit transactions.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Crypto tax was just included in Financial act of 2023. No law to pay crypto tax before that time. Let us see what would happen next.


Detaining Binance executive is wrong. If they want Binance to do something and Binance is not complying, they can sue Binance instead.

[Barikui1]

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Your thoughts and opinions are welcomed.

Ref.




https://dailypost.ng/2024/02/28/naira-rescue-nigeria-govt-detains-binance-executives-amid-crackdown/

https://gazettengr.com/nsa-ribadu-detains-two-binance-executives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/

This is actually a pathetic move by the government just for their selfish interest, because I know very well that all this their actions is not because of the interest of the citizens, it's because they feel that they can milk out something from binance since they believe that binance have what it takes to pay what so ever fine imposed on them as punishment for not paying tax to the Nigerian government all this while.

And come to think of it, how is this actions of theirs reducing the price of goods and services in the country? Because things in the market are still very costly, I just feels like this current government is bent on making life difficult for everyone living in Nigeria, let's just believe that in due time, the storm will be over, let just watch and see where it will lead them to.

[AYOBA]

I don't see how this action will help to solve the inflation of the economy. Holding binance executive down will not solve the problem, arguably no doubt that binance has been making a lot of money from Nigeria. which it was supposed to be a welcome development for binance to build an office in Nigeria, but this action by our government is not the way forward. I thought they have dialogued on this before? This should be done amicable without the interference of binance P2P. Now they are requesting that those binance executive should provide the list of Nigerians under binance, what is there gain in doing that? Well for me I just see that this men don't want anybody to have peace, all what they want is see everyone suffer as it pleases them, but I believe there are many exchanges if they feel binance is the altimate.

You're on point Mate. If the government isn't the source of the band binance—which is what drives up the value of the dollar—then it is only attempting to inflict severe stress and anxiety on people's life. As of right now, p2p has already been taken down from Binance, thus no one can access it once more. Acknowledge the person's request for an alternative method of taking all of his coins out of Binance. All the government has to do is figure up a simple way to bring Binance to an end.

I understand that even if they have access to some exchanges, they cannot access all of them because not all exchanges are popular and some are invisible. Is it true that the government will not benefit from doing so, It is only doing it on purpose, and all those who are targeted of doing so they will escape.

[Cryptomultiplier]

Am quite certain the government would demand the taxation from the time of Binance's inception and operations in this country till date.

 It's been only a matter of time for the government to poke holes and try to keep a leash on the exchange and cryptocurrencies users in the country and with UK allowing the use of crypto for payments and transactions but under a regulated body that aims to make this ones upon a time decentralized network into a centralized and trackable one, the time has finally come and unlike MTN that was fined sometime back, we should expect Binance Nigeria to do same, else, we would have to resort to use another exchange or witness an outright ban for all crypto exchanges in the country.

[kentrolla]

Man, Nigeria again. Sorry to hear that Nigeria has been highlighted for so many wrong reasons and it's a country sitting on top of mineral resources but the corrupt regime is trying to message it all up and what do they gain by creating hardship for fellow citizens? Indian government has made similar but worst move by banning Binance and other other foreign exchanges because they cannot implement their 30% profit tax and 1% TDS on every trade. Common between both the government is that they are both corrupt and sadistic to core as they don't want people to live in peace. Hope this is sorted without any disruption.

[Promocodeudo]

I don't see how this action will help to solve the inflation of the economy. Holding binance executive down will not solve the problem, arguably no doubt that binance has been making a lot of money from Nigeria. which it was supposed to be a welcome development for binance to build an office in Nigeria, but this action by our government is not the way forward. I thought they have dialogued on this before? This should be done amicable without the interference of binance P2P. Now they are requesting that those binance executive should provide the list of Nigerians under binance, what is there gain in doing that? Well for me I just see that this men don't want anybody to have peace, all what they want is see everyone suffer as it pleases them, but I believe there are many exchanges if they feel binance is the altimate.

Well said mate, Nigerian government officials act as if they don't think, does this mean that people can not breathe freely in this country called Nigeria, if should have us in their heart, they will know that it is not easy for people to earn coin or fiat, we didn't even know the exact thing we are suffering, detaining or holding finance officials will it solve the numerous economic woes facing the country at this moment, even though Binance decide to build office here and pay all the necessary tax, will the these government officials come out openly to tell Nigerian how much Binance remmited I think all this effortless fight is been targeted at crypto enthusiast.

[Jegileman]

D governments have taken a very tragic step to help the economy of the country but does it even make sense the step they’ve taken to make everything enter again. Detaining binance executives will only make things worse for them again because it is a misplaced priority which when they later realise, it will be too late for them to cover for this times wasted on something irrelevant. You cannot solve problem by coming up with a strategy that has no meaningful impact in what is been trying to solve. Let’s just pray that things get better because I don’t see a solution through this from the government. Now youths that get a a source of living through there have now lost their jobs.

[Antotena]

Nigerian government is only active when they are supposed to be observing and when they are going to be observing, that's when they react. Now that they have arrest this two people and then there respective government ask Nigeria to release them, they don't have choice than to comply because one of them is from UK and the other is from Nigeria and where exactly have they broken the law. They came down to Nigeria to have a talk with the scrutiny of the NGN/USDT that the government is accusing them of manipulation only for them to be detained, that's nonsense.

The government is asking Binance to provide all the Nigerian kyc like they have a formal document that bind them, they never welcome Binance officially even though Binance has been compliance with KYC to avoid money laundering but the government are been shitty as if they are the only country that do crypto activity.

[Makus]

Nigerian government is only active when they are supposed to be observing and when they are going to be observing, that's when they react. Now that they have arrest this two people and then there respective government ask Nigeria to release them, they don't have choice than to comply because one of them is from UK and the other is from Nigeria and where exactly have they broken the law. They came down to Nigeria to have a talk with the scrutiny of the NGN/USDT that the government is accusing them of manipulation only for them to be detained, that's nonsense.

The government is asking Binance to provide all the Nigerian kyc like they have a formal document that bind them, they never welcome Binance officially even though Binance has been compliance with KYC to avoid money laundering but the government are been shitty as if they are the only country that do crypto activity.

It's a pain in the eyes seeing how the Nigerian government take their actions all in the name of trying to restore the naira to a good shape. All what they have done is so stupid and I can't even imagine that such is coming from educated persons. First of all they had to deceive the binance officials and then detained them, as if that wasn't enough they are still asking for list of name of every Nigerian who has used their p2p before, what are their reason for this? Are they planning on imposing tax on binance users who are Nigerian?

[Franctoshi]

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.



https://dailypost.ng/2024/02/28/naira-rescue-nigeria-govt-detains-binance-executives-amid-crackdown/

https://gazettengr.com/nsa-ribadu-detains-two-binance-executives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/

This is funny though after they banned crypto transactions for couple of years and they're looking for whom they will now collect taxes from, something they should have find away to do since and what they did was banning any crypto related transactions in the bank then.

Since the Federal government has succeeded in shutting down Binance I trust users will switched into using other P2P exchange platforms to run their transactions.

“In the last four years, more than $26 billion have been funnelled through Binance without trace.”

How did Federal government know that more than $26 billion has been funneled through P2P without a trace and yet they kept quiet all this while and they're just waking up now, insane.

[CryptSafe]

This is funny though after they banned crypto transactions for couple of years and they're looking for whom they will now collect taxes from, something they should have find away to do since and what they did was banning any crypto related transactions in the bank then.

Since the Federal government has succeeded in shutting down Binance I trust users will switched into using other P2P exchange platforms to run their transactions.

“In the last four years, more than $26 billion have been funnelled through Binance without trace.”

How did Federal government know that more than $26 billion has been funneled through P2P without a trace and yet they kept quiet all this while and they're just waking up now, insane.

The federal government actually put  a ban on crypto as a result  of their ignorance, and after taking time to conduct thorough studies on the crypto market, they finally opened it so that they could begin to benefit from the crypto market.

The federal government did not shut down Binance, as they have not said, but rather binance is up and working
and the only issue is that Binance should give them a list and details of Nigerians domiciled with them for further investigations.

As for the money aspect, the federal government is privy to information in time and can act upon it as it may. That amount of money can be released at any time by the federal government to anybody who has the means to have it. Do not forget that the apex bank is owned by the federal government, so they will be very much in the know if money moves out and comes into the country at any point in time.

[Franctoshi]

Since the Federal government has succeeded in shutting down Binance I trust users will switched into using other P2P exchange platforms to run their transactions.

“In the last four years, more than $26 billion have been funnelled through Binance without trace.”

How did Federal government know that more than $26 billion has been funneled through P2P without a trace and yet they kept quiet all this while and they're just waking up now, insane.

The federal government did not shut down Binance, as they have not said, but rather binance is up and working
and the only issue is that Binance should give them a list and details of Nigerians domiciled with them for further investigations.

I don't mean the Binance platforms itself generally but the Binance Nigeria P2P platform side, because their actions recently caused the Binance P2P to shutdown few days ago citing it was part of the reason why the dollar is highly appreciating over the naira, secondly why would they go extent arresting two Binance executives in Nigeria? I wonder if Binance P2P platform now controls the Nigerian exchange market.

[Forever101]

This issue was once discussed sometimes ago when the government ban cryptocurrency in Nigeria, a lot of person argued that it won't happen again that the present administration love crypto. Whatever the reason maybe , I desire is that it should be for the good of the citizen and crypto users.

[Zackz5000]

Sometimes I begin to imagine the kind of country we are into, a country where the government don't think twice before taking any action even with the present hardship her citizens are facing they are still finding other means to worsten to present situation, because there action won't help resolve or bring solution to the high cost of things in the country.
Though the government might think that stoping binance exchange will be of a help since they noticed that a lot of P2P trillion usdt transaction were going on according to the government that unknown Nigeria citizens exchanging their funds from naira to usdt in buck using binance they went and put a stop to it. Thinking they can stop the money laundry going on online away from the county but not knowing they are hurting other innocent traders and suffering the poor masses.

[CryptSafe]

Since the Federal government has succeeded in shutting down Binance I trust users will switched into using other P2P exchange platforms to run their transactions.

“In the last four years, more than $26 billion have been funnelled through Binance without trace.”

How did Federal government know that more than $26 billion has been funneled through P2P without a trace and yet they kept quiet all this while and they're just waking up now, insane.

The federal government did not shut down Binance, as they have not said, but rather binance is up and working
and the only issue is that Binance should give them a list and details of Nigerians domiciled with them for further investigations.

I don't mean the Binance platforms itself generally but the Binance Nigeria P2P platform side, because their actions recently caused the Binance P2P to shutdown few days ago citing it was part of the reason why the dollar is highly appreciating over the naira, secondly why would they go extent arresting two Binance executives in Nigeria? I wonder if Binance P2P platform now controls the Nigerian exchange market.

It is unfortunate that such a thing is happening in this current dispensation. I must say that I am highly disappointed by the act of the Nigeria government detaining the officials from binance. It does not portrays a good name for Nigeria as a whole. I also noticed that binance did removed the NGN p2p after they received the news that their staff were detained in Nigeria. Possibly that triggered the removal of the NGN p2p trade.

Things of this nature happens when the leadership and executives are bereft of ideas on how to stabilise the economic challenges of their nation. They just look for somewhere or someone to hold and point at as the reasons for such demeanour. This is the current situation between the Nigeria government and binance.
Now tell me, is binance the finance minister of Nigeria? Is binance running the economy of the nation? Is binance amongst producers in the nation?,   is binance responsible for formulating the economic policy of the nation?
Who ever gave them that idea of going after binance and holding them responsible for the naira fall really made them a laughing stock and a mess.

[KupaCrypto]

Di executives neva dey charged, but fit face allegations of currency manipulation, tax evasion and illegal operations,
E no necessarily be arrest per say, Meetings and discussions dey go on. E na national security issue and na interagency process dey go on.
On Tuesday, central bank Governor Olayemi Cardoso claim say Binance Nigeria move $26 billion dollars worth of untraceable funds,  so make we wait for the outcome before we go know where and how to criticize.

[CryptSafe]

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Your thoughts and opinions are welcomed.

Ref.




https[Suspicious link removed]cutives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/

on February 27, 2024, Olayemi Cardoso, governor of the Central Bank of Nigeria (CBN), said $26 billion passed through Binance Nigeria from unidentified sources in one year.

Cardoso said the apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.Nigeria intensified its crackdown on cryptocurrency by detaining two executives of Binance, the prominent crypto trading platform that authorities allege enabled the naira currency’s slide to record lows this month.

The arrest, first reported by the Financial Times on Wednesday, follows a move last week that saw telecom providers shut off user access to the websites of Binance, Coinbase and other crypto exchanges. Crypto platforms have been scaling down services in Nigeria in the period since. On Wednesday, Binance stopped offering peer-to-peer trades that allowed users to exchange the naira for USDT, a digital currency pegged to the U.S. dollar.
The federal government probably are looking for recognition and partnership with binance maybe you  tell ,. They feel that binance makes a whole lot of money from Nigerians with no accountability

I see many post talking on this platform about Nigeria government banning Crypto currency which is baseless. For the upteenth time, Nigeria government never banned crypto. I understand that the government are trying to tackle binance to seeing how they could get their own share of the cake but the step taken was the wrong one. And it would never give them what they are looking for as binance already short down the Nigeria p2p platform.
The Nigeria government are complaining of binance abetting the naira crash, so I ask,is binance the one running the economy of the nation. How does binance p2p correlates with Nigeria production and consumption economy?
The old boys out there are just samba boys that want's to cut all corners to get their own share of the cake.

[Tmoonz]

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Your thoughts and opinions are welcomed.

Ref.




https://dailypost.ng/2024/02/28/naira-rescue-nigeria-govt-detains-binance-executives-amid-crackdown/

https://gazettengr.com/nsa-ribadu-detains-two-binance-executives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/

Our government with their  way of indulging in extortion in a form of a way I called misplaced priority, their could have been a better way of lifting the economic downtime than the way they are going about it, corruption at the highest order. Definitely are we are going to grow a thicker skin for survival. What a country political leaders without vision and plans for their citizens. Their actions can never add values to the economy it has always been their selfish interest.