Nigeria House of Representative summons Binance CEO

[TheVeteranAngel]

The clash between the Nigerian government and Binance has ignited uncertainty among users, leaving many wondering about their future in the crypto space.

Recent reports suggesting that Binance and other platforms are contributing to the devaluation of the Naira against the dollar have further fueled the government's determination to shut down the exchange. Despite longstanding accusations of illegal activities, it appears that recent events have pushed the government to escalate its actions.

With the exchange's P2P platform disabled and a staggering $10 billion fine imposed for alleged illegal operations, the situation has reached a critical juncture. This hefty penalty follows last year's $4.3 billion fine imposed by the SEC, underscoring the severity of the government's stance.

However, the astronomical sum demanded by the Nigerian government raises eyebrows. While Binance has faced regulatory challenges in other regions, its resilience and market dominance have remained intact. Yet, the potential ramifications of losing access to a strategic crypto hub like Nigeria cannot be overlooked.

With the recent report of Nigeria legislative arm of government (House of representative) inviting Binance CEO Richard Teng and giving 7 days ultimatum to appear the house on allegation of terrorist financing and money laundering amongst other charges, it remains to be determined whether Binance will still have a smooth running in the country
https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing/

As users contemplate the uncertain future of Binance in Nigeria, the search for viable alternatives intensifies. While other centralized exchanges (CEX) continue to operate in the country, the looming question remains: which platform will emerge as the most reliable alternative should the worst-case scenario unfold? (Edited)

[Odohu]

They have shutdown Binance in Nigeria, they have closed their P2P and denied Nigerians access to the exchange. Nigerians have accepted, withdrawn their monies and moved one. But here is Nigerian government still doing eye-service with Binance as if they are working. We all know where all these busy body go end. Them wan shake the exchange to see if them fit collect small money, typical of people that want to reap where they did not sow.

Come to think of it, has all the initial gra gra brought any improvement to our economy? Your guess is as good as mine. "If e didn't dey, e didn't dey"

[Charles-Tim]

This is two days ago news and we have discussed and discussing about it from a thread that I created.

Reps summon Binance boss over alleged terrorism financing, others

They have shutdown Binance in Nigeria, they have closed their P2P and denied Nigerians access to the exchange. Nigerians have accepted, withdrawn their monies and moved one. But here is Nigerian government still doing eye-service with Binance as if they are working. We all know where all these busy body go end. Them wan shake the exchange to see if them fit collect small money, typical of people that want to reap where they did not sow.

You can still access Binance through the mobile app. You can still withdraw naira using Cashlink which is a merchant's P2P network. You can still use sell crypto for naira on Binance.

[Chilwell]

The clash between the Nigerian government and Binance has ignited uncertainty among users, leaving many wondering about their future in the crypto space.

Recent reports suggesting that Binance and other platforms are contributing to the devaluation of the Naira against the dollar have further fueled the government's determination to shut down the exchange. Despite longstanding accusations of illegal activities, it appears that recent events have pushed the government to escalate its actions.

I will advise you to lock this thread since there is a thread made for this particular topic before, if their is anything new related to be directed to this thread Reps summon Binance boss over alleged terrorism financing, others

Please do me a favour to lock this thread,
lock this thread and continue with the above link, to lock the thread Scroll down, at the lower left side, you will see lock topic tap on it to lock.

[Kelward]

Di OP abeg make you take note say Charles-tim, start one thread wey im say Binance, talk say dem no receive any message say make dem pay any $10 billion fine, also Mr. Onanuga, don clarify say Nigeria, never ask Binance to pay di fine, and di news wey BBC carry about di matter no de correct.

I doubt say Binance CEO go honor dat kind summon to come answer to terrorism charges, because just like traditional banks wey legit people and criminals de do transactions through dem, na different characters de also do crypto businesses through exchanges, so if government no fit to fine or summon bank chiefs because of criminal customers, I no think say dem get di right to summon exchange CEO because of transactions wey people do through dem. Dis matter fit just be to distract ordinary Nigerians from di pressing issue of hunger wey de di country.

[Charles-Tim]

Di OP abeg make you take note say Charles-tim, start one thread wey im say Binance, talk say dem no receive any message say make dem pay any $10 billion fine, also Mr. Onanuga, don clarify say Nigeria, never ask Binance to pay di fine, and di news wey BBC carry about di matter no de correct.

I included the thread on my previous post on this thread.

I doubt say Binance CEO go honor dat kind summon to come answer to terrorism charges, because just like traditional banks wey legit people and criminals de do transactions through dem, na different characters de also do crypto businesses through exchanges, so if government no fit to fine or summon bank chiefs because of criminal customers, I no think say dem get di right to summon exchange CEO because of transactions wey people do through dem. Dis matter fit just be to distract ordinary Nigerians from di pressing issue of hunger wey de di country.

Nigeria has the right to summon him. But they have created threat already by detaining two Binance officials. If truly they know what they are saying, they can turn it to court case. But I guess it will not lead to that.

[Mate2237]

The disagreement is getting high and Binance refused to pay the fine Nigeria government them to pay. But in this matter I blame Nigerian government in the sense that it their own policies that is casing this issue because if the law enforcement agencies were working well Binance can't just violate the law of the land but they were busy collecting bring and with that Binance now had gotten freedom to operate because nobody would disturbed the again since they have bribe the agency that is meant to control digital business. And now see what Binance is saying.

[parvashasan12]

As the situation with Binance in Nigeria unfolds, Bitget's approach to compliance and user-friendliness has caught the attention of many Nigerian traders seeking a reliable and trustworthy platform. A Viable Alternative for Nigerian Traders In the midst of this turmoil, Bitget has emerged as a promising alternative for Nigerian traders. Unlike Binance, which has faced regulatory challenges in Nigeria, Bitget has taken a proactive approach to compliance, ensuring that its operations adhere to local laws and regulations.