Binance Will Discontinue Its Nigerian Naira Services After Government Scrutiny

[Amphenomenon]

After continuous scrutiny from the Nigerian government, it has become clear that Binance is not authorised to operate in Nigeria and so they have decided to stop every services they offer with our fiat currency (NGN).

Binance will delist every existing NGN pairs on Thursday and on Friday any accounts still having NGN, such NGN will converted to USDT with the ratio of 1 USDT = 1,515.13 NGN.

https://www.google.com/amp/s/www.coindesk.com/policy/2024/03/05/binance-will-discontinue-its-nigerian-naira-services-after-government-scrutiny/

Official binance news: https://www.binance.com/en/support/announcement/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144

There are other exchanges existing do well to move your funds there, which are offering NGN p2p like OKX, Bybit, Kucoin and others while if you consider not doing Kyc then you can pick from here:https://kycnot.me/ or can simply use {Active} BrainbossXchange Service {BTC/NGN Altcoins/Stablecoins/NGN} only.

We know Detaining Binance executives was so much uncalled for but will you entirely blame the government for this, since they never set any rules and regulations for the exchanges by which binance acted on before all these scrutiny all started?

Also do you think Binance failed on their attempt to find an agreement with our government or they afraid of another fine and so just opt for this method?

[7juju]

I think Binance is acting in their own best interest. The Nigerian government are being unreasonable to be frank. How can they be demanding for $10b for what exactly? Not just that they detained people who came to negotiate with you to find a reasonable ground to settle any conflict. That's not the best way to handle diplomacy. I think Binance has to do what is best for them, because if they agree to pay Nigerian government the money they are asking for, other countries will leverage on that and start demanding money from Binance. And such a thing won't be good for Binance.

[Samlucky O]

I don't blame binance for the decision they took, no reasonable organisation will release such amount of money as negotiation. If may ask for what exactly? It is obvious that Nigerians government don't even want binance to come and open a branch in Nigeria for its citizens to have a working opportunity. They just want the youth to suffer and call cryptocurrency a quit, but that is a failed plan.

I am  glad we still have the option of sending coin From wallet to wallet without any interference. If it where possible for them, they would have even stop decentralized exchange or stop Nigerians from crypto transaction but since there boundaries ended in fiat P2P they can't do more than that. I know there are many options but let's still watch how the remaining exchanges will be.

[Lida93]

I have been seeing many threads littered on the LB on binance recently, and this is due to the face-off or should I refer it to as an attack from the Nigeria government against binance. But I'll suggest that hence people should fill these news under an already existing posting that bothers on the Nigeria-binance saga to avoid flooding the forum with every new binance related news on Naira and the Nigeria government.

The links below are threads on this same binance related news updates about the binance-Nigeria government saga and it will be appropriate after now any new updates be made into anyone of these thread links rather than creating more threads on similar matter.

https://bitcointalk.org/index.php?topic=5487016.msg63735338#msg63735338
https://bitcointalk.org/index.php?topic=5486956.msg63734159#msg63734159
https://bitcointalk.org/index.php?topic=5487530.msg63757303#msg63757303
https://bitcointalk.org/index.php?topic=5487243.msg63744547#msg63744547

[Uhwuchukwu53]

I am  glad we still have the option of sending coin From wallet to wallet without any interference. If it where possible for them, they would have even stop decentralized exchange or stop Nigerians from crypto transaction but since there boundaries ended in fiat P2P they can't do more than that. I know there are many options but let's still watch how the remaining exchanges will be.

Na de tin wey I just dey puzzle since but if truly their limit end on P2P another way go sure, biance have try their part as foreign investors many tins wey dey drag our economy  biance no follow for no one.

I listen to news today as they were saying that 70% our fiat bank are into fraud tell economy like that how it will survive well, imagine how person go do one thing more million times without getting it right example this NN and BVN , they government demand all the time without result of any data base

I just they reason make other exchange still allow naija to carry out their transaction and make this there wahala only end on biance.

[Frankolala]

I just got a mail from Binance saying that by the 6th of March which is tomorrow Binance will finally deactivate Naira from their spot trading, and Nigerians will no longer be able to convert BTC/Naira and vice versa. Binance went ahead to say that any Nigeria having Naira in their account, it will be converted to USDT at the current price during the swap.

Omo this show say we no go fit use Binance again. Some people being still dey use spot trade dey sell their coins just like the way Rruchi man explain. Bye Bye to Binance, but I hope say this one no go affect other exchanges later, because na die man go soon die when he no get how he go take sell/buy bitcoin.


   

[Charles-Tim]

Instead of the government to look for ways to make Binance and all those other foreign exchanges to have offices in Nigeria so that they can regulate them and also be able to generate tax from Nigerians that are using the exchanges and also generating tax from Binance. Instead of that, they prefer to go the tough way of discouraging foreign businesses. If Binance do not provide the P2P services anymore, we can all see how those government officials handle the case like illiterates.

[Zanab247]

This is what you can only experience from people who don't have the skills or capacity to run a government because, assume the government officials have the ability to governed the country well, I don't think this inflation will take the government one week to eliminate from the country and, now the government is putting all the blame in binance that is helping the country to reduced unemployment.

If they stopped binance not to operate in Nigeria, can they stop other exchange app not to allow Nigeria cryptocurrency users not to have access, I believe more exchange app are still coming to open the eyes of the government that they accused binance wrongly.

[promise444c5]

I don't  know what the country I currently insinuating  on money laundering?? Terrorist funding and support?? Naira crash???
Wth can't we face and tackle the problem causing  the crash??
Now p2p has been banned for almost two weeks and Naira is still at the point of #1500 to dollar .
There's no way an economy with this kind of standard survives aviation crash, the government are just trying  to attach their incapabilityat the moment (maybe) to Exch and there's no way they can cover their  tracks

[Nwada001]

You see this statement right here

Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

That statement right there is very risky and should be taken very seriously. Anyone who is using Binance for NGN and USDT trade should be very careful this period. If you must use them for trade, just don't have NGN on that exchange because anytime a hatch decision can be taken and your funds can just immediately be confiscated, and you will have nothing to do about it. 
 
Currently, the exchange is under legal battle with the country, and I don't even see it safe for anyone from our country to be using the exchange to carry out any form of trade. If you must buy and withdraw whatever you buy into your private wallet, let's play safe and be guided. 
 
We don't know where else this case will lead. For the most part, the exchange is not that safe for the people in the country to use. 

[DubemIfedigbo001]

but I hope say this one no go affect other exchanges later, because na die man go soon die when he no get how he go take sell/buy bitcoin.

This is my greatest fear in all these saga, it has started with binance, I fear this is a swipe at Nigerians using crypto currency. The thing dey look to me like a calculated approach to disabling the citizens efficient use of crypto, them don see say the situation of the country no too dey affect people wey dey into crypto as na the  exchange rate dem dey use convert, come dey alright, so in their bid to keep the nation hungry, them don dey cut all ties wey Nigerians get with these exchanges. They don succeed with  Binance, I fear they only got started, we don't know which one they will target next. But in all things, I trust the Nigerian man, he will always see a way to succeed.

We survived when they placed ban on crypto, we will still find a way around whatever they throw at us. One thing I've always known is that government isn't comfortable with the progress of crypto against their centralized fiat. They never get tired of finding policies to attack its existence, so I'm not surprised at this, but the nature of crypto, especially bitcoin outsmarts most of their tactics, If It really gets worse, we can get dollar accounts in some foreign financial platforms, get our dollar and withdraw to Nigerian accounts. Its never possible to block out every way. There must always be a way out. I think there's a way to do P2P on another country's local currency,  we'll find out with time.

Nigerian government antics may even be helping us in disguise, we can look up was of transacting in dollar and converting to naira from other platforms that are not crypto related,  Closing a door surely opens another. Time will surely tell.

[Makus]

I don't blame binance for the decision they took, no reasonable organisation will release such amount of money as negotiation. If may ask for what exactly? It is obvious that Nigerians government don't even want binance to come and open a branch in Nigeria for its citizens to have a working opportunity. They just want the youth to suffer and call cryptocurrency a quit, but that is a failed plan.

I am  glad we still have the option of sending coin From wallet to wallet without any interference. If it where possible for them, they would have even stop decentralized exchange or stop Nigerians from crypto transaction but since there boundaries ended in fiat P2P they can't do more than that. I know there are many options but let's still watch how the remaining exchanges will be.

Sometimes I go just sit down dey wonder how these people take become our leader. If at all say you nor dey educated na why Dem give room for special adviser make e for be very educated person, but you see our problem na be say even the ones wey we feel say we fit rely on them selves dey behave like illiterate when their eye don see money. This binance issues dey very clear say our government no want binance again, minus say the Naira dey fall Dem just wan use way take lock everywhere make e for red for our youths but God no go shame us. How you go fine organization 15 trillion ( that is if we use #1500 as the exchange rate for dollar) if that kind money commot for Nigeria we no go feel am? Naim Dem wan commot for ordinary organization wey just dey recover from money laundry charge.  Our government them wicked, for me I go say we need independence from the hands of vampires.

[Mate2237]

Who lose? Only time when Nigeria government will know what is disturbing them in the country  before when they will realize that their stupid obnoxious policies are the fault of their actions then it will be too late for them to recover the list glory. Instead of them to understand with Binance to do proper KYC and make things easy for the cryptocurrency enthusiasts to use the platform and for the country's government to collect tax to improve the country ecosystem.

Nigerian government is using their bare hand s to pursue investors to leave the country.

[Amphenomenon]

You see this statement right here

Binance reserves the right in its sole discretion to amend or cancel this announcement at any time and for any reasons without prior notice.

That statement right there is very risky and should be taken very seriously. Anyone who is using Binance for NGN and USDT trade should be very careful this period. If you must use them for trade, just don't have NGN on that exchange because anytime a hatch decision can be taken and your funds can just immediately be confiscated, and you will have nothing to do about it.

I don't think this is what they mean by saying they have total rights to cancel announcement without any notice, Binance exchange are no Saint but won't go this low in seizing customers funds, they will definitely affect their reputation globally. Another perceptive of this means that if they can come to an agreement with our government then this might be cancelled but I doubt ever happening now.

Instead of the government to look for ways to make Binance and all those other foreign exchanges to have offices in Nigeria so that they can regulate them and also be able to generate tax from Nigerians that are using the exchanges and also generating tax from Binance. Instead of that, they prefer to go the tough way of discouraging foreign businesses. If Binance do not provide the P2P services anymore, we can all see how those government officials handle the case like illiterates.

this was somehow excepted after our government detained 2 of their executives, which shows low level of human reasoning and made it clear that they were only care about giving Binance a fine and not thinking about proper regulations of these exchanges.

While Binance on the other hand will rather opt for this because after pleading guilty to US government charges and then this one, other countries government will definitely come for them and we know those governments will definitely see some issues like this also and then they will also want to milk from Binance.

But let's see how our government react to this news

[Alphakilo]

Instead of the government to look for ways to make Binance and all those other foreign exchanges to have offices in Nigeria so that they can regulate them and also be able to generate tax from Nigerians that are using the exchanges and also generating tax from Binance. Instead of that, they prefer to go the tough way of discouraging foreign businesses. If Binance do not provide the P2P services anymore, we can all see how those government officials handle the case like illiterates.

The Nigerian government and her advisers are doing copy and paste. They''ll sit and say amongst themselves that the US sued Binance and made them pay, UK banned Binance, so they can copy and paste what the US and UK did. What the Nigerian government and her advisers don't know is that, they cannot compare those two economies with their own. They can not compare their policies with their own. Now Binance, a foreign business is leaving, who will be affected? Definitely not Binance. Does this solve the Naira crisis?. How oyibo put am again, the Nigerian government and her advisers have won the battle but lost the war.

[Ticdeneb]

I just got a mail from Binance saying that by the 6th of March which is tomorrow Binance will finally deactivate Naira from their spot trading, and Nigerians will no longer be able to convert BTC/Naira and vice versa. Binance went ahead to say that any Nigeria having Naira in their account, it will be converted to USDT at the current price during the swap.

Omo this show say we no go fit use Binance again. Some people being still dey use spot trade dey sell their coins just like the way Rruchi man explain. Bye Bye to Binance, but I hope say this one no go affect other exchanges later, because na die man go soon die when he no get how he go take sell/buy bitcoin.


https://talkimg.com/images/2024/03/05/yTycT.jpeg   https://talkimg.com/images/2024/03/05/yTfto.jpeg

Bro! I'm scared oo. They shouldn't even bring that nonsense to the exchange I'm currently using o. I still dey use Bitget dey do P2P. To solve these whole wahala FG should quit being greedy and make their regulations known so that these exchanges can operate legally.