Nigeria vs Binance

[zasad@]

https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

"Dis na sake of di allegations say di cryptocurrency platform dey cause massive losses for di kontri becos dem dey fix exchange rate.

Di goment say Binance don influence di increase in foreign exchange rates through how dem dey speculate di currency for di kontri wey don make di Naira fall by almost 70% in recent months.

Bayo Onanuga, one of di tok tok pesin for president Bola Tinubu say goment bin see di effect of Binance operations for Nigeria.
 
“Di platform dey fix di exchange rate for di kontri and na illegal rate. Di CBN na di only authority wey fit fix exchange rate for di kontri.”"
___
What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

[Charles-Tim]

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

What Bayo Onanuga told BBC was misinterpreted. We have discussed this on Nigeria local board.

Binance said government did not ask for $10 billion fine

[Nwada001]

This case has even gone above this right now, as it happened that the government and Binance were unable to reach a mutual agreement that would allow them to settle whatever they had and the regulatory rules they had failed to comply with.  

Currently, there is no amount levied against Binance, but the statement was that they might be asked to pay up to that amount for illegally operating in the country, because, as far as we know, the exchange has no legal licence in the country.
 
On the aspect of rate manipulation on the naira, I stand to disagree with the government on that level, as Binance only stands as a market that the citizens use to trade; they are not the ones to set the rate, but it adjusts itself based on demand and value.

[SquirrelJulietGarden]

https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

It is like a joke from Nigerian government as their macroeconomics is their national problems that cause the decrease of purchasing power of Naira, not Bitcoin or Binance is the cause.

Their Naira rate to US dollar drops from 0.0068 in March 2009 to 0.00064 in March 2024, it is not caused by Binance.

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

They are too naive to think that Binance and CZ will accept this case. CZ already stepped down as Binance CEO months ago but Binance have no solid reason to accept this request and they even don't negotiate with it. It can be a precedent case for other nations to arbitrarily suit Binance and ask for money.

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

[PonsotJoelle]

The question you're asking seems to express skepticism about the Nigerian government's expectations. It suggests a comparison with the situation where Changpeng Zhao (CZ), the CEO of Binance, reportedly paid $4 billion to the US government. The implication is that the Nigerian government might believe Binance would be willing to agree to pay damages based on a precedent set by the payment to the US government.

[zasad@]

https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

It is like a joke from Nigerian government as their macroeconomics is their national problems that cause the decrease of purchasing power of Naira, not Bitcoin or Binance is the cause.

Their Naira rate to US dollar drops from 0.0068 in March 2009 to 0.00064 in March 2024, it is not caused by Binance.

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

They are too naive to think that Binance and CZ will accept this case. CZ already stepped down as Binance CEO months ago but Binance have no solid reason to accept this request and they even don't negotiate with it. It can be a precedent case for other nations to arbitrarily suit Binance and ask for money.

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

Binance operates in many countries through lobbying. To accuse Binance and collect a large fine from it, you will have to go to an international court, where Binance has much more experience. I see the experience of different exchanges when it is not profitable for them to obtain licenses in many countries, because this requires an office in this country and the necessary number of staff.

[Agbe]

I have said this time without number. All the things that happened between Nigeria Governmwnt and Binance were caused by the government because if they had strong economic policy that regulate the system very effective all those nonsense would happened. How can Binance come to your country and influenced the exchange rate for you. That is nonsense and to tell you that you country law is very weak. And why they , the government can't do anything at the initial time because the agencies that suppose carry out their duties to make sure that things work well in the country are the top corrupt agencies so they take bribe from the Binance company to bypass many procedures. So I don't blame Binance in anything but the government.

[Davidvictorson]

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

Well I have good news for you, Binance didn't fold. They are leaving the country Nigeria. We are never going to see the government do this with other exchanges.

My government has failed in most financial principles to fix the economy and it is a shame they went after Binance.

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

[blckhawk]

Well I have good news for you, Binance didn't fold. They are leaving the country Nigeria. We are never going to see the government do this with other exchanges.

My government has failed in most financial principles to fix the economy and it is a shame they went after Binance.

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

Based on your descriptions and telling of the events, it seems that the government of Nigeria is having money problems because they're bad at budgeting the funds of the country and they want to squeeze all the companies that they can squeeze out of in hopes of getting something from them and put a band-aid solution, it's good the Binance didn't fold unlike with US, the threat of Nigeria isn't that scary to Binance as US threat is, maybe invest in creating an organization that's a counterpart of the CIA, that's the only way that they can bully businesses like Binance into submission and meeting their demands, look at what US have with the help of CIA, they're the most influential in the world. Would you guys be alright that Binance would be leaving the country though?

[Majestic-milf]

 That's just the issue we have with these kinds of news. First it's Binance will pay a $10bn fine for reasons best known to the Nigerian government now with how they (Binance) have reacted, it's now a misconstrued message from the BBC? Let's assume that Binance had folded under pressure and given into their demands, will Bayo Onanuga have come out to 'clear' himself? It's obvious the Nigerian government will not want to make themselves look like they are desperate to look for any source of income and want to also take a slice out of Binance but the way this aide is talking it's as if his initial take will be different from that which he says BBC news took.
 One thing I've observed about the Nigerian government is they don't really know how to chase these exchanges out of their country and will want to use these cheap means.

[zasad@]

https://www.binance.com/en/support/announcement/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144
Binance to Discontinue All Nigerian Naira (NGN) Services

"Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
Binance will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 03:00 (UTC).
All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.
Users should ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases."
___

This is a formal departure from the country. I think that no one will tell Nigerian citizens to trade cryptocurrencies.

[pakhitheboss]

After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them. This is what is happening in my country but Binance has never disclosed that they will halt their operation in my country. On the contrary, Binance has been shadow-banned by the Indian government. It is better if the Nigerian community moves to an exchange and sets up their P2P system on an exchange that does not have a KYC requirement for up to 2 BTC. I am not going to come up with a list of names, but the best exchange in times like this will be MEXC.

[Upgrade00]

After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them.

Nigeria have not been inducted into the G20, we were invited as guests to the submit last year. As part of the African Union (AU) we are technically members of G20, but no official induction was made last year.

The Binance-Nigeria tussle has a different root cause and is not being influenced by external influences. Nigeria has also had a shaky stand on the legality of Bitcoin and cryptocurrencies over the years, which involved a ban on banks, a SEC relying on it and a reversal of the initial ban on banks.

[pakhitheboss]

After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them.

Nigeria have not been inducted into the G20, we were invited as guests to the submit last year. As part of the African Union (AU) we are technically members of G20, but no official induction was made last year.

The Binance-Nigeria tussle has a different root cause and is not being influenced by external influences. Nigeria has also had a shaky stand on the legality of Bitcoin and cryptocurrencies over the years, which involved a ban on banks, a SEC relying on it and a reversal of the initial ban on banks.

Agreed but it is where the influence of some big economies have spilled in to you economy. You will see many other policy that you won't like inthe future.

Whatever is the issue it cannot be created like it got created in India for AML. What we are noticing is only games that the government around the world plays within their country in order to control those they cannot. In this case they found a culprit like Binance exchange.

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

[Upgrade00]

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

There were no scams and Binance P2P became one of the largest in the world when banks were restricted from mediating crypto transactions. The reason for the ban on binance has nothing to do with discontent from the customers that use the service, but rather a "band-aid" approach to solve a much bigger isssue.

[pakhitheboss]

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

There were no scams and Binance P2P became one of the largest in the world when banks were restricted from mediating crypto transactions. The reason for the ban on binance has nothing to do with discontent from the customers that use the service, but rather a "band-aid" approach to solve a much bigger isssue.

Now, it is evident that you don't want to share the reason. Which I am okay as it might hurt you but it is clear the government is acting for their personal benefits. And their can be religious factors involved with thier scrutiny and Binance halting their services. I still would reiterate that whatever is happening is because of G20 and it will continue till your government accepts their requirements.

[sokani]

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

Having seen that Binance accepted to pay the US government the 4 billion dollars fine, the Nigerian government also wanted to get their own share of the cake. If Binance had danced to their tone it'd have made other nations to come after them. So I think it's a wise decision they decided to leave.

Would you guys be alright that Binance would be leaving the country though?

I think many persons are disappointed that Binance is leaving because it's one of the biggest exchange where they can easily trade their cryptocurrency to cash. P2P trades are available on Kucoin and MEXC so Nigerians will have to be using these CEXs until the government decide to go after them. We also have social media and bisq.network to revert to if this happens.

[Davidvictorson]

Based on your descriptions and telling of the events, it seems that the government of Nigeria is having money problems because they're bad at budgeting the funds of the country and they want to squeeze all the companies that they can squeeze out of in hopes of getting something from them and put a band-aid solution,

Yes. You are right. They failed at the most basic economic principles. They messed up our FX and instead of them to roll up their sleeves and get to work fixing the problem which is internal, they went after Binance and thought that, if they slam them 10billion dollars fine, it would be enough to fix the fx.


the threat of Nigeria isn't that scary to Binance as US threat is, maybe invest in creating an organization that's a counterpart of the CIA, that's the only way that they can bully businesses like Binance into submission and meeting their demands, look at what US have with the help of CIA, they're the most influential in the world.[/quote]
Oh, it was actually a the National Security Adviser(NSA) that held the Binance staff and placed a 10billion dollars fine on them. The office of the NSA is almost similar to the CIA. Mostly, internal security stuff.

Would you guys be alright that Binance would be leaving the country though?

We are not alright but what can we do? We gat no choice than to sign up on other top exchanges. By this time Binance has already delisted the USDT/NGN pair and closed office in Nigeria.

[zasad@]

I think many persons are disappointed that Binance is leaving because it's one of the biggest exchange where they can easily trade their cryptocurrency to cash. P2P trades are available on Kucoin and MEXC so Nigerians will have to be using these CEXs until the government decide to go after them. We also have social media and bisq.network to revert to if this happens.

In Nigeria, can you pay for goods with stablecoins such as USDT or other coins?
For the country's population, this is the safest way to save savings from inflation.
The bottom of the population is a big plus, because many people lose money on exchanges, otherwise Binance would not be able to pay $4 billion in fines.

[Gozie51]

Would you guys be alright that Binance would be leaving the country though?

I think many persons are disappointed that Binance is leaving because it's one of the biggest exchange where they can easily trade their cryptocurrency to cash. P2P trades are available on Kucoin and MEXC so Nigerians will have to be using these CEXs until the government decide to go after them. We also have social media and bisq.network to revert to if this happens.

For now binance is not leaving Nigerian market. They only stopped P2P transaction for naira but they are functioning. Binance is interested in the Nigerian huge market and so they won't easily move out as their own option if they have not been asked to leave.

Moreover, despite the shutting down of P2P from Nigerians as demanded by the government with the accusation of causing naira fall, the exchange rate has not really reduced. It is still at the high side showing that binance has no direct negative impact on the exchange rate. The issue is mismanagement of the government and policies that doesn't support economic growth and so there is pressure and high demand on dollar for importation.