Disconnecting Binance paved way for Bybit exchnage in Nigeria due to charge fees

[EluguHcman]

I literally do not know how the features or service offering terms that had Binance the most dominance global Crypto exchange in a global rate.
But since about a month now the Exchange was banned from transacting with my country after their encounters of legal disputes that the exchange offer services of trading the $ USD for # Naira currency which was pointed to be responsible why the # naira has been so devalued in exchange rate to the $ USD, the Nigeria government charged the exchange with $10 Billion which the exchange refused to comply and it lead to the disconnection of the exchange in the country.

As at now, ByBit has been adopted most famous in replacement of the Binance exchange platform by the local traders with the reason that the exchange’s low transaction fee—0.2%[/b] then follows by Kucoin exchange.

Why could Binance choose to discontinue trading with the Nigerian traders, is it that they don't find the $10 Billion worthy to pay at considering their own interests?

Is it also advisable to consider flexible uses or charge rate when considering an exchange to trade with on a P2P? Because I am wondering if the local Investors considers features of an exchange first or charging fees.

[Charles-Tim]

Nigerian Binance users can not access Binance through the website, but also they can not access other exchanges through their websites. These exchanges can be accessed through the mobile app and Binance included.

The only difference that Binance has is that it removed all naira trading pairs while other foreign exchanges that have P2P still have P2P trading for naira. Binance removed the P2P for Nigerians not to be able to have access to it.

Why could Binance choose to discontinue trading with the Nigerian traders, is it that they don't find the $10 Billion worthy to pay at considering their own interests?

You can still trade on Binance. Binance only remove the P2P trading for Nigerians but aside the P2P, you can still use Binance for spot and future trading and for some other things.

[Zaguru12]

I literally do not know how the features or service offering terms that had Binance the most dominance global Crypto exchange in a global rate.

Binance is considered the biggest exchange mostly because of the trading volume they have. The binance global alone has almost 2x the total volume of other major exchanges. The volume actually signifies high liquidity which is why most CEX users use the exchange. The other thing can be they have one of the largest network(BSC smart chain) which is common among Altcoin traders due to the low gas fee.

But since about a month now the Exchange was banned from transacting with my country after their encounters of legal disputes that the exchange offer services of trading the $ USD for # Naira currency which was pointed to be responsible why the # naira has been so devalued in exchange rate to the $ USD, the Nigeria government charged the exchange with $10 Billion which the exchange refused to comply and it lead to the disconnection of the exchange in the country.

First of all the Nigerian government has actually denied that they have fined the exchange for $10 Billion and the case is still in court. The issue with binance is said to also involve money laundering allegations, which is a very big one.

As at now, ByBit has been adopted most famous in replacement of the Binance exchange platform by the local traders with the reason that the exchange’s low transaction fee—0.2%[/b] then follows by Kucoin exchange.

Yes Bybit is the most popular exchange to Nigerians now for P2P exchange edging over the kucoin exchange because of the just recent issue the kucoin exchange had with money laundering allegations which created FUD among its users and many moved to Bybit. Which is also one of the most used exchange for future trading by Nigerians.

Why could Binance choose to discontinue trading with the Nigerian traders, is it that they don't find the $10 Billion worthy to pay at considering their own interests?

It is not about paying the fine although it hasn’t been stipulated but the Nigerian government is also reported to be asking for the details of some binance users which we all know that the exchange wouldn’t want to give out just to protect their entity. Giving it out will make them lose customers not only in Nigeria but globally.

[Ojima-ojo]

First thing first, did binance committed any of the financial crimes brought against it by the Nigeria sec, and how can we justify the $10 billion fine, is it appropriate or just a way to get the exchange trapped.


I am not saying that Binance is innocent of the charges brought against them, but the truth is that ditching out such huge fine without following due process and legal procedures won't work for a global service provider like Binance.


The Nigeria government may have missed they steps in this direction since it seems their are losing out gradually and binance haven't changed anything about it Nigeria users if they still trade on the exchange, and only p2p deactivated is not big enough after all binance doesn't have any direct link with the p2p and no revenue as they just serve as excrow in the deal

[Ayers]

Why could Binance choose to discontinue trading with the Nigerian traders, is it that they don't find the $10 Billion worthy to pay at considering their own interests?

Do you find it absurd that the Nigerian government blames Binance for the devaluation of their Naira currency? If Binance accepts to pay the fine, it will be like admitting their fault and having to make unreasonable concessions to the government.

Also, I think they have another reason to refuse to provide services in your country, is Binance's trading volume in your country high? And how long will it take them to recover that 10 billion fine when doing business in your country? I think they calculated carefully when deciding to stop operating in Nigeria.

[Uhwuchukwu53]

The Nigeria government may have missed they steps in this direction since it seems their are losing out gradually and binance haven't changed anything about it Nigeria users if they still trade on the exchange, and only p2p deactivated is not big enough after all binance doesn't have any direct link with the p2p and no revenue as they just serve as excrow in the deal

Nothing can be remove from this your statement, approach matters allot that is why when people uses good directives and well analytical constructive measure on something, they make something good out of it no body can be faster than it's shadow, because I believe the government never Carry out some details feasibility study to know where and what would have benefits them if truly they come into agreement with biance and work with them mostly the area of establishing it's office here in Nigeria and those charges come into negotiable table to give them operational limit and tax remittance in the country  this would have help the government more better.

I doubt if their objective of arresting biance and the charges will be achieved and biance has move on disabling P2P why other area remain on touch except citizens that desire to leave the exchange. if not as much I know all biance customer remains. They way to which matter is approach means allot to it success, our government most time carry it's action before evaluating the cost , where as the cost benefit analysis is meant to come before action.

[Aanuoluwatofunmi]

As at now, ByBit has been adopted most famous in replacement of the Binance exchange platform by the local traders with the reason that the exchange’s low transaction fee—0.2%[/b] then follows by Kucoin exchange.

Maybe Bybit should look well and learn from others before same thing that hunted their counterpart is still coming for them as well, the earlier the better they start expecting the best and preparing for the worst coming.

Why could Binance choose to discontinue trading with the Nigerian traders, is it that they don't find the $10 Billion worthy to pay at considering their own interests?

This is strictly business affairs, the country Nigeria shouldn't have taken the path through which they engage Binance with, the exchange would not as well love to pause its operations to Nigerians, but never forget that this same exchange has been facing similar regulations with other countries as well before now.

Is it also advisable to consider flexible uses or charge rate when considering an exchange to trade with on a P2P? Because I am wondering if the local Investors considers features of an exchange first or charging fees.

Government will not make it flexible on any exchange because they believe that they are making money and needs to also pay thier due and diligent tax as it applies.

[Solosanz]

Businessmen aren't stupid, if they can make money as high as possible and legal, they won't reject it. If they choose to discontinue serving to Nigerians even though they're make a lot money from them, it means there's a big obstacle that they can't face.

Now you can trade in Bybit and Kucoin, but don't be surprised that sooner or later Bybit and Kucoin will do the same like Binance.

[Odusko]

Businessmen aren't stupid, if they can make money as high as possible and legal, they won't reject it. If they choose to discontinue serving to Nigerians even though they're make a lot money from them, it means there's a big obstacle that they can't face.

Now you can trade in Bybit and Kucoin, but don't be surprised that sooner or later Bybit and Kucoin will do the same like Binance.

You are very right with the last statement because from the way things are going, the Nigeria sec may soon begin to put eyes on other exchange that still offers the services that Binance have discontinued and for that their become the next target by the government and it agencies, this is because a lot of Nigerians are not private enough a d they always put it at the face of the government that even though they ban binance, their still trade p2p on other exchange.
From there, what happened to binance will be brought to the other exchanges also and that will force them to follow the same rout with binance and by then Nigerians cryptocurrency users will have to deal on p2p without any exchange as excrow.

[kentrolla]

It's not about money and $10 billions is something which Binance can earn easily but we need to understand the charges levied against them as it was of money laundering and the exchange was required to furnish the details of certain accounts and if it does that then people will distance themselves from the exchange as it would just kill the reputation of Binance and $10 billions will be drop in ocean considering the loss Binance will incur if it furnishes the account details to the Nigerian government. They made a smart move which was best for business.