The effect Nigeria ban on Binance P2P traders

[348Judah]

What impact does Nigeria's ban have on P2P traders on Binance?

All the Nigerian government want is the regulation on the use of its local currency with exchange of USD and how they can also take advantage of regulating the Binance exchange in other to be able to tax them and in doing so, they would have achieved having increased economy performance, revenue and other benefits regulations could cause, but all i see that is wrong concerning the whole procedures they are taking is wrong approach, meanwhile they are not making an alternative to replace binance if they eventually completely ban it, the citizens could easily divert to using other prominent exchanges aside Binance.

[slaman29]

Feel bad for you guys in Nigeria but don't worry, just keep in contact and keep trading with each other. You guys all know how to find Bisq and what not who knows, you will take over the P2P volume in decentralized platforms?

I remember when it was also unsure the status of localbitcoin in my region, everyone just logged off and started going on Wechat anyway I'm sure the same will happen for people in Nigeria.

[Iranus]

No doubt, Binance has an important role to play in the market, but it isn't the only thing that's doing what it does. The world, even Nigeria, isn't running out of P2P platforms. If you want the likes of Binance, you can move to OKX, Huobi, Bybit, KuCoin, and many others. And then there's the option to get into legitimate P2P trades like bisq. If that's too complicated, then there's the likes of AgoraDesk. The point is, there will always be alternatives.  

And, yeah, https://kycnot.me/ may be able to help you.

Yes, Binance is not the only exchange we have, we also have many other centralized exchanges that are equally reputable as Binance. But there is one thing I have to admit, the liquidity on Binance is still the largest. In my country, I tried using P2P of other platforms but when I wanted to trade larger amounts of value. Centralized exchanges like OKX or Bybit have almost no liquidity and I have to make a lot of small transactions, while the liquidity on Binance is much larger.

Decentralized exchanges can only solve the P2P problem, but for traders they still need a centralized exchange. Currently, there are still no decentralized exchanges that offer the daily trading feature that centralized exchanges offer.

[Asuspawer09]

What impact does Nigeria's ban have on P2P traders on Binance?
P2P transaction disruption: As a result of Binance's  suspension, traders who depend on the platform for their transactions have experienced inconveniences.Loss of access to Binance: A lot of users have complained about being unable to access their cash or trade using the Binance website or app.Impact on the Nigerian crypto community: Many traders are looking into alternate platforms for their transactions as a result of the restriction, which has produced anxiety and uncertainty in the country's crypto ecosystem.Situation escalation: There are now calls for Binance and other cryptocurrency exchanges to be completely banned due to worries about regulatory compliance and the effect on the Naira.
These have made things extremely difficult for P2P traders in Nigeria. One of the biggest concerns at this point is how it would impact the nation's reputation. Effect on the image of Niger:  The ban would harm Nigeria's standing as one of the biggest cryptocurrency markets in the world because it might be interpreted as a punitive step that would discourage traders from visiting the nation.
The big question remains what are the Alternatives?

Chances are government is going to ban platforms that are not registered in your country currently happening here in my country as well, SEC started banning a lot of platforms here in my country seems like they don't like platforms that is not registered to the SEC, I mean its surely make sense to them for sure, but targeting Binance doesn't seem to fit the timing, there are a lot of scam gambling website that is active online that can easily be access by anyone it would make a lot of sense to use resources on banning that instead of targeting Binance and cryptocurrency platform that is not registered, It just doesn't make sense because scam casino are getting popular recently and a lot of people are complaining getting scam on social media.

I mean you just cant do anything about it the government could do anything they wanted, the thing here is there are a lot of alternatives out there that you could use to trade cryptocurrency which is already trusted by a lot of traders, but chances are it is going to get banned as well when your government started to target this kind of platform, still, there are still a lot of methods that you could do in order to access the website if it is already blocked. VPN is one thing that you could use as well if you really want to trade on Binance.

[Assface16678]

Not just Nigeria, I don't know if you already know the news that the Philippines will also ban Binance. Here's the link to the article Philippines ban binance. The thing is, this is sad because I'm a user of Binance and this is the first exchange I used and am also using it currently. It's hard to transition to a different exchange because I will need to study the new exchange first and might be prone to mistakes. 

So I think not just me is affected but many users of Binance in the Philippines because they need to adjust to a different environment and they need to migrate all the funds they have, and at worst, your portfolio will be gone. But we know that there's a way to access Binance, even if it's banned in a certain country, a simple VPN, but of course it will be risky. But still, I do that because I can't leave Binance even though I can't do P2P anymore.