The effect Nigeria ban on Binance P2P traders

[PoweredC]

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?

[1714500561]

1714500561

[1714500561]

1714500561

[1714500561]

1714500561

[1714500561]

1714500561

[1714500561]

1714500561

[1714500561]

1714500561

[avikz]

It is an open market. Any country can ban any exchange. P2P exchanges have always been a target for the governments because people can easily event tax. But in this competitive market whenever there is a gap, a new company would jump in to cover that.

If there is no alternative today, I am sure tomorrow you will find multiple alternatives. In the meantime, Nigerian people can use Paxful or Noones.

[Mia Chloe]

Firstly Op this post is in the wrong board. Therefore I suggest you kindly move it to Niaja board since the Nigerian users there can best spot out the effects.
However, Nigeria has always had crypto currency ban issues and exchange relating issues for some time now. Ban of binance in Nigeria had many effects mainly because binance was the most popular exchange in Nigeria. Owing to that fact, a majority of short term traders in Nigeria made use of binance and ever since the ban these users have to move their coins to probably another exchange where the could continue their trading. Another problem was that some local traders even had accounts their for crypto repurchase as well as sale.

[MainIbem]

Firstly Op this post is in the wrong board. Therefore I suggest you kindly move it to Niaja board since the Nigerian users there can best spot out the effects.
However, Nigeria has always had crypto currency ban issues and exchange relating issues for some time now. Ban of binance in Nigeria had many effects mainly because binance was the most popular exchange in Nigeria.

Yeah I agree with you, the Nigerian Local Board is the best place to post this thread because the general forum might not be aware or have idea about the Nigerian P2P ban by Binance, well Binance was the leading exchange used by most Nigerians due to claim that it's P2P is easier to understand than other exchanges and that's why there's been lots of complains by several users after the ban. But then, they should understand that Binance is not the only Exchange with a suitable P2P, there are exchanges like OKX, ByBit, Kucoin amongst others. Well It might be difficult for those who are only used to patronising only the Binance exchange but then people who are aware of other exchanges are not even bothered about the ban since they could still serve the purpose of what Binance was doing.

[Amphenomenon]

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.

I don't really think this will really impact the Nigeria standing as being among the biggest cryptocurrency markets since we Nigerians already have alot of alternatives and because halving is close by, it was easy for everyone to quickly move on while this is not actually discouraging to foreign traders using Binance, since binance only cut off every of their services with naira which means such trader can possibly use their fiat currency if it's accepted on binance

The big question remains what are the Alternatives?

This question has already been answered in our LB of only you took your time to go through previous threads though you joined around April 5th but there were also thread about this after that day like :
Reminiscing over Binance

[The Cryptovator]

Binance P2P makes it easier to trade and sell crypto for local currency. But that doesn't mean crypto holders can't survive without Binance. When there weren't Binance P2P, people also used something to sell their crypto. We should always have alternative options. Anything could happen in crypto, and we may lose anything. However, I believe Nigerians will find alternatives for P2P sales. A lot of exchanges are now offering p2p. Also, they could build local communities to sell P2P. It shouldn't just depend on Binance. 

[BitMaxz]

In the Philippines, Binance is banned only on the internet but people there they still able to access Binance by changing their DNS or by using a VPN this is how the government wants to control people on the crypto because they see many people become rich without paying TAX or they don't want their people to be rich.

Anyway, there are lots of other options where to trade other exchanges already mentioned above also check Bitget exchange for no KYC p2p exchange check this link below.

- https://kycnot.me/

[EL MOHA]

If there is no alternative today, I am sure tomorrow you will find multiple alternatives. In the meantime, Nigerian people can use Paxful or Noones.

I will say Nigerians didn’t even feel the impact of the ban that much not like it was the only exchange used for that. Right before the ban, many top exchanges already had many Nigerian customers using the P2P feature and immediately Binance announced the removal of the naira pair people just completely shift to the exchanges like KuCoin, Bybit and OKX. This exchanges have almost same functionality and features like the binance. And so the impact of binance ban wasn’t that much as People portray it to be.

In the Philippines, Binance is banned only on the internet but people there they still able to access Binance by changing their DNS or by using a VPN this is how the government wants to control people on the crypto because they see many people become rich without paying TAX or they don't want their people to be rich.

Yes even in Nigeria many this are banned only on the internet like the web links for exchanges and also popular cryptocurrency platforms but still people easily get access to it by simply using the VPN. The P2P is only a problem because it was removed by the exchange itself.

[passwordnow]

The big question remains what are the Alternatives?

It's best to hear out from our Nigerian friends that knows the deal in there. So, when the platform is out of the country due to the ban. There are for sure some alternatives that will work for them for P2P trades. They can do the deal in specific places and just trade with actual and real money while they send the crypto to the buyer and how they find each other? Social media. If they're on social media and on specific groups, I think someone who can be trusted might play as their escrow to secure the deal. However, there are cons on it so if they decide to meet and deal personally, that's one way. There's still a way for traders to find a way for all of their deals to happen for P2P. This is what the government don't realize because as much as possible, when most of these people have already done deals for so long and have understood the concept of P2P with or without a platform, they'd find a way to continue their p2p trading activities. It might be hard from the start but I am sure that they'll able to discover a secured way of continuing it.

[BitMaxz]

Yes even in Nigeria many this are banned only on the internet like the web links for exchanges and also popular cryptocurrency platforms but still, people easily get access to it by simply using the VPN. The P2P is only a problem because it was removed by the exchange itself.

Oh, I see it's the same procedure they do but the only difference is the P2P platform is still available in the Philippines without VPN you can access Binance by just changing the DNS.

You don't have a choice but to switch to another exchange I'm currently using OKX exchange sometimes Bitget if your money there is NGN it seems that there are many p2p sellers on OKX I checked just now, and most of payments are bank options only.

[Potato Chips]

TBH, it's strange that they are blaming binance for their falling currency lol. From the sidelines, it looks like they're just looking a scapegoat 🤔

I know binance removed naira but what about other markets such as spot, etc.? do they still work fine for the locals? because technically, there are ways to circumvent the ban if it's not coming from binance's end.

Asking because there will always be people who will circumvent this. I'd say it's not worth the risk unless you're just getting your money out. Last I heard, Nigeria was demanding user information of their locals particularly the top volume traders in binance. Plus their approach has been nothing but aggressive so far so idk what happens next. Better err on the side of caution.

[Miles2006]

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?

This is actually an old information but I guess you're just coming newly. Binance is not the only exchange and this issue has been discussed several times in our local board, if I'm not mistaken users listed different kinds of exchange that can help with your crypto p2p transactions, currently Nigerians still trade crypto using different kinds of exchange. I see nothing related with Nigeria crypto reputation and the ban, at first a lot of Nigerians felt disappointed cause almost all crypto enthusiast make use of Binance but this cannot stop us from trading p2p as there's always an alternative in every situation

[Ojima-ojo]

I haven't hard that any Nigerian lost access to they coins on binance because the exchange did not back out of the Nigeria market and Al's binance did not block Nigerian citizen's from it platform how then did you arrived at such conclusion to.make this statement.


The few account that are freeze already hard issues with the exchange and it is not in connection with whatever the troubles is with binance and the Nigeria sec, so Nigerian still have access and trade on binance unrestricted, only NIG pair have been removed because of the currency crisis.

[Kemarit]

As others have said, there should be no effect on Nigeria as their crypto enthusiast can still continue with crypto trading. And for example, in the Philippines, List of Things To Do Now That Binance is Banned in the Philippines. So it's a total block of the country, but still the Philippines is one of the most active in Asia as far as crypto goes.

There could be effects in the beginning, but for sure, those traders or investors from Nigeria will have to find a way just like what the Filipinos do in this community.

So yeah, there could be ways to circumvent it, but we are not going to advise for everyone to do that because of the risk involved.

[Darker45]

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.

[Ayers]

In the Philippines, Binance is banned only on the internet but people there they still able to access Binance by changing their DNS or by using a VPN this is how the government wants to control people on the crypto because they see many people become rich without paying TAX or they don't want their people to be rich.

Yes even in Nigeria many this are banned only on the internet like the web links for exchanges and also popular cryptocurrency platforms but still people easily get access to it by simply using the VPN. The P2P is only a problem because it was removed by the exchange itself.

If the government bans, users still have other options to access Binance and using a VPN is a solution but if this ban comes from Binance, Nigerians will no longer have the opportunity to use Binance. But as far as I know there are many other platforms still operating in Nigeria like bybit or bitget, people have a lot of options but why do people only focus on Binance? Is this really confusing? This shows that Binance's influence and popularity are huge even though there were many false rumors about it in the past.

But what surprises me more is that many people have always opposed the use of centralized exchanges, but now, just because Binance banned Nigerian users, many people are disappointed.

[pinggoki]

What I see in this ban is that it's going to just fuel the wants of the people to have a platform where they can do their P2P transaction, it's only a matter of time that this will happen though, pretty sure that we're going to see a lot of stuff happening when things like this happen. It's already having an effect here in my country although I can still use the P2P function, most crypto users in the country are already scrambling out to find the next platform they want to use for P2P trade or just basic cryptocurrency trading, that way, when the ban hammer finally hits Binance, it's not going to be as damaging as it already is for the cryptocurrency traders and users. I hope that the Nigerian crypto community is doing just fine amidst all of this storm, it's not every day that we'd see something like this happen.

[btc78]

The big question remains what are the Alternatives?

Well there are plenty of options out there for centralized exchanges depending on your preference. I am not the most knowledgeable about crypto regulations and legality there in Nigeria but usually you’d have to go check first which ones are not banned in order for you to use them.

Centralized exchanges are all different and would cater to different kind of your preference so better to know which one would best suit you. Some of the top exchanges are coinbase or kucoin

Since you are talking about something specific in your country maybe you can talk to them in the local space

[Ojima-ojo]

What I see in this ban is that it's going to just fuel the wants of the people to have a platform where they can do their P2P transaction, it's only a matter of time that this will happen though, pretty sure that we're going to see a lot of stuff happening when things like this happen. It's already having an effect here in my country although I can still use the P2P function, most crypto users in the country are already scrambling out to find the next platform they want to use for P2P trade or just basic cryptocurrency trading, that way, when the ban hammer finally hits Binance, it's not going to be as damaging as it already is for the cryptocurrency traders and users. I hope that the Nigerian crypto community is doing just fine amidst all of this storm, it's not every day that we'd see something like this happen.

Are you saying that currently there is no p2p transactions going on in Nigeria right now?
This is important to know because from the statement you sound as if Nigerians currently are not able to trade they bitcoin or other coin to the Nigeria Naira through p2p at the moment because of binance.


Because aside from binance we have several other excahges that offers p2p services in various local currencies and Nigeria Naira us still part of their p2p pair, so I believe that the war is against binance and it doesn't affects other excahges p2p market.

[m2017]

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

They will not be able to P2P trade on Binance. But they can look for alternative platforms, right.

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.

This is why many people don’t like centralized platforms - a couple of clicks and your funds are stuck there.

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.

Any problem generates a search for a solution. It may turn out that these traders will find a better alternative.

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.

A ban doesn't always mean that it will not be used.

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.

I think that for traders, Nigeria was not the first on the list to visit countries loyal to cryptocurrency.
 

The big question remains what are the Alternatives?

Only decentralized ones, like bisq (P2P), and then no government will be able to ban them. No decentralization - no freedom for cryptocurrencies.