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.