Banning of p2p on crypto apps in Nigeria

[AmoreJaz]

All these are lame excuses as government just wants to control everything and they are so corrupt and sadistic that they don't want anyone to prosper on life hence they are banning it though money laundering has been happening since ages and it irritates me to the core when they try acting like they really wanna fight illegal activities when they are the most corrupt establishment on earth. Same applies for Indian government.

Even if they want to control people, this is crypto market, so they can't control all the crypto activities of people. They will always find a way how to transact in this market. They can only regulate the use of it but total control? They are just fooling themselves if they think they can totally contain all the crypto transactions within their jurisdiction.
So I have the feeling, sooner or later, they will change their stance on this matter. If they will see neighbouring countries to be very open on this type of crypto business, they will alter their decision on this matter. I guess, it is only a matter of time to change such outlook on this market.

[SamReomo]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry.

I don't know to what extent those allegations are right but I don't think that banning p2p exchanges could ever be a good step taken by a government. The Nigerian government is making it much harder for crypto users to be part of the crypto market because most crypto users buy Bitcoin and other crypto currencies from p2p exchanges and if those aren't allowed then it gets tough for them to invest in Bitcoin or other crypto currencies. I know the ones with good technical skills can come up with alternative solutions but most citizens won't be able to purchase anything.

[HajiBagi]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

All this is Because the government doesn’t know what is the problem of the country and let me say it’s also a greedy government, if you take a look at this you will know that this thing they are doing doesn’t have meaning, they are just doing it because they should steal what the youth of Nigeria have work for because they know that many Nigeria youths now are having money in crypto ways, the country did not provide work for the youths, there are many graduates on the street running about and complaining of being unemployed, and now that some of the youths have become successful in crypto ways the leaders are trying to stop them, to be honest, Nigeria government are not good leaders because if they are they will surely in support of crypto not in other ways of stopping the youths that did not have work to get a way to survive.

Stopping P2P can not bring back Nigeria, what is happening to Nigeria is not a dollar problem, the problem is from the business people and the rich people in the country, the last time they were complaining about the dollar that it was dollar that made things price increase and when the dollar price come down the price of things remains the same, and now that things price are still getting High every day they are now blaming the crypto, I’m not saying this just to feel like disrespecting the leaders but presently the Nigeria government and the leaders don’t know what the exact problem of the country.

[SmartCharpa]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

I'm not sure if you're Nigerian, but the same topic has been created on our local board. But let me respond to your question. In Nigeria, our government has no other good reasons for trying to delist our local currency from P2P trading. I wonder how p2p causes naira manipulation. Based on your question, our government is not doing the right thing because they've been trying to ban cryptocurrency in Nigeria for many years, and is impossible. This year seems to be different from previous years when our government banned Twitter in Nigeria, but it was later unbanned.

Our government refuses to see the challenges that we are going through in the country, they are unable to fight for our right to a better living, all the strength they have is to fight against Cryptocurrency, they want to ban anything associated with it. Even our local banks have informed us, that any account associated with cryptocurrency trading would be closed. They believe that's the best way for Nigeria to improve.

[Iamcrypticguy]

they were doing this by banning p2p on exchanges that were not within their jurisdiction afaik. i guess this is like controlling what they can only grasp and whats outside their reach is something to be banned. very reasonable i think, the ones that were banned were binance and OKX so far.

i'm just not sure if the information i saw was true because their government still allows p2p from Bitget and some other local crypto exchanges.

The issue is grey; they're saying P2P is the reason why the naira is failing against the dollar, but they haven't fixed the core issue. They're just clueless, in my opinion; crypto can't be stopped, and I think they're fighting a battle that can't be won, haha. Most of my friends have migrated to Bitget P2P already, citing their rates as one major reason.

[harapan]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Governments don't care about what citizens think about their decisions, they don't care whether it's the right thing to do or not, they make decisions that will benefit them or won't affect them having more power and control over their citizens, and to be precise, this is mostly happening in third-world or developing countries where governments aren't able to accept cryptocurrencies and they are always looking for excuses to keep them away from their countries.

This money laundering and criminal activities and stuff are nothing more than excuses they make to make people think that they are protecting them but the reality is different and those who are involved in cryptocurrencies and use them understand that they are trying to suppress them doing this.

They clearly abandon the well being of thier citizens.These decisions that they have taken can cause significant damages to individuals,businesses and the financial sectors to a very large extent.
Extremely,governments manipulative actions towards the citizens increasingly contributes to financial breakdown and decline in the overall economic activities.
There are several other suspicious means whereby people can illegally participate in financial crimes,but they choose to regard bitcoin as a means which people carry out there illegal activities.People see,understand,respond,and retaliate to things differently,and that's a truth sincerely..

[Cookdata]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

When I first see this on Nairametrics, I wasn't move a bit because p2p didn't start today and wouldn't end tomorrow. We were doing p2p transactions right before the exchanges implementated it, even in this forum there were escrow here acting as the middle person to settle trade but centralized exchanges saw this opportunity as marketing strategies to draw customers by not charging any fees and it became so big as a multi billion dollars investment.

If the government decides to ban this, I think this will bring a rise in decentralized p2p where the government doesn't have anything to do with them, even this one they are threatening it's left for the centralized exchanges to agree with them or not but as long as the exchanges doesn't charge anything for those p2p transactions, the government has nothing on the them and beside, dollar to naira is now an open market which depend on the forces of demand and supply, I don't understand why the government is chasing shadows.

[Uhwuchukwu53]

All these are lame excuses as government just wants to control everything and they are so corrupt and sadistic that they don't want anyone to prosper on life hence they are banning it though money laundering has been happening since ages and it irritates me to the core when they try acting like they really wanna fight illegal activities when they are the most corrupt establishment on earth. Same applies for Indian government.

Even if they want to control people,this is crypto market, so they can't control all the crypto activities of people. They will always find a way to transact in this market. They can only regulate the use of it but total control? They are just fooling themselves.

Yes what they are just doing now could be initial gragra, tell me how possible they can control the system, even if the ban P2P some investors can still hold their BTC or any other crypto till when their is a way out it's effects only will be the slowing down on investor, I believe before the P2P was introduced people where even not too comfortable at the first restrictions they placed on crypto and that is the origin of P2P today it's the best way to transact other way will come out, is not to make law or policy but enforcing the policy to work. When you look at some problem facing our nation crypto is not meant to be in the list we always pursue shadow in place of the real facts.

[CryptopreneurBrainboss]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

They started with Binance exchange but they're also attacking other banking systems as they have restricted fin tech banks to stop accepting registration of new users and they have also made other crypto exchanges to stop support for the Naira trading peers on their P2P exchange but they are focusing on centralized exchanges and fin tech. That is where they have the power but not on decentralized P2P services and the threat of delisting Naira on all Decentralization P2P exchange is an empty threat.

They aren't wrong with their statement of cryptocurrency affecting the volatility of our Naira since some big whales has been manipulating the price of Naira on those exchange and the citizens don't trust the economy and the local currency so they're saving in foreign currency. But the problem of the Nigeria economy and Naira stability is bigger than what is happened in crypto P2P trading.

What the government are doing isn't right but they won't stop since they keep seeing result from the bans and attacks on the fin tech and crypto exchanges. The government wants to be in control of the forex exchange markets and anybody using crypto for the exchange of dollars and Naira through usdt or other crypto is an enemy to the government so they want to take down any means of foreign exchange in the country all in the attempts to stabilized the Naira. They don't have solutions but just looking for short term fixes that won't last so let not be bothered that much.

[Coyster]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The Nigerian government have not officially banned Nigerians from trading in Naira on cryptocurrency exchanges, but they are systematically targeting the exchanges and "forcing" them to delist Naira from their platforms, they have also warned banks in Nigeria to block accounts that receive funds from a crypto transactions. Thus i think the ban is inevitable or maybe this might just be a temporary attack.

That being said, the government are not leaning towards curbing money laundering, but rather they say they want to cushion the volatility of the Naira, and they claim that Naira speculators on these exchanges are guilty of price manipulations that is affecting the Naira. This is not entirely true per se, as the Naira and the Nigerian economy suffers due to far more serious problems caused by the government itself, but it is what it is, and as long as you live in a particular country, you must abide by its laws.

[Wexnident]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Well, it's outside their control. Outside equals bad in their dictionary, so they're trying to do something about it but I don't think there's anything solid they can even do about it. Geoblocking can only do so much and they can't exactly force a service online to go down since they only control the rules in their country, not outside of it. Centralized they can control a bit more about it, but p2p, again, limited.

Now If I were to put what they're doing between right and wrong, if it was indeed for money laundering then yea, I mean they need to do it anyway, part of their job in protecting stuff. But most of the time it's not really limited to that, they just choose to use that as their frontal image so that they have a valid excuse.

[sunsilk]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

[goaldigger]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

This is also what happening in our country, SEC is trying to fully banned Binance so the local exchanges can benefit from this.

Well, the government will always be corrupt if they only want things in favor to them and will not let their people to control their own money, it looks like they are being manipulated by the banks as well.

We can't do anything about this but to hope that these government will later on favor crypto and make a regulations that will help everyone and not just for their own interest.

[legendbtc]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.

What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.

[Nheer]

Governments don't care about what citizens think about their decisions, they don't care whether it's the right thing to do or not, they make decisions that will benefit them or won't affect them having more power and control over their citizens, and to be precise, this is mostly happening in third-world or developing countries where governments aren't able to accept cryptocurrencies and they are always looking for excuses to keep them away from their countries.

This money laundering and criminal activities and stuff are nothing more than excuses they make to make people think that they are protecting them but the reality is different and those who are involved in cryptocurrencies and use them understand that they are trying to suppress them doing this.

Exactly the point, all Government care about is themselves and are not bothered about what the citizens think or want they just want to have total control over everything and are bringing up excuses of money laundering just so they can have a reasonable excuse to shut down p2p and Crypto trading in the country. They also went as far as instructing banks to block every account that carryout any form of crypto transaction this just proves how negatively they think of cryptocurrency and are doing everything possible just to shut it down totally but i don’t think they will succeed, all they can do is try to suppress it but they can’t stop crypto transactions totally and i feel all this is just for thee time being. What is happening to the country is far more beyond cryptocurrency being the cause of the currency being unstable but the government is not ready to tackle more serious problems.

i'm just not sure if the information i saw was true because their government still allows p2p from Bitget and some other local crypto exchanges.

The information you saw are true, p2p have been banned and few exchanges as you mentioned Binance and OKX have stopped Naira trading on p2p and according to news the government will attempt to stop Naira trading on every centralized exchanges gradually so for now there are still some exchanges that allows p2p trading of Naira.

The reasons government is giving are all excuses because despite Binance and OKX delisting Naira from their p2p trading platform the Naira/Dollar rate doesn’t seem to be dropping instead it’s still rising. This shows p2p trades is not the reason behind the drop of value of Naira.

[sunsilk]

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.

What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.

Possible about the taxes and these platforms aren't registered in Nigeria and that's why they're taking them down and starting to ban most of them.

There can be some negotiations and then compliance with requirements to make them legally operate in their country.

But even so, if the government has already discouraged its citizens from using these platforms. I guess that there will still a lot of citizens gonna find a way for them to trade whether with p2p or exchanges.

[Riginac111]

I am so much concerned to why Nigerians government is banning the use of p2p on some crypto apps. To their allegations, it's said the crypto is affecting the currency and it also aids money laundry. Can anyone enlighten if what the government is doing is the right thing. The government left the banking sector and blames binance and other crypto companies.

Nigerian government have banned cryptocurrency so many times still people in Nigeria is still using a cryptocurrency mostly Bitcoin so it is not a something of new any longer even though this current government restrict all the crypto people to exchange their cryptocurrency through binance exchange and other exchanges Nigerians will still have another alternative to trade their Bitcoin so it is not a new something that government of Nigeria continue to restrict citizens of not participating in cryptocurrency mostly Bitcoin

[Coyster]

This is also what happening in our country, SEC is trying to fully banned Binance so the local exchanges can benefit from this.

This is not exactly the situation in Nigeria, the government are not delisting Naira on global exchanges so that the local ones can flourish, they basically do not want Nigerians to be trading virtual currencies, even though they have not explicitly banned it.

What our government sets out to achieve is somewhat vague, earlier this year they lifted the ban on banks processing cryptocurrency transactions, and only a few months later they are requesting the same banks to block accounts that receive money from a crypto transaction, it's fast becoming a farce.

[legendbtc]

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.

What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.

Possible about the taxes and these platforms aren't registered in Nigeria and that's why they're taking them down and starting to ban most of them.

There can be some negotiations and then compliance with requirements to make them legally operate in their country.

But even so, if the government has already discouraged its citizens from using these platforms. I guess that there will still a lot of citizens gonna find a way for them to trade whether with p2p or exchanges.

Of course, investors will not accept their fate and will find ways to trade if the government and Binance cannot reach any agreement. But I think the Nigerian government's crackdown on Binance or other exchanges has another purpose, in addition to wanting to collect higher taxes from exchanges, I think they also want to send a warning to investors in their country. I wouldn't be surprised that many bitcoin investors are using bitcoin to avoid taxes because this is also happening in my country. Most people do not want to pay taxes to the government and the government does not like this.