Binance gives two conditions before they would register under SEC Crypto Program

[CryptSafe]

It is no longer news that the Nigeria government and binance has been at logger heads for a long time over taxation and release of their official under the custody of the Nigeria government. This case has lingered for a long time  now and the government still holding the official and making things very difficulty for a calm and amicable resolve by both parties.

However, they stated two reasons but I think the release of their executive is the major concern of the exchange.  Little wonder he is being used as a bait to get at binance but now they can not shy away from it as they gave it as a condition that must be met before they do anything in Nigeria.
I believe the other conditions would be better managed as it usually concerns about other aspects of Crypto policy and etc.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

SOURCE
https://nairametrics.com/2024/09/18/binance-sets-two-conditions-before-registering-under-nigerias-sec-crypto-program/?amp=1

[Charles-Tim]

These are the two conditions:

Release of Detained Binance Executive, Tigran Gambaryan
Binance believes that its executive must be released from Nigerian custody before it can explore joining ARIP.

Settlement with the Nigerian Government
Recall that Nigeria’s Minister of Information, Idris Mohammed, had accused Binance of having a turnover of over $20 billion in Nigeria in 2023 alone, without paying taxes.

I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

They float naira and started lying that crypto P2P is the cause of naira devaluation when we are dependent more on imports. They completely removed fuel subsidy at once when they know that it could lead to inflation.

They made Nigerians not to believe in naira. They are the cause of what is going on in Nigeria.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

If they want Binance to pay fine, I do not know what is taking them so long. Binance is not also only the exchange that falls into this category. They left other exchanges but now not fearfully dealing with Binance because of the detained executive. The way Nigerian government are handling matters can not let us know if this will be resolved fast or not. But with how they have been so far, they want it slow and they can even prefer it unresolved.

[Amphenomenon]

These are the two conditions:

Release of Detained Binance Executive, Tigran Gambaryan
Binance believes that its executive must be released from Nigerian custody before it can explore joining ARIP.

Settlement with the Nigerian Government
Recall that Nigeria’s Minister of Information, Idris Mohammed, had accused Binance of having a turnover of over $20 billion in Nigeria in 2023 alone, without paying taxes.

I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

Our government are beast if they're still holding those executives hostages like this is so much unfair, imagine if this was the method used by the Indian's government would they have seen any of those exchanges accepting their strict terms, like what's all these foolishness but we can do nothing sadly though I wonder why external bodies haven't tried to speak about, they're lucky CZ is no longer the CEO of Binance exchange.

They float naira and started lying that crypto P2P is the cause of naira devaluation when we are dependent more on imports. They completely removed fuel subsidy at once when they know that it could lead to inflation.

They made Nigerians not to believe in naira. They are the cause of what is going on in Nigeria.

In a lawless Nation like Nigeria with no said democracy, this is what we suffer in the hands of our government, they wake up to shift blame to anything even to snake, fire and any other dumb excuses and still continue to govern us sadly.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

I think except there's an external factor all these issues will not be resolved because once the detained Binance executives has been released then Binance might be ready to speak to the government about coming to terms and clearing every false claims from the fact that they no closing service in Nigeria is a huge lost since Nigeria is still the number 2nd in crypto adoption globally while unfortunately the government are too corrupt and foolish to see the economical advantages of coming to terms with them.

[Hewlet]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

the question is, do the Nigerian government stand to lose anything should binance exit totally from Nigeria? Won't it be a thing of joy to see such kind of thing happening?

From all indication, our government de ready to frustrate every effort when Binance and her official wan put in place to take run crypto matter for the country and this clause when Binance de bring out say untill the Nigerian government release her executive them no go operate for the country na a wrong calculation from Binance angle and our government go use them catch better cruise. All this ones na just show of incompetent behavior from both parties. Make them just find way work for the release of thier executive either peacefully or even if it involves consulting of an higher power that will make things easier for them. Nigerian government no de reason peaceful talk or clauses like this one them de talk about.

[Cryptomultiplier]

These are the two conditions:

Release of Detained Binance Executive, Tigran Gambaryan
Binance believes that its executive must be released from Nigerian custody before it can explore joining ARIP.

Settlement with the Nigerian Government
Recall that Nigeria’s Minister of Information, Idris Mohammed, had accused Binance of having a turnover of over $20 billion in Nigeria in 2023 alone, without paying taxes.

I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

They float naira and started lying that crypto P2P is the cause of naira devaluation when we are dependent more on imports. They completely removed fuel subsidy at once when they know that it could lead to inflation.

They made Nigerians not to believe in naira. They are the cause of what is going on in Nigeria.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

If they want Binance to pay fine, I do not know what is taking them so long. Binance is not also only the exchange that falls into this category. They left other exchanges but now not fearfully dealing with Binance because of the detained executive. The way Nigerian government are handling matters can not let us know if this will be resolved fast or not. But with how they have been so far, they want it slow and they can even prefer it unresolved.

I don laf tire, no be small eh!
Naija is always known for being slow with both making policies that will benefit the citizens and with their tactics on the field of play.  Its no wonder why this binance issue has lingered more than should.
Although Binance is more concerned about their detained personnel, am sure that as shown, he has been released.

One thing I see is that once Binance agrees to the terms of regulations that the government is presenting, along with agreeing to pay the huge fine that is requested from them,  that will be the beginning of other exchanges falling into like order of regulatory control or else, they must face the fear of experiencing worse or become sanctioned and arrested by the government.

[Obim34]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

the question is, do the Nigerian government stand to lose anything should binance exit totally from Nigeria? Won't it be a thing of joy to see such kind of thing happening?

From all indication, our government de ready to frustrate every effort when Binance and her official wan put in place to take run crypto matter for the country and this clause when Binance de bring out say untill the Nigerian government release her executive them no go operate for the country na a wrong calculation from Binance angle and our government go use them catch better cruise. All this ones na just show of incompetent behavior from both parties. Make them just find way work for the release of thier executive either peacefully or even if it involves consulting of an higher power that will make things easier for them. Nigerian government no de reason peaceful talk or clauses like this one them de talk about.

You sound like you are in full support of what the Nigerian governments are doing, detaining the Binance executive for how long, i am pretty sure if it was the other way round then by now we already will be slamming them for doing so.

Every of this should have been dissolved by simple negotiations, Binance are not just focused on retrieving their executive from detainment by the Nigerian government but they as well consider Nigerians as a big market for their success in the industry and will likely do to any length to meet up an agreement with the Nigerian government. Both parties are definitely going to benefit from all these, the faster they resolve the easier and quicker they get what they've wanted, i think the Nigerian government should look into their request and consider.

[CryptSafe]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

the question is, do the Nigerian government stand to lose anything should binance exit totally from Nigeria? Won't it be a thing of joy to see such kind of thing happening?

From all indication, our government de ready to frustrate every effort when Binance and her official wan put in place to take run crypto matter for the country and this clause when Binance de bring out say untill the Nigerian government release her executive them no go operate for the country na a wrong calculation from Binance angle and our government go use them catch better cruise. All this ones na just show of incompetent behavior from both parties. Make them just find way work for the release of thier executive either peacefully or even if it involves consulting of an higher power that will make things easier for them. Nigerian government no de reason peaceful talk or clauses like this one them de talk about.

You sound like you are in full support of what the Nigerian governments are doing, detaining the Binance executive for how long, i am pretty sure if it was the other way round then by now we already will be slamming them for doing so.

Every of this should have been dissolved by simple negotiations, Binance are not just focused on retrieving their executive from detainment by the Nigerian government but they as well consider Nigerians as a big market for their success in the industry and will likely do to any length to meet up an agreement with the Nigerian government. Both parties are definitely going to benefit from all these, the faster they resolve the easier and quicker they get what they've wanted, i think the Nigerian government should look into their request and consider.

I am not in any way support of the Nigeria government in detaining the binance official, I just believe the government was only using him as a bait to get at binance compelling them to do their biddings but it would be very difficult for both parties to resolve looking at the fact that both have more to gain and more to loose as well if they fail to reach a resolve but to the detriment of the crypto community here in Nigeria. This should have been done long ago in a peaceful and diplomatic way not all these noise making. Since both have interest and goal to achieve, a better understanding should been their resolve to settling the rift raft and not one party exercising power over the other as that would not yield any positive result. It is better the government release the official and have a better understanding with the binance team to seeing both parties benefit from each other. One can not be at the benefitting side and the other loosing out hence the government actions.

I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

Arresting him was a very big mistake they made. They did that to get at binance thinking they would hurriedly reach an agreement and fulfilling all terms and conditions of the federal government imposed on them little did they know that binance would not fall for such trick. They think they could use that their arrest and charge tactics for an international organization like binance.

E shock them!

[Odusko]

The Nigerian government have failed to prove their competence in regulating cryptocurrency a d even to manage situations as suranding the Nigeria cryptocurrency space, this is because instead taking the right approach, their have always followed the wrong, way, at first, the Nigeria legislators invited Binance executives, and the binance team honored the invitation, and upon they arrival in Nigeria, they were arrested a d detained, just like a hostage kind of thing, and until now the government have not release the official in the custody, the other excaped from the Nigeria security hands, while one have been held hostage since then.
This does not speak well of the Nigerian government because with this kind of action, the Nigeria cryptocurrency space is being starve a d the motivation for crypto start-up is being killed on daily, this doesn't go well in the long term because, Instead of the government to attack bitcoin a d cryptocurrency, why not regulate the cryptocurrency market and look for ways to generate tax from cryptocurrency transactions that goes on within the Nigeria cryptocurrency space.

[Marykeller]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

This matter between Nigeria government and Binance is not resolving anytime soon. what Binance are targeting na to get their detailed executive released by the FG, the moment dem achieve that, I think them no go get anything to do with the Nigeria government again. The Nigeria government knows that, that's why dem be do everything within their power to make sure they pull the Binance executive from Kenya to Nigeria when em been escapes from Nigeria custody.

the cause of all this na because Binance no wan easily accept the huge tax payment wey the FG don ask them to pay. If Binance should agree to it, the Binance executive will be release asap. Binance no d ready to be paying such huge tax for their services in Nigeria, while the Nigeria government no wan  release the Binance executive without letting Binance succumb to them. You see, the very matter long so, to resolve

[iBaba]

I am tired of Nigeria. I am tired because the regulators and the government are not competent to know that they do not need to arrest any Binance officials before they will know that Binance is not ready to leave providing crypto products and services for Nigerians.

They float naira and started lying that crypto P2P is the cause of naira devaluation when we are dependent more on imports. They completely removed fuel subsidy at once when they know that it could lead to inflation.

They made Nigerians not to believe in naira. They are the cause of what is going on in Nigeria.

The arrest of the two Binance executives by the Nigerian government is not justifiable to me because the acclaimed 26 billion dollars that was said to have been processed through Binance in one year was unverified as government hasn't really come up with a tangible data to back up their claims on that. The government discribed the transactions illicit financial flows and fingered the Binance exchange as distorting the foreign exchange market thereby undermining the role of the CBN in regulating the forex market.

I still don't see the justification to all of these claims rather I see it as a negligence from the side of the government and government trying to shift the blames on Binance for thriving in the country. I understand Binance was also meant to do the due diligence in registration and implementation of the government's financial policies on them, however, I can't fathom the reason why the government had to stay so long to allow such unmonitored transactions and to later clampdown on the exchanges.

If they want Binance to pay fine, I do not know what is taking them so long. Binance is not also only the exchange that falls into this category. They left other exchanges but now not fearfully dealing with Binance because of the detained executive. The way Nigerian government are handling matters can not let us know if this will be resolved fast or not. But with how they have been so far, they want it slow and they can even prefer it unresolved.

Binance remains the top standing online exchange in the world, they have succeeded to thrive very well and become an industry leader over time, this have naturally attracted governments clampdown on them having realized how well they performed lately. Holding those executives to their custody till this point is not necessary to me. It is also good to note that despite  the removal of the P2P trading platform in Binance, it hasn't bring about any serious change or betterment in the unstable and highly inflated economy today.

[nelson4lov]

The SEC already made a bad faith by arresting and detaining that Binance. According to the article, they were concerned about Binance still making revenues from Nigerians using their platform without remitting back to them via tax — you can't go at them that hard and not do anything in good faith then except them to willingly comply.  If Binance gets their two conditions met, we should be ready for rigorous crypto policies for Nigerians. Crypto often gets ugly when governments get involved.

[CryptSafe]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

This matter between Nigeria government and Binance is not resolving anytime soon. what Binance are targeting na to get their detailed executive released by the FG, the moment dem achieve that, I think them no go get anything to do with the Nigeria government again. The Nigeria government knows that, that's why dem be do everything within their power to make sure they pull the Binance executive from Kenya to Nigeria when em been escapes from Nigeria custody.

the cause of all this na because Binance no wan easily accept the huge tax payment wey the FG don ask them to pay. If Binance should agree to it, the Binance executive will be release asap. Binance no d ready to be paying such huge tax for their services in Nigeria, while the Nigeria government no wan  release the Binance executive without letting Binance succumb to them. You see, the very matter long so, to resolve

Binance knows why the government arrested their official and the federal government knows that binance would not easily give in to their demand  hence the Nigeria government action. This is just like holding their official hostage and demanding for a ransom or an agreement to be reached before they could release him which is really hitting brick walls. Looking at the situation of things now, neither of the two parties are willing and ready to shift grounds and as a matter  of fact, that was in demand by binance to be met by the government before they could accept  coming to Nigeria to have a base.

These would be a very tough battle between both parties as they are yet to come to clear terms as it relates to cryptocurrency trading in Nigeria. On the other hand, I think the federal government is being to pressing on binance with respect to taxation and some funny policies which binance does not want to oblige to.

[adultcrypto]

I have the feeling that the Nigerian government is bent on extorting money from Binance. I know they made one outrageous demands in the past which was later withdrew but based on who we have as president, it will be difficult for the government to let go without getting something from the rich exchange. If Binance open the door or negotiations today, you will see how fast they will address the issue and release the exchange executives. Binance have good reasons if they refused to register Nigerians in the platform.

[CryptoHeadlineNews]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

Of course, it really possible for both parties to come to an agreement, as what could be causing a delay is a bridge on the agreement terms and conditions, since we all know say our Nigerian government go always want higher percentage when it comes to taxation, of which there was a news about Binance and Nigeria implementing a value added tax of 7.5% per transaction fees, of which maybe our people in government might have seen that amount as been small and needed something higher, which may seems not to have been okay by Binance, causing a delay in implementation. So on a long run, I'm definitely sure this issue will be resolved.

[CryptSafe]

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

Of course, it really possible for both parties to come to an agreement, as what could be causing a delay is a bridge on the agreement terms and conditions, since we all know say our Nigerian government go always want higher percentage when it comes to taxation, of which there was a news about Binance and Nigeria implementing a value added tax of 7.5% per transaction fees, of which maybe our people in government might have seen that amount as been small and needed something higher, which may seems not to have been okay by Binance, causing a delay in implementation. So on a long run, I'm definitely sure this issue will be resolved.

If I get you clear here, the both parties implemented a VAT of 7.5% per transaction fee, this is huge and to be frank we all know Nigerians are registered on binance in their millions multiplied by this in every trade a day. This is much and I believe if we are to go by what you have said, they must have wanted to add theirs on top with or without binance benefitting from it hence binance refusal to agree to such their plight. All I can see is that Binance is just being careful with the government based on the experience they have had with other government to not dent their reputation and as for their official, that is a priority for their demand.

[Agbe]

Nigeria government and it agencies said Binance must Has office in Nigeria and must pay tax. But in turn Binance also gave them their conditions to return to do country. The two Binance officials must be released which I thought has been released when US parliament visited the Joe Biden concerning this matter. The Settlement of Nigerian Government concerning the allegations on tax evasion, money laundry and the manipulation of the country economy which I also thought have been solved. Well the major one which I see from the two is the release of the two officials and once that is done then the second will be a dialogue between the two parties to settle the issue and operation will start. We need peaceful coexistence between them to return.

[Nwada001]

The SEC already made a bad faith by arresting and detaining that Binance. According to the article, they were concerned about Binance still making revenues from Nigerians using their platform without remitting back to them via tax — you can't go at them that hard and not do anything in good faith then except them to willingly comply.  If Binance gets their two conditions met, we should be ready for rigorous crypto policies for Nigerians. Crypto often gets ugly when governments get involved.

The wrong move that the sec made can still be corrected only if they are willing to accept correction. It's not as if they don't know what they are supposed to do, but they are not just ready to do it. That's the problem.

The agency is just incompetent in what they are doing; they can't forcefully detain somebody without following proper procedures and expect to force the hand of the organisation to comply. If it works in their politics, they should have learnt better now.
 
There could have even been more for them to achieve from this whole issue if matters were handled the way they should be, but right now they are in between trying to maintain and defend their wrong decisions.

[letteredhub]

. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

Binance would have so much to not gain if they don't thread careful with this present Nigeria government, and it's something binance ain't oblivious about that's why they first of all requesting for the release of their staff before a round table discussion can take on stage so both parties go into discussion and freely make contract as it pleases without one party using any advantage ground to coerce the other in agree to terms nonfavoirable.

This issues can be resolved but maybe it may not happen under this present administration

[CryptSafe]

. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

Binance would have so much to not gain if they don't thread careful with this present Nigeria government, and it's something binance ain't oblivious about that's why they first of all requesting for the release of their staff before a round table discussion can take on stage so both parties go into discussion and freely make contract as it pleases without one party using any advantage ground to coerce the other in agree to terms nonfavoirable.

This issues can be resolved but maybe it may not happen under this present administration

It is normal that in such a situation, any organization would want their staff to be released before they think of doing anything with the government or people involved in such arrest. Binance have every right to put such in demand and come to talk of it, the government of Nigeria would benefit more than they do from whatever agreement they reach because they do nothing but to collect tax for any transaction that involves a Nigerian on their platform  so releasing the official should not be an issue for them to do as binance is ready for a round table negotiation with them and I know Binance on their part would not want to loose the Nigeria crypto market as they too have a lot to benefit from Nigerians trading on their platform.

"Pari Passu"

[SmartGold01]

It is no longer news that the Nigeria government and binance has been at logger heads for a long time over taxation and release of their official under the custody of the Nigeria government. This case has lingered for a long time  now and the government still holding the official and making things very difficulty for a calm and amicable resolve by both parties.

However, they stated two reasons but I think the release of their executive is the major concern of the exchange.  Little wonder he is being used as a bait to get at binance but now they can not shy away from it as they gave it as a condition that must be met before they do anything in Nigeria.
I believe the other conditions would be better managed as it usually concerns about other aspects of Crypto policy and etc.

Do you think there would quickly be a resolve between the Nigeria government and binance so easily after all this long fight they have not stii resolved. Come to talk of it, both parties have nothing to lose as they would benefit from whatever agreement they reach.

SOURCE
https://nairametrics.com/2024/09/18/binance-sets-two-conditions-before-registering-under-nigerias-sec-crypto-program/?amp=1

Nigerian and their methods of operation I believe the two detained official are the people who are giving them this energy and momentum go act this way because they knew that without this two staff binance wouldn't pay heed to all their request in other for them to be released. Naturally I think what they are solely fighting for is for them to pay all the taxes they haven't paid since their operation in nigeria and if this is put into consideration or as term to get those staff released then they gonna lose big time, although I know Binance are capable and can pay such amount if needs be for them to get their staff released from the nigerian custody.