Has much has changed since our government fraustrated Binance? (2)

[Rruchi man]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

[Promocodeudo]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

When we have myopic people in government, we don't expect the best, the government of Nigeria disallowing binance p2p activity in Nigeria was never a good idea, the exchange rate is been control by many factors but Nigeria government fail to tackle the needful before chasing shadows, how would a borowing economy tackle inflation, Nigeria is existing on a borrowed economy caused by mismanagement of her natural resources by the so called greedy leaders, Nigeria practically produce nothing apart from the raw crude and other raw material that can't be refined in the country, recently  dangote refinery an indigenous refinery came into existence with a full refining capacity, they tried to frustrate it if not for critics from the public and their later selfish agreement with dangote the refinery would have been crippled, a country that frustrate development cannot allow good things to continue existing in their country.

The Nigeria government at this point can not think of dropping the money laundering case against binance because they didnt see anything wrong in establishing the case in the first place, so why would they drop the case when they feel that they are in the right track, binance has moved on despite that Nigerians are one of their major p2p customers but they can't help it than to move to areas they are needed, it's unfortunate that we find ourself in an environment where the government can't take production as a priority, naira will continue to rise unless local content is been made a priority to lessen the exchange rate in the financial market.

[Marvelockg]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

as long as the naira continues to lose value to the USDT, the government of Nigeria won't aggre to relax thier stand against crypto and even if they want to, binance has gotten into Thier black list and they would not want to openly accept the full operation og binance in Nigeria.

With thier sanction on binance, other p2p channels are still very much active as though the regulation never happened and wether or not they allow binance operate fully in Nigeria, it is not a threat to Nigerian crypto traders at all. They ought to forget about crypto and regulations on exchanges and face the reality at hand that most of our economic systems aren't working agsin. They sanction binance and the economy did not improve, lifting the sanction wouldn't do any difference.

[Asiska02]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

I thought those money laundering charges have been dropped against them recently when they released their ambassadors that were held captives for some time now. Nevertheless, binanave coming back to operation in Nigeria may take a while after how they were been sent off and accused of having effect on the Naira to dollar exchange rate in the country. They have really seen the true colours of it and know now that it was never the fault of binance but other sectors they don’t give more priority too may have caused those issues arising from the exchange rate in the country.

This is more than a year now if not close to, but the exchange rate has not gotten any better, but rather keep getting worse. I feel the government knows where the issue is coming from and are just turning blind eyes to those sectors and blaming what they’re not suppose to blame on this. Every country knows where the problem of the country is and if they’re been truthful and just in their doings, then they won’t have any problem when trying to fight and bring things back to normalcy.

[Felicity_Tide]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country.

The binance p2p service has been stopped, and the naira continues to crash on a daily basis. It's obvious that the government can't take the blame of the failed system, but rather sees cex as what they can push the blame to. I'm not sure if the exchange rate has anything to do with their failure to address the issue of power grid failure, or the issue of exporting crude oil and buying back refined petrol, or the issue of poor hospital facilities that makes the people in government to opt for countries overseas for treatment, or the issue of corruption that has eaten up the system. I can go on and on to mention many more, because the truth is, if some of these little detail are addressed well, maybe the supposed problem that they felt was caused by binance and others wouldn't have been a massive problem after all.

Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Very true. No positive changes. The economy is literally getting tougher by the day.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

Considering the fact that the government are still very much active on this cases, then it looks like they have some good evidence that is probably giving them more energy to stick with their stance. But I heard that they've dropped the charges against the executive due to his health conditions, but are still very much active with the case against binance. So as it stands, the government are not backing out anytime soon. But at the end of the day, I think binance might want to buy their way out of this, and for sure the government will accept.

[Igebotz]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

All charges against Tigran Gambaryan and Binance have been dropped, and he has returned to his home country as a result of President Biden's intervention. I think now that the charges have been dropped, Binance should return its p2p service to Nigeria and possibly charge VAT on each transaction.

[nelson4lov]

~Snipped

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

Imo, if they agree to do that, definitely expect them to do it with strings attached. We have already seen Bitget and Kucoin moving mad in recent weeks. I think if the deal isn't good enough, Binance won't take it. The CEO of Binance already came out with talks about how our government wanted to extort from them but failed so if they were to push for an illegal deal (which will most likely be the case), they might not take it.

Why won't binance want to take an illegal deal to reopen P2p when they got 0 fees earned from that endeavor but everything to gain from their current strategy? That is, keep Nigerians on but do so without P2P.

[Igebotz]

Why won't binance want to take an illegal deal to reopen P2p when they got 0 fees earned from that endeavor but everything to gain from their current strategy? That is, keep Nigerians on but do so without P2P.

Is adding VAT tax charge for each transaction considered illegal? If they're operating their services to Nigerian it's normal to pay some kind of tax to the FG by taxing Nigerian users. This way nothing goes out from their own pocket - a win win situation for both parties. IMO

How does the VAT on Kucoin works cause I've made several withdrawals without being charged.

[SatoPrincess]

Last I read about the Binance case, government been don drop the charges against the Binance officials and them don release them. That one no mean say government ready for Binance to resume p2p trading for Nigeria because t-pain and him people don put am for front say na p2p trading na dey make naira fall so them go won still stick by that story to deceive people make their mind no go say na lack of production of goods and services, too much importation of everything and low export na dey make our naira fall.

[nelson4lov]

Why won't binance want to take an illegal deal to reopen P2p when they got 0 fees earned from that endeavor but everything to gain from their current strategy? That is, keep Nigerians on but do so without P2P.

Is adding VAT tax charge for each transaction considered illegal? If they're operating their services to Nigerian it's normal to pay some kind of tax to the FG by taxing Nigerian users. This way nothing goes out from their own pocket - a win win situation for both parties. IMO

How does the VAT on Kucoin works cause I've made several withdrawals without being charged.

It's not illegal under the law but knowing this government, I'd prefer not to have them monitor and mostly sanction actions I take on an exchange. If you receive money, they might flag your account for stuff like proof of funds verification, etc. As someone that have had experience with this government officiers, I wouldn't bet on it.

The VAT fee on Kucoin is only charged on Tx fees not on the actual amount of $ value of the transaction so that's probably why you haven't noticed it yet.

[Rruchi man]

~

All charges against Tigran Gambaryan and Binance have been dropped, and he has returned to his home country as a result of President Biden's intervention. I think now that the charges have been dropped,

I am aware of the development on Tigran's case, my exact reason for starting this discuss.

How does the VAT on Kucoin works cause I've made several withdrawals without being charged.

You will find the VAT added to the regular amount attached to the transaction fee.

If the Tx fee is 1 1USDT for example, on the BEP20 network, the VAT will make it 1.6USDT. If you don't look well, you will miss it.

[DPHOR]

Together with the other charges, The Nigerian government used the excuse of Binance and some other exchanges having a hand in affecting the exchange rate of the Naira against dollars to pursue Binance p2p from operating in the country. Much has not changed ever since and the Dollar exchange rate is as high as it was even without Binance.

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

You think binance is our problems all these while as you think? If any one pointing hands at Binance then I will say they don't know what they are saying because we know that they are not our problems and we know where the problems is coming from. If we managed to fixed bad governance then there will be peace in our country but this they don't want to change the narrative about bad government instead killing anyone who rise to speak the truth about how we have bad governor. The funniest thing is that if they can't eliminate you they will draw you closer to start working with you and be giving your own allocation to seal up your mouth and allow them do their things.

[uche6215]

Little or nothing has changed ever the government decided to band binance in operating in Nigeria this is because the government is not in tuned with the wishes of the people they say they are leading because as far as crypto related transaction is concerned there's nothing that the government or anyone else will do that will affect it, infact crypto related transaction has increased more since that band because when the Masse's has decided on a thing it will take an extraordinary thing to stop that and crypto currencies is one of such things in the Nigerian society so there's no impact that the band on binance has done

[Mayor of ogba]

Even though I don't support our government in stopping the Binance exchange P2P trading from operating in Nigeria, some bad actors who have a lot of money and want to convert their Naira to USDT were placing high buying orders in P2P trading just for them to buy USDT easily, and people were willing to trade with them since they had good buying orders, which at some point gave rise to dollar against Naira. The Nigerian government thought that taking out the Binance exchange P2P trade from operating in Nigeria would solve the problem of the Naira falling against the dollar, but that measure didn't solve the issue. Instead of the Nigerian government stopping the Binance exchange P2P trading from operating in Nigeria, they would have worked with the Binance team to control the buying orders so that they would correlate with the official trading rate of the CBN and ban any trader who placed an order above the CBN rate, which will help to control the value of Naira against the dollar. 

[CryptopreneurBrainboss]

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

Abeg oh no, they shouldn't so they don't have any excuse why the Naira is crashing. If to say them Binance still dey, na so blame for just they fly everywhere for their body.

Atleast now the incompetence of the government is being revealed to all and na so we know say this government just dey clueless. Binance self no need Nigeria wahala because them done become victims too much.

You know the kind block wey the FG go bill Binance because of the numbers wey dem dey transact for their exchange. Na that money dey the government eye and not any excuse they give.

Having just about 5/10% of that money (transaction from Nigerian on Binance exchange) na better revenue done sure for the government pocket. The federal should solve the Naira crashing wahala first before anything.

[Pokapoka124]

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

Abeg oh no, they shouldn't so they don't have any excuse why the Naira is crashing. If to say them Binance still dey, na so blame for just they fly everywhere for their body.

Atleast now the incompetence of the government is being revealed to all and na so we know say this government just dey clueless. Binance self no need Nigeria wahala because them done become victims too much.

You know the kind block wey the FG go bill Binance because of the numbers wey dem dey transact for their exchange. Na that money dey the government eye and not any excuse they give.

Having just about 5/10% of that money (transaction from Nigerian on Binance exchange) na better revenue done sure for the government pocket. The federal should solve the Naira crashing wahala first before anything.

Abeg nor make me laugh. Government nor won gree, them get plenty format for mouth, everyday I dey confirms  say this government nor send anybody papa. Them just dey hustle everywhere jam, them hold the Binance executives hostage because of money wey them won collect. If them fit do Oyibo take like this na you them nor go fit do. Fear nor fit make person do big business for Nigeria because the kabals go show you shege banza.

[Ishicryptic]

You put up a relevant question in this thread, and the answer to that is a capital NO! Nothing has changed so far and the value of naira is still depreciated, so it just goes to show how desperate our government is to cover up their incompetence. Binance, other exchanges and cryptocurrency in general is not a factor why our economy is dwindling very fast, the government needs to look inwards and tackle the inflation that is hitting the citizens very hard, instead of tackling Binance. It has been months since the restriction on Binance and other top exchanges not to facilitate naira p2p, yet the economy is becoming worse off, it clearly shows that they are just beating around the main problem, instead of tackling it. Our major problem in Nigeria, is that we are majorly a consuming nation, we import almost everything that we need in Nigeria, we mainly rely on crude oil revenue and because of corruption in government the money is not used to uptimaly improve our economy.

We are yet to see if the release of the Binance employee will prompt our government to reach a regulatory agreement with Binance so that they can enable naira p2p transactions again on their platform. Or our government will still hold on to the illusion that Binance is part of our Nigerian problems.

[Richbased]

Last I read about the Binance case, government been don drop the charges against the Binance officials and them don release them. That one no mean say government ready for Binance to resume p2p trading for Nigeria because t-pain and him people don put am for front say na p2p trading na dey make naira fall so them go won still stick by that story to deceive people make their mind no go say na lack of production of goods and services, too much importation of everything and low export na dey make our naira fall.

It is very awkward of the government to still believe that hardening their mind against the ban they placed on binance p2p will make any difference or will aid them achieve their quest in the money laundering and naira manipulation charges they hold against the exchange. For the fact that they have dropped the charges against the binance official, Tigran Gambaryan means the case against Binance will not hold water so they should keep on hunting shadows while Nigerians still find other means of performing crypto transactions without intimidation by the government. As dem clamp down Binance p2p since dat time shey the naira still dey go up, make dem continue to dey play with people's intelligence but one dey dem go tire.

[Mpamaegbu]

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

Dat wan concern Tinubu and im people. Whether dem wan allow Binance P2P back or not e nor make much difference anymore. We don move on. Dem sey if wan persin own nor spoil anoda persin own nor go betta. Govment blocking Binance opened up other exchanges up to Nigerians and we're betta for it like dat, shoo. Again, e com even further expose dis govment as olodo for economic matta. Na Aboki FX dem first take down sef wit accusation sey na im dey make owa naira collapse before dem enta Binance. At d end d thing wey dey cry still dey cry. Yeye people.

[Smartvirus]

Don't you think our government should allow Binance back into business in Nigeria and drop the money laundering case?

I read over the news that all charges against Binance was dropped in Nigeria and there is a trading tax for all trades conducted on Binance up to about 7% if I recall correctly. This speaks volumes towards regulation of exchanges of cryptocurrency trading firms existing in Nigeria and that would be an unjustifiable levy been placed on traders.
For some reason, I like to think that FG is doing it wrong with a so steep and high percentage on transaction as taxes. Having such a high rate as taxes on trade is unnecessary and not supportive of a developing cryptocurrency.