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

[Tungbulu]

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?

Well, if you ask me, I’ll say that the move may have had somewhat effect on the price of dollar to naira at that point the whole thing started, and we can all agree that the price of dollar drastically dropped but this only lasted but for a while as Nigerians who got affected in one way or the other by the taking down of P2P in Binance sort for other ways to sell and buy their Bitcoins and other crypto assets.

The government isn’t willing to allow binance operate freely in the country, well not until they’ve met their demands, and if not, I’m afraid nothing will change, except Binance makes a move to negotiate the terms, if they’re not willing to do everything the Nigerian government demanded. And until then, I’m afraid nothing will change.

[Sonia_123]

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?

Does that really matter as long as exchanges and transactions are taken place through other exchanges, you should not boarder about that, everything in Nigeria is all about politics, the politicians are after their personal interest,not after the growth and welfare of the citizens and the country, using Binance and other exchange as an excuse for the rise in dollar was politics,and now it is clear that neither crypto or binance and other has nothing to do with the inflation and high dollar cost hitting the Nigeria economy,now what do they have to do. The government knows the problem of this country and hw to fix it, but they don't want to.
Today dollar is high of the negligence of the government doing the right thing .
Nothing has changed instead getting worst by the the day with the economy unbearable for the citizens. 

[Cryptomultiplier]

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.

Nothing has changed so much, but it is a clear fact that the FG has its hold on cryptocurrency exchanges operating in the country and the heavy taxes imposed on them serves to say, if they intend to continue doing business in the country, they must by the example made of Binance, abide to the regulatory policies and actions as deemed fit by the FG.

I think traders who have found an alternative exchange understand better and they shouldn't relent because nothing good comes easy and whether it is now or later, cryptocurrencies mostly Bitcoin will be unofficially adopted and used widespread, because as technology and innovation is gaining ground, those our leaders who travel to neighbouring countries who are doing well having adopted Bitcoin for payments, will like to return home and replicate same here to boost our economy and win personal accolades.

[HajiBagi]

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 don't think Nigeria go agree for Binance because of the misunderstanding wey the both of them dey get, if you look at many exchanges you will notice that Binance and Nigeria government no be people wey go settle, Nigeria government go wan put better tax wey them go go dey collect with Binance and Binance no go wan agree because Binance dey see am like say Nigeria government wan dey too do this day's, As E be like this person no know who is at fault whether na our government abi na Binance.

Nothing Don change even when the government try stop some exchanges to run p2p transactions, Binance is one of the best exchanges wey we Sabi and now E come be like say person no even know about am again, E go good make government allow them run their thing because I no see anything change since they stop Binance and I no sure say E go change anything as our country dey like this so.

[Makus]

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.

You've  said it all, the government  are only looking for a medium  to place their incontinence that's  the major reason they targeted cryptocurrency.  I'm  ashamed  of their actions and irrespective  of their effects in crippling crypto, inflation rate as continued  to skyrocket proving that crypto was never the major factor or should I say the origin of the inflation. Greed has indeed eaten them up to even speak and do whats right. The case of the government  and dangote is another huge topic to be discussed  because their action only proves to the whole that they have no clue on how to manage our resources. Well for me, greed can be the only reason they tried so has to frustrate dangote after letting me spend billions in that project, they want to be in control with everything  so their secret don't get exposed.

[MainIbem]

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.

They're not only myopic but greedy and selfish they claim not to support Cryptocurrency but want to reap where they didn't sow, thereby inflicting heavy taxes on some of those top Crypto exchanges and when they saw that their requirements couldn't be fulfilled they decided to place bans on exchanges that were not cooperating with their terms and even arrested some of their staffs that's the height of it all, I support your motion that the government are the major cause of the hike in exchange rate and not those  exchanges cause despite the bans and sanctions the rate kept increasing instead of reducing, why won't it increase when the so called politicians are hoarding the dollar thereby making the value of our fiat currency depreciate, the present administration is a failed one, they've crumbled the economy and we're now surving on loans and despite that they're still looting the loans they claim to try to stabilise our economy with. Now tell me how would things get better when the only plans this administration have is to keep looting public funds, crumble the economy more and point fingers at firms and institutions including top business people in the country for their failed greedy, myopic and selfish acts.

[Agbamoni]

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.

They can if they want to. The power is in their hands, because they can just wake up one morning and choose to send an appeal to Binance. And considering the benefit Binance sef go get, go make Binance accept them back. Mark my words. if the government agrees to work with Binance, they will agree. And the reason na because a lot of traders for Nigeria na Binance be their first exchange.

But me ah they on the same page with you. The thing go only makes things worse instead of better. Without anybody advising me, i will be one person who will never trust the collaboration anymore. Never will i fall for our government and their stupid policies anymore.

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.

Right from the time wey our government first released ban on Bitcoin come later remove am after some few months na when i zero my mid from them because they no no weting them dey do at all. The reason for the ban was shocking to people cos e no been make sense. When they later remove the ban, they no even give solid explanation to the people why them remove am. All this attitude just show say if no be weting go benefit them, dey no go involve themselves.

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.

The problem of the Naira crashing na big wahala o. When i been they small, my mama go enter Togo to go buy some kind things. And she tell me before say she fit bribe those Togo police men for their border with 2000 Naira. But now them no they gree take the Naira sef again becuase e no they valued more than their currency as e been they before. To tell how the Naira done crash sote country like Togo wey been they bow for our Naira they reject am. Omor.

[uchegod-21]

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?

In as much as I am a crypto supporter and would like cryptocurrency to succeed in my country, I will speak out about the contribution of binance P2P to the depreciation of Naira as at that time. Assuming government did not make that swift movement of making binance to delist Naira in their P2P, by now Naira would have been somewhere close to 3,000 to $1.
The way naira was manipulated in Binance market has never happened before. Very soon there will also be clamp down on bybit because they have started manipulating naira in that platform also. The naira on its own is shit, then when the forces of demand and supply hits it, it becomes worse.

[Antotena]

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?

If you are Binance, are you going to have anything to do with Nigeria business? Let me tell you something bro! Nigeria isn't a safe zone for any business right now, the ones inside are still struggling to survive, look at how Dangote is trying to survive because of their no transparent policies. Binance CEO came down had talk with Nigeria to free their African representatives they imprison but Nuhu useless Ribadu was forming Commando but quickly release him as soon as the US entered the matter.

The p2p service on Binance doesn't on any way benefit Binance, they charges zero fee but it costs them money due to regulation concerns. They wouldn't come back, if it's safe I'm sure that even OKX will still be around Nigeria but they left too. This government doesn't know and recognize anything about cryptocurrency.

[Obari]

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?

Absolutely nothing has changed and I don’t think the attack on binance was typically to control whatever they claimed they wanted to control but rather some sort of strategy to want to earn and from cryptocurrency since it was already a very blooming business in the market.

On the other hand, I think it’s still possible to trade on binance but through the back door and meh I think those p2p traders are very inconsiderate with their rates and I think they’re already seizing the opportunity to milk traders of their money which is wrong.

Government has already achieved their goals of wanting to tax the crypto sector and at this point, I think it’s time for them to redress their actions and make it more flexible.

[Mr steve22]

Binance is the reason why the current isn’t performing well. The multiple forex exchange rate policy is the reason why the currency is underperforming. I believe this money laundering case against Binance is being sponsored by people perceived to have an agenda against him.

[nelson4lov]

Binance is the reason why the current isn’t performing well. The multiple forex exchange rate policy is the reason why the currency is underperforming. I believe this money laundering case against Binance is being sponsored by people perceived to have an agenda against him.

I'd like to hear how Binance P2P contributed to it. I'm not a financial expert but I can confirm that Naira has grinded back up almost -80% since the last recovery it did against the dollar after that clampdown on crypto and p2p CEXs by the federal government. So it's clear that it wasn't because of Binance's P2P.  I believe it is due to the fact that we heavily depend of USD and the inflation just made it more because you're required to buy/spend more $ than you normally would for the same or less quantity of products / services.

[SatoPrincess]

Binance is the reason why the current isn’t performing well. The multiple forex exchange rate policy is the reason why the currency is underperforming. I believe this money laundering case against Binance is being sponsored by people perceived to have an agenda against him.

I just responded to your topic not too long ago only to find you saying the same thing here, this means that you truly believe what you’re saying. Do you care to educate us on how Binance is affecting the country negatively? Please tell us how Binance is causing low production rate and forcing our politicians to steal moneys from government.

[Yucky]

Absolutely nothing has changed and I don’t think the attack on binance was typically to control whatever they claimed they wanted to control but rather some sort of strategy to want to earn and from cryptocurrency since it was already a very blooming business in the market.

On the other hand, I think it’s still possible to trade on binance but through the back door and meh I think those p2p traders are very inconsiderate with their rates and I think they’re already seizing the opportunity to milk traders of their money which is wrong.

Government has already achieved their goals of wanting to tax the crypto sector and at this point, I think it’s time for them to redress their actions and make it more flexible.

They literally know that cryptocurrency and Bitcoin is one way that a lot of Nigerian youths are earning, but there was like no tax on it because how do you impose tax on people that earn online. So they had to act with the most popular crypto/ Bitcoin agency; they definitely did that to get something out of Binance. And when they came to a certain agreement, they let them come back. And the fee now is much though if you want to trade, but it's better than not having it at all. So it's just the Nigerian government looking for a way to get money out of Bitcoin and the crypto world.

[Obari]

Absolutely nothing has changed and I don’t think the attack on binance was typically to control whatever they claimed they wanted to control but rather some sort of strategy to want to earn and from cryptocurrency since it was already a very blooming business in the market.

On the other hand, I think it’s still possible to trade on binance but through the back door and meh I think those p2p traders are very inconsiderate with their rates and I think they’re already seizing the opportunity to milk traders of their money which is wrong.

Government has already achieved their goals of wanting to tax the crypto sector and at this point, I think it’s time for them to redress their actions and make it more flexible.

They literally know that cryptocurrency and Bitcoin is one way that a lot of Nigerian youths are earning, but there was like no tax on it because how do you impose tax on people that earn online. So they had to act with the most popular crypto/ Bitcoin agency; they definitely did that to get something out of Binance. And when they came to a certain agreement, they let them come back. And the fee now is much though if you want to trade, but it's better than not having it at all. So it's just the Nigerian government looking for a way to get money out of Bitcoin and the crypto world.

I don’t think Nigeria is back to the binance p2p market but rather through the back door.
Personally I think the attack on binance as one of the major exchange in the country was to send in some fear to the minds of other exchanges so they would rush to pay whatever dews which I think the Nigerian government succeeded.
Your response seem like the government has some personal attack on the youths which if looked at from
Some perspective it might seem true but we don’t want to point fingers since we don’t have any evidence against them.

Over the time, it has always seem as if the government has been against the progress of their youth and the attack on cryptocurrency was a major evidence to this claim.

[Antotena]

I don’t think Nigeria is back to the binance p2p market but rather through the back door.
Personally I think the attack on binance as one of the major exchange in the country was to send in some fear to the minds of other exchanges so they would rush to pay whatever dews which I think the Nigerian government succeeded.
Your response seem like the government has some personal attack on the youths which if looked at from
Some perspective it might seem true but we don’t want to point fingers since we don’t have any evidence against them.

Over the time, it has always seem as if the government has been against the progress of their youth and the attack on cryptocurrency was a major evidence to this claim.

I'm one of the people that was against this government with their harsh treatment on Binance but to be honest, there was a lot going on with Binance p2p. There was high manipulation of naira to dollar value and because it's highly volatile, the cabals that are not non Nigerians verified Nigeria accounts to trade Naira and dollar, as I'm speaking with you the 100 accounts involved in those manipulation provided by Binance is still in court, a lot happened that we don't know.

However, Binance isn't the platform they should hold accountable but the government are oppornist, they want to get at Binance because of tax issues, the Nigerian government wasn't fair with Binance case because look at how they treated their representatives that weren't even Binance team, they wanted to have Binance by all means but never work as they expected. The Volatility is gone but the dollar to a Naira is still the same, We are just some naira away from ₦1800 as I predicted in January, we will close December on Naira to dollar rate at that price.

[Josefjix]

However, Binance isn't the platform they should hold accountable but the government are oppornist, they want to get at Binance because of tax issues, the Nigerian government wasn't fair with Binance case because look at how they treated their representatives that weren't even Binance team, they wanted to have Binance by all means but never work as they expected. The Volatility is gone but the dollar to a Naira is still the same, We are just some naira away from ₦1800 as I predicted in January, we will close December on Naira to dollar rate at that price.

Binance was not the problem; they were simply ignorant or seeking for someone to blame for their poor economic decisions. As long as the country consumes more than it produces or is dependent on imported commodities, the currency will continue to depreciate. If it reaches N1800 or N2000, it would increase overall inflation and exacerbate the suffering we are already experiencing.

It is clear that the FG has no plans to raise output, improve the economy, or strengthen the Naira; so they should reinstate the Naira subsidy and allow everyone to live their lives. All of the money from the subsidies went into their personal pockets, so what's the point of having subsidy removed?

[Ever-young]

It is clear that the FG has no plans to raise output, improve the economy, or strengthen the Naira; so they should reinstate the Naira subsidy and allow everyone to live their lives. All of the money from the subsidies went into their personal pockets, so what's the point of having subsidy removed?

The government doesn’t have plans to fix anything because they are obviously not suffering any of it; the poor are the ones suffering it. In fact, I believe they are benefiting from what we are passing through right now.
 
If not, I’m not sure that they are too blind to see that there are few steps they can take to put the economy in balance since they have seen that things are not working fine, and the naira to USDT pair on P2P exchange is not also the problem. They should do something; the increased minimum wages are still not effective. Even if it is, it can’t even help in this hardship. I also agree on the fact that since the subsidy removal has not brought any positive effect, there is no point for it to still stand.

[Zigabel]

At some point I dey feel like say dat thing wey our government do binance na just political stunt wey dem do so dat dem go use am take get excuses wey dem go blame say wey cause the wahala for our money dat time but even dem know say no be d main mata be dat say na just way of distracting people dem from to dey blame d government too much na why even d release of the binanace executive dem just do am wey be say dem no really explain any better thing sef.

Even now wey b say binance p2p no dey, d money still never come down but pipo now Dom com adjust dem no too complain and e come b say dem no know wetin dem fit do so dem just adjust.

[Princess Leah]

At some point I dey feel like say dat thing wey our government do binance na just political stunt wey dem do so dat dem go use am take get excuses wey dem go blame say wey cause the wahala for our money dat time but even dem know say no be d main mata be dat say na just way of distracting people dem from to dey blame d government too much na why even d release of the binanace executive dem just do am wey be say dem no really explain any better thing sef.

Even now wey b say binance p2p no dey, d money still never come down but pipo now Dom com adjust dem no too complain and e come b say dem no know wetin dem fit do so dem just adjust.

Left for me, i think it’s either they were looking for who to blame their failure on cause at that time, the dollar kept gaining against naira rapidly and majority of people earning in dollar sold at high rate to make lots of profits in our local currency, thanks to the failure of the government to stabilise our economy and make our currency improve. Or they purposely did what they did to discourage people from using Cryptocurrency.

 However i think it backfired cause instead of discouraging people, more people kept embracing Cryptocurrency and even saved with several cryptos since our currency kept depreciating against the dollar, thanks to other exchanges like Bybit and social media platform telegram that came up with their own blockchain and P2P market, giving citizens an alternative to Binance and other banned exchanges.