The dissension between Binance and the Nigeria government.

[Plutomanian]

Do you know how deficient it was back in early 2024 when it comes to the Nigeria government and the popular crypto exchange Binance? Sometimes I wonder what was really the problem back then that led to things blowing out of proportion. To be on the same page, I would really want to clarify certain points that made people quite perplexed on this whole Binance versus the Nigeria government saga because the vast majority believes the Nigeria government just felt insecure about their fiat currency and attacking Binance for playing a major role in dumping the generic value of the Naira in the country, it depreciate heavily and also play a role in the recession the country is facing, well in my own opinion, that's quite unequivocally false, that was never the true whole story.

Let's get down to the main trends of the day, Nigeria happen to be among the countries with most largest crypto markets with an estimated figure of $59 billion in crypto transactions utility in addition of 85% from it's retail trade, you don't think Nigeria was heading somewhere with cryptocurrency? For me I do believe Nigeria was going to the prominent future the government fail to give us, because back then, Nigerians was dropping million numbers especially in the P2P sector, buying and selling of USDT and Bitcoin was the orders of the day from Nigerians. That was the birthing existence of P2P merchants and how they generated revenue on the capitalized price.

In June there about, 2023 everything was going swift for Nigerians until the government securities and exchange commission created an awareness about Binance not been registered by Changpeng Zhao who was the current CEO of Binance exchange then, and they warn Nigerians that traded with Binance that trading with them was at their own risks. Do you want to know the funny part? Things didn't just end there, then the naira came under severe massive pressure with losing value briskly. This was the main reason and pointing fingers went directly at P2P merchants on Binance app for manipulating price and dropping the naira price rapidly which also affected the general exchange rate of naira in stocks, mind you they were all allegedly indictment place on Binance and then, the troubles and challenges of Binance began. We're talking about a whole saga that lasted between the space of 1-2 years if my memory serves correctly. The Nigeria government had to invite Binance representatives for regulatory issues. Everything planned out well except for the fact that the Nigeria government had to detain these representatives for almost a year, just for what? To exercise power or the government was just trying to indict these men and paint Binance black picture here?

Well they did tried their best to bring down this particular crypto exchange because we believe it was ranked 1st on list when it comes to exchanges that we're making the top figures and estimated values in the crypto market and their security firewall was robust and congeng. We kept all hope alive about Binance till today and it's a good app to trade our cryptos. What do you think?

[Exitoral]

Nigerian government are funny. I say this because all they were looking for was to blame someone for something they themselves cause. The fall of the naira. Binance was just a scapegoat and they did nothing wrong at all. P2p was never the cause of the naira fall. But hey, we have government that don't want to fix the root of the problem because somehow it benefits them. The main point is that Nigerian government wanted control just like every other government but they couldn't control it. So by banning Binance they thought they have overcame. But other platforms started springing up.

Well, as for Binance they are good. But are not the best. Bybit is there. That's a good competitor.

[HajiBagi]

Nigerian government are funny. I say this because all they were looking for was to blame someone for something they themselves cause. The fall of the naira. Binance was just a scapegoat and they did nothing wrong at all. P2p was never the cause of the naira fall. But hey, we have government that don't want to fix the root of the problem because somehow it benefits them. The main point is that Nigerian government wanted control just like every other government but they couldn't control it. So by banning Binance they thought they have overcame. But other platforms started springing up.

Well, as for Binance they are good. But are not the best. Bybit is there. That's a good competitor.

Exactly, Nigeria government use Binance as the scapegoat because they know that no matter how they try they can not stop the citizens from buying bitcoin or in any cryptocurrency activities, there are many exchanges but they choose Binance because it the most popular exchange, Nigeria government government do not want to associate with anything that they are not benefiting from like the way they are doing with public funds and all corrupt things.

I was surprised that time when i hear that Nigeria p2p will not be available in Binance because of what happened between the Binance and the government, I know that Nigeria government greediness is the cause of it because Binance p2p is one of the best and Binace don’t have any problem, instead of the government should focus on how to make the country better they are busy looking for how to make money for themselves.

[Iamgoat]

Exactly, Nigeria government use Binance as the scapegoat because they know that no matter how they try they can not stop the citizens from buying bitcoin or in any cryptocurrency activities, there are many exchanges but they choose Binance because it the most popular exchange, Nigeria government government do not want to associate with anything that they are not benefiting from like the way they are doing with public funds and all corrupt things.

I was not really surprised with the decision of the government at a time, all pointers from their policy adjustments and media clamping on digital currency especially the adoption of bitcoin showed how angry the government is about the level at which cryptocurrency especially Bitcoin was thriving in the country among young people. It is already clear for a long time how the government frowns against any initiative which will bring true financial liberation among the young people and the entire citizens. The government prefers a situation whereby the people are highly dependent on them therefore giving them the chance to come up with petty empowerment programs which keeps us more answerable to their antics. So, when the government discovered the coming of Bitcoin was truely bringing financial freedom and stability among the grassroots, they began to fight it until they were able to use Binance as a scapegoat which largely was effective as it chased away other exchanges who were in the same or similar business till date.

I was surprised that time when i hear that Nigeria p2p will not be available in Binance because of what happened between the Binance and the government, I know that Nigeria government greediness is the cause of it because Binance p2p is one of the best and Binace don’t have any problem, instead of the government should focus on how to make the country better they are busy looking for how to make money for themselves.

It was the easiest way they could spoil Binance business for them because I want to believe P2P platform is one of the biggest in Africa as a whole with Nigeria being the leading force. Banning their activities and blocking the P2P platform was a way to not only handicap Binance from doing business but to also scare them away from the Nigerian market and it was a successful one.

[programmer3666]

That whole drama this Tinubu administration did with Binance was messy, honestly. The government blamed Binance for the naira crashing, but smart and hustling Nigerians had already turned to crypto because the economy was failing them anyway. Detaining those executives for nearly a year felt more like a power play than a real solution. And what did it achieve!! The naira is still falling, prices are still high and life hasn't gotten any easier for ordinary people. Maybe the government should have focused on fixing the actual economy instead of going after an exchange. Because whatever they tried to do, it clearly didn't work.

[Mayor of ogba]

The Nigeria government knows Binance wasn't responsible for the depreciation of Naira they only accused Binance of such in order to extort money from them that was why they went further to say Binance wasn't successful registered and have no licence to operate in Nigeria. Even when Binance officers came to Nigeria to negotiate with the Nigeria government for them to get the necessary documents that will allow them to operate in Nigeria without any problem, they were ready to cooperate with the Nigeria government but the money the Nigerian government asked them to pay was too much so they refused to pay the money, and it resulted them to being detained. Since the Nigerian government couldn't milk Binance they did them dirty by stopping their operation in Nigeria.

[gracreavix]

This fight with Binance over the government shows that they treated Binance as sought of the cause of the whole saga of why people used cryptocurrency more. Maybe they know or they just pretended to know that economic factors caused the fall of niara. Or when naira was falling in the 1900s, was that Binance fault too? Which made them think putting some kind of restrictions to it will somehow help the naira. But it didn't. Why? People just went to use other exchanges. One might even ask further why Binance was too popular among Nigerians. There's one thing they did well and that was provide convenience of use in their platform. Making it easy to buy and sell coins and quickly covert to your local currency. That convenience was what made people trust them and adopted them as maybe banks to store their cryptocurrency. Which one a norms is a bad idea.

[Roseline492]

The government felt very shameful as at then when they suspended binance and the naira was still getting even more weaker than when they have not stopped binance so actually they have been blaming the wrong thing as the cause of the naira fall then, although it wasn't easy with binance and government because it took them a long time before they fought there way to the binance and issued the restrictions and the next thing they thought was that it was over for all Nigerians to quit cryptocurrency but they instead saw the opposite so actually the story of government and cryptocurrency in Nigeria is funny enough to use it in comedy.

[Cleanshit]

The government felt very shameful as at then when they suspended binance and the naira was still getting even more weaker than when they have not stopped binance so actually they have been blaming the wrong thing as the cause of the naira fall then, although it wasn't easy with binance and government because it took them a long time before they fought there way to the binance and issued the restrictions and the next thing they thought was that it was over for all Nigerians to quit cryptocurrency but they instead saw the opposite so actually the story of government and cryptocurrency in Nigeria is funny enough to use it in comedy.

Yes actually the government thinks that restricting Binance will strengthen the Naira but this didn’t happen, daily people do move to others exchanges due to the demand for Bitcoin which still crypto didn’t disappear. All this shows that Binance it not the main cause of Naira depression,

[TrialBitcoin]

That whole drama this Tinubu administration did with Binance was messy, honestly. The government blamed Binance for the naira crashing, but smart and hustling Nigerians had already turned to crypto because the economy was failing them anyway. Detaining those executives for nearly a year felt more like a power play than a real solution. And what did it achieve!! The naira is still falling, prices are still high and life hasn't gotten any easier for ordinary people. Maybe the government should have focused on fixing the actual economy instead of going after an exchange. Because whatever they tried to do, it clearly didn't work.

Going after Binance didn’t address the deeper issues driving the naira crisis. Nigerians turned to crypto largely because they were looking for alternatives as the economy became more difficult. If the fundamentals of the economy remain weak, targeting an exchange won’t solve the problem. The focus should be on fixing inflation, strengthening the naira and improving the business environment for ordinary Nigerians.