Topic: Can Binance action revitalize Nigeria community? (Read 347 times)

Well they need to have explanation if there are counter action on this incident since if they don't have anything word to say after a heavy restriction for sure there imagine might stain for some bad things knowing that people always ask for explanation and will get angry for unexplained condition unto them. Binance has capability on those things since they are the rule creator and can implement this anytime.

I think of the same that Binance is being responsible for their actions. If they have to suspend a specific user's bases geographically, they have a reason for doing it.
Well, it's not that they're going to suspend those accounts all of the time. After finding out a solution for the security and protection of their users there, they'll eventually get back to you with a better ruling and protection.

Binance is one the top leading crypto exchanges in the whole world, they're well known in providing selfless service delivery. In a situation where by they found some unsecured transactions, they will definitely suspend all the suspected accounts, because people use any opportunity to cheat, so if Binance found out this they will definitely restrict all suspicious people and do further research. I think they are capable of protecting Nigerian Binance users from froud.

Most of the time people will choose comfort over security and privacy and even in this market that is the way it works, I can understand that those that actively trade will leave their coins on the exchange as there is not really any other option for them, but those that do not do so and make the occasional trade do not have any justification.

Most of the time they do this out of convenience but also because they do not want to spend some of their bitcoin on the fees to move it in and out of the exchange, and in their attempt to save themselves some money they exposed themselves and lost everything.

There is a difference in the meaning of the words "fueling" and "don't care". Not caring doesn't mean it will be the cause if it's in the other party's control (authority). From the start, actually none of your opinions contradict mine.
Your opinion is basically "binance is trying to comply with regulations". Then where is your disagreement with me?

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A person can have an opinion instantly by reading and drawing conclusions from the situation or case being read. That is the result of authentic thinking (the true meaning of opinion). If you're asking where I generate thoughts, I've read this thread and you missed these parts,
This freeze is a regulatory initiative, not binance. So what's your opinion if regulation isn't involved?

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I'll tell you again, centralized exchanges will seize money for only 2 things:
Disadvantaging them such as attacking their security systems (especially centralized wallets), cheating in reward programs.
Regulatory orders. Even if your account is hacked, your case will not be processed if you don't attach a police letter.

If you have reasons other than the above that prompted Binance to freeze your account, please show me a case in point.

I do not know if I understand it correctly but at first read, that sounds racist. They restrict Nigerian users to protect their community but which community? Was it binance or Nigerian? It seems they aren't different to others that thinks Nigerian people are fraudsters and now you ask if this actions can yield better result? lol, to binance maybe but to the other party no.

If there's anyone that they are protecting, that is their selves and the other countries that they like but it shouldn't be like this, discriminating must be stop now. Cryptos are something that can make the lives of people or their economy improve and all have the rights to use it. Cryptos aren't controlled by someone else.

There is difference between fact and truth.
When you said binance are fueling illicit activities, your opinion doesn't just wake up your mind and say something like that, you should have read it somewhere before your opinion may count on a statement. I don't trust centralized exchange after reading so many count charges on Tether manipulation but your statement doesn't justify binance.

I read about those freeze accounts and I was damn Happy about that, they were rusting p2p section for other legitimate traders and hustlers.

Binance had made out such decisions because it was just a response from Nigerias Central Bank.
You could read up more on this link. https://thepaypers.com/cryptocurrencies/binance-suspends-nigeria-deposits-after-central-bank-ban--1247108

So far, the CBN has not provided an official reason for the sudden order that is sending panic through social media.
Source: Link above.

So this one isnt Binance own action.

This happens all the time with many exchanges. Not "seized" but the exchanges gets frozen, I have seen plenty of exchanges never handling the load correctly and whenever there are some big movements up or down they end up crashing and that causes websites to go down for a while until it can get back.

This means people who have funds there would have to watch the market go up or down while not being able to use their funds to buy or sell. This is just way too common and people just learned to ignore it after a while, can't say that it was something that we should ignore but it is Binance we are talking about and I am sure alternatives wouldn't be all that much better.

According to Binance, the action is in line with global anti-laundering law and not only peculiar to Nigerian users alone. Binance is a centralized exchange which makes it regulatory compliance so any user on binance knows that. before going ahead to open an account and going through the KYC process on the exchange you have to be prepared to take whatever comes from it to be on a safer side don't store large amounts on an exchange.

But it can be very disappointing if the price of the coins that was seized by binance dropped significantly, it can also increase though, but if it drops, it will be a bad experience for Nigerians that are not fraudsters but their coins were seized or their accounts were freezed.

Some people are actually fraudsters, if such people are caught, it will be good, they were unable to successfully fraud but this does not mean fraudsters are not using custodial exchanges successfully even in a way the custodial exchanges will never know anything about it as it is not directly connected.

It is good to use noncustodial ways instead of not having total control, I do not mean fraudsters but people that are innocent and their coins are seized.

When you say better results do you mean for Nigerian or for Binance? From the looks of things Nigerians are the ones most affected here and not Binance. I did a thread on this topic here; Binance & Nigerian; Most recent development on frozen funds without prior notice the affected accounts are in their hundreds, you can't tell me all those are associated with what ever investigation they're doing. Why punish innocent individuals that make a living from your platform just because of some bad eggs. Among the hundreds, there would be traders, investors etc that would have lost heavily due to the market correction.

Nigerians rely on Binance for peer2peer transaction, there are so many noobs coming into the industry to escape the hardship in the country, it'll be hard to keep up even if you're trying to enlightened them on what to do or not to do in regards to trusting centralized exchange with their funds. This centralized service does the most outreach in teaching about Bitcoin so unconsciously they're to use this platforms. I'm still not in support of this decision by Binance but I don't blame them though, they have their terms and have to complie with the government but they should know, they have lost many trust of Nigerians.

Why Binance has restricted some Nigerian accounts

Binance have restricted specific number of personal accounts upon the request of international law enforcement. According to the information from the news article 281 personal accounts have been restricted to prevent fraud and ensure the platform's security. In specific CEO Binance added

“User security remains our top priority,” he said. “We love and are devoted to our Nigerian community, but we must ensure that our users are safe.”

Some #tags connected with Binance have been trending in twitter. Further it is said 79 cases have been resolved and are working on it. People will regain access as the team is working on speed resolution on those accounts.

It's a tough experience for traders that locked their funds on Binance. The Nigeria government banned cryptocurrency to Fiat transaction. That is linking your bank account to any cryptocurrency exchange or wallet and withraw directly to your bank account. And they is no other possible means of banning the peer to peer kind of trading in Nigeria.

The Nigerian government make money from bureucrats by selling dollars at a higher rate to them through the central bank of Nigeria. So the average Nigerian buy dollar at a very high rate, therefore the cryptocurrency method of getting dollar and changing it to Nigerian currency has made alot of Nigerians to forget the bureau de changers and trade peer to peer since they see more profits because they sell the Bitcoin at a good rate.

I have noticed that the government don't prefer it when citizens have a way out to getting things like dollars and they cannot regulate it. Therefore, the freezing of some Nigerians account on Binance could be one of the tricks the government want to integrate to help regulate a good number of Nigerian cryptocurrency traders by rending some people to go back to the local bureau the changers to boost the dollar market in Nigeria.

Fraudulent activities happen everywhere and it's not a strong reason to freeze people's account without any warning. I think their Government concealed their intentions such that Binance will see a reason to accept the offer of freezing some Nigerian accounts.

Otherwise, is there any proof to your claim?
I don't think any proof is needed, as this is opinion. By the way, have you read this entire thread? What do you think caused those accounts to be frozen? Did Binance suddenly have the initiative to do it without any regulatory pressure they had to comply with? Do you think this action will not have a negative impact, especially if the accounts are not proven to have violations?

They create user policies in such a way and execute violators to fulfill regulatory demands. If they are not regulated, they will let you do business however you want using their platform because they are not responsible for anything that happens afterwards.

It's no secret that all businesses have risk, and all crypto players also hold to the principle that their risk is greater.

If you don't have any proof to back up your claim, I'll assume it's a big fat lie.
No exchange would want to promote fraud, and no exchange would want to be fined and punished if they boycott her host community. Most exchanges, particularly Binance, ensure that they obey all country requirements, which is why they stop NGN fiat deposits and withdrawals from their exchange. No exchange would condone or enable fraud, period.

With the amount of control binance is getting I am pretty sure that not users but Binance would benefit a lot from this matter. Obviously if they have taken the big step like freezing the account then there has to be control issues. For example, this seems like forceful KYC completion and thus user has no options but to showcase their crypto earnings to the government. I think one way other this is good for government since as far as i know Nigeria is not that rich country and have no plans of developing in the near future. Most of them are so busy in under education and fleeing out of the country for the hunt of jobs and post education.

So this has complete relation with government trying to take as much info as they could from binance and have taxes levied for the state purpose.

Restrictions of any kind can definitely reduce the restricted actions, but will definitely not completely eradicate them. SO there is always merit in choosing to protect what can be protected and raise the overall security of your business and its customers. However, as I stated numerous times on this forum, crypto is not the solution to a deeper economic problem, nor can one company alone shift a mindset of a certain country. The change needs to be systematic, it needs to come from within the society and it needs to be widespread to all parts of its economy to truly work.

Nigeria is far ahead in terms of crypto use binance is not given to minors or validators who are responsible for processing transactions and securing the associated blockchain network. But whether binance action can revive the nigerian community will depend on the government of their country if it becomes legal you select the network that is compatible with the withdrawal address there will be no barriers to raising funds.

In order to comply with local Nigerian law, it seems binance is no more allowing people from Nigeria to trade with them. But, freezing out funds leads me to think differently because for the reason of government law, an exchange should give users time to withdraw funds by announcing about termination of services well in advance. Simply freezing of funds should be only for the case of breach of terms and services of exchange. So, binance may take further action regarding this as probably they may temporarily froze funds to get time to comply their services with law.