Topic: Claims Of $26Billion 2023 Revenue Is False, Says CEO Teng (Read 147 times)
The confusion the Nigerian government has is the difference between revenue and profit. They say that $26 billion USD has gone through the exchange, and therefore they issue a fine of $10 billion USD to Binance. But as the Binance CEO mentioned, the $26 billion is revenue, or total number of all trades executed by users on the platform. Binance fees can be quite low, let's say on average the fees is 0.2%, that means of the $26 billion Binance would only have collected $52 million in commision. Again that's not even profit, it's just the commission, not including costs of running operations in Nigeria. Maybe their profit was around $45 million as a guess. The $10 billion fine by the Nigerian government is insanity compared to their true profit.
Though, I haven't watched that YouTube video completely but I found a news about it on NairaMetrics blog site claiming same statement, so I thinking is just bluffing... One thing I don't like here is the treatment given to the held Binace official, its just retaliation to the whole situation.
But guys I'm I the only person confused of the actual amount because I'm seeing a dollar sign here, and don't think it's supposed to be recorded in dollars rather in naira. 26billion dollars isn't a thin kind of money here but anyways can I get cleared on what the amount is in naira?
Well that's on the news 26 Billion In dollars and you can check the exchange rate from the CBN sire . I heard it dropped down to #1598 recently but the data I'm seeing on CBN still reads june (06) on their website and it's pointing to the val of #1628/$ you can do the calculation for both side.
I do not know how true is this because I do not expect Binance CEO, Richard Teng to go up with such false claim that CBN president, Olayemi Cardoso claimed that Binance generated $26 billion from Nigeria as revenue. If this news is true, it is a big lie or he did not know about what Cardoso talked about.
Who knows the actual person saying the truth, this is social media and there is freedom of speech, they both have spoken, the media has taken their statement down, but where we there to know the actual situation or circumstances that stand behind all these being the truth, some facts couldn't be established especially when there is no proof to back them up.
The binance CEO statement is made out of misconceptions or he misunderstood CBN governor statement, you know as oyibo dey reason mataz him fit no get the yarning were CBN governor yan well.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
I think they misunderstand each other that is why, Binance CEO misunderstand what the CBN government said, how can Binance generate 26 billion as a revenue from Nigeria, that one can not be possible even before the CBN government should said that he will need to do research about and I don't think they will have details about it because Binance will not give it to them since the CBN government have decide to stop the Nigerians from p2p transactions in Binance, that mean that nothing concern Binance with Nigeria again.
I think the CEO was upset with the action the CBN government take because CBN government block another way that Binance is generating from, the reason why the government decide to close p2p of Nigeria in Binance is because they are blaming the exchange app that they are the causes of expensive things in the country which is not the truth, so we understand the feeling from the Binance CEO, No be everything dey last long.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
So apparently, because of the feud the federal government and Binance had in Nigeria, it was the cause that made OKX want to leave too, that wasn’t a nice idea to me though. However, the money the CEO claimed to be generating from Nigerians is not correct because with a value like that generated from Nigerian user, he won’t say Nigeria is just not a big market for them. The federal government could have thought more and not allow them to leave like that when regularisation can also work in Nigeria with them.
The binance CEO statement is made out of misconceptions or he misunderstood CBN governor statement, you know as oyibo dey reason mataz him fit no get the yarning were CBN governor yan well.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
26 billion dollars is actually a lump sum of money to have been made in revenues over the activities of the Binance exchange in revenue. I think Binance CEO was more correct to have explain further about the issue. Although, Nigeria is ranked among the top 10 countries based on users population in the world, the government's lack of strong policies, weak regulatory framework, weak tax benefits and support from the government have continously slowed its way to the top.
Therefore I will most probably align with the Binance CEO more on whether the government is talking about the revenue or the actual volume of transactions made by the company. 26 billion dollars is alot of money and if government can set up the right economic direction to accommodate these online exchanges they can make billions of naira from these exchanges in tax benefits within a year.
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But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
Exactly the point I am driving at. The government cannot give account of what they don't have which includes the accurate data on the activities of Binance including their P2P transactions and trading accounts within the Nigerian space.
The binance CEO statement is made out of misconceptions or he misunderstood CBN governor statement, you know as oyibo dey reason mataz him fit no get the yarning were CBN governor yan well.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
You are right on this and for the first time I want to agree with our government. It is very correct that such money have passed through Binance from Nigeria. If you check the volume of p2p trades in Binance when it was still available to Nigerians, you could easily see that Nigerians were among the top countries in that platform with individuals owning hundreds of thousands of cryptocurrency. Another thing that will also support the statement is that most of us here that use Binance have traded thousands of dollars through the p2p and add how many Nigerians uses the platform from inception to know that it is huge. The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
So apparently, because of the feud the federal government and Binance had in Nigeria, it was the cause that made OKX want to leave too, that wasn’t a nice idea to me though. However, the money the CEO claimed to be generating from Nigerians is not correct because with a value like that generated from Nigerian user, he won’t say Nigeria is just not a big market for them. The federal government could have thought more and not allow them to leave like that when regularisation can also work in Nigeria with them.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
Though the figure about the money when Nigerians take de move through binance fit no de accurately correct, I Believe say before the sanction on binance most Nigerians de make use of the exchange as her primary means of doing her p2p and we know how many people when de carry out trading on a daily bases for this Nija. For Binance to say Nigeria no be big market for them de very ridiculous because when you consider the population of active crypto users in Nigeria and how binance don become an automatic house hold name for everybody, e de hard to believe that kind thing.
I swear you dey 100% correct, me personally begin know other exchanges when Binance been stop P2P for Naira, and I know plenty people wey dey like that. I been dey think sef say na Binance be the only exchange wey make sense to use. Binance was used by almot 90% of Nigerian crypto traders,and lots of people still dey use them reach now as their security tight wella. I go fit burst your bubbles say most people just dey use other exchanges dey do P2P, but them major holdings and activities still dey Binance because even BNB network na $0.3 to transfer funds to another exchange from binance, so people like me no even mind to pay the money everytime take send funds to bitget for P2P.
Make I still remind you say the figure wey them dey call na the ones wey them do with Nigerian IP, the one wey people do with VPN no follow ooo, meaning say the figure big pass like that wella. so binance dey lie if them talk say Nigeria no be big market for them. We Nigerians follow for people wey feed their belle come out.
But guys I'm I the only person confused of the actual amount because I'm seeing a dollar sign here, and don't think it's supposed to be recorded in dollars rather in naira. 26billion dollars isn't a thin kind of money here but anyways can I get cleared on what the amount is in naira?
Perhaps looking at the variety of stupidity the Nigerian government has shown Binance through their actions, they will literally spread false informations about the government afterall Nigerians don't trust the government so its convincing to say any kind of rubbish on the internet.
Perhaps looking at the variety of stupidity the Nigerian government has shown Binance through their actions, they will literally spread false informations about the government afterall Nigerians don't trust the government so its convincing to say any kind of rubbish on the internet.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
Though the figure about the money when Nigerians take de move through binance fit no de accurately correct, I Believe say before the sanction on binance most Nigerians de make use of the exchange as her primary means of doing her p2p and we know how many people when de carry out trading on a daily bases for this Nija. For Binance to say Nigeria no be big market for them de very ridiculous because when you consider the population of active crypto users in Nigeria and how binance don become an automatic house hold name for everybody, e de hard to believe that kind thing. I believe say by now the federal government suppose don learn her lesson say thier are better ways to go about certain things. No be to just rush go make statement or implement certain policy without making proper plan and detailed research and end up being looked at as an irresponsible and an unexposed government.
The binance CEO statement is made out of misconceptions or he misunderstood CBN governor statement, you know as oyibo dey reason mataz him fit no get the yarning were CBN governor yan well.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
The said $26 billion mentioned by the CBN governor is the acumaulation of all the money that went through binance from Nigeria IPs, and for sure it up to that amount both spot, trading, p2p and other transactions are n binance within that specific years of their operations in Nigeria, and that amount will and may exceed that 26 billion since binance is still very much active in Nigeria.
But in terms of revenue, the CBN can not get accurate amount that binance generated from Nigeria, since their are not licensed and their trading fees template was not monitored by the SEC.
I do not know how true is this because I do not expect Binance CEO, Richard Teng to go up with such false claim that CBN president, Olayemi Cardoso claimed that Binance generated $26 billion from Nigeria as revenue. If this news is true, it is a big lie or he did not know about what Cardoso talked about. I watched the whole video and when Cardoso said it and I posted about it on this forum. You can read what I posted about it then from the quote below. You can also watch the video.
This is what I read on the news today which is not true:
CBN governor only talked about the money Nigerians used for P2P transactions and not the revenue Binance generated from its Nigerian users.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
$26bn passed through Binance from people that CBN cannot adequately identified says CBN governor.
The CBN governor, Cardoso disclosed this on Tuesday after the 293rd meeting of the Monetary Policy Committee in Abuja.
This is the video on YouTube: https://youtu.be/kmjUwP8-Xzc?si=Tfq0AwLOt0O9rZjb
If you do not have time, start watching from 19:50.
He also talked about more regulations are coming with zero tolerance. That was before 19:50.
The CBN governor, Cardoso disclosed this on Tuesday after the 293rd meeting of the Monetary Policy Committee in Abuja.
This is the video on YouTube: https://youtu.be/kmjUwP8-Xzc?si=Tfq0AwLOt0O9rZjb
If you do not have time, start watching from 19:50.
He also talked about more regulations are coming with zero tolerance. That was before 19:50.
This is what I read on the news today which is not true:
The Chief Executive Officer (CEO) of cryptocurrency trading firm, Binance, Richard Teng, has debunked the claim by the Nigerian government that it made a revenue of $26 billion in 2023.
CBN governor only talked about the money Nigerians used for P2P transactions and not the revenue Binance generated from its Nigerian users.
He also said Nigeria is never a big market for Binance which I think is also not correct. But after the stupidity from Nigeria regulators which I can say they are not literates enough, Nigerian using Binance reduced. Also this would be the reason OKX stopped providing crypto products and services to Nigerians.
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