Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users

Fiatless

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Quote from: yhiaali3 on September 22, 2024, 09:40:15 PM

The Nigerian government has fined Binance and so has the Indian government if I remember correctly and now the Nigerian government is trying to do the same with other exchanges ByBit, KuCoin.

You are correct. The government have recently received a court order to freeze about $330,000 belonging to traders in Kucoin and Bybit exchanges. Beside their cliams that these platforms are the cause of currency fluctuation the government also told the court that these platforms as re used for criminal activities. Unlike Binance, these exchanges are still operating, but they might soon be shut down by the government. These platforms might end up leaving the Nigerian crypto sector instead of paying high fines.

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Quote from: Fiatless on September 22, 2024, 08:37:44 AM

I knew that the fine placed on Binance by the US would have a ripple effect on other countries. Maybe the government of Nigeria thought they could also get millions of dollars from the exchange through fines. The reason why the government is still detaining Binance executive Tigran Gambaryan might be to arm-twist Binance to pay the fine.

Yes I agree with you on this, the huge fine imposed by the US on Binance and its CEO was very tempting and made other governments salivate to impose similar fines and get a piece of the delicious Binance cake.

The Nigerian government has fined Binance and so has the Indian government if I remember correctly and now the Nigerian government is trying to do the same with other exchanges ByBit, KuCoin.

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Quote from: yhiaali3 on September 21, 2024, 02:51:14 PM

There are two possibilities, either the government is incredibly stupid or they want to blame their economic failure, waste of the country's resources and devaluation of the Naira on these exchanges.

When they mismanage the economy they end up looking for what to blame for their failure. My country's politicians once blamed immigrants for the poor economic conditions. They began to make police to restrict immigrants but it yielded no economic benefit. So it is not strange that they are blaming cryptocurrencies for the financial woes of the West African country.

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The other possibility is that they want to fill the government coffers (or their own pockets) by accusing the exchanges of blackmailing them with huge fines.

I knew that the fine placed on Binance by the US would have a ripple effect on other countries. Maybe the government of Nigeria thought they could also get millions of dollars from the exchange through fines. The reason why the government is still detaining Binance executive Tigran Gambaryan might be to arm-twist Binance to pay the fine.

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This is the stupidest nonsense I have ever heard from a government, I am used to our government nonsense in third world countries but I have never heard such nonsense before, blaming centralized exchanges like Binance, ByBit and KuCoin for the devaluation of the Nigerian Naira is what I call political buffoonery.

There are two possibilities, either the government is incredibly stupid or they want to blame their economic failure, waste of the country's resources and devaluation of the Naira on these exchanges.

The other possibility is that they want to fill the government coffers (or their own pockets) by accusing the exchanges of blackmailing them with huge fines.

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Quote from: hd49728 on September 18, 2024, 10:23:24 PM

Quote from: avikz on September 11, 2024, 09:56:37 AM

Governments can be stupid, but didn't realise the level of stupidity. If inflation is not getting corrected and if the currency value is fluctuating, that's a fault of government's policy and the control measures they put in place.

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

Government in Nigeria tried to kidnap Binance staffs/ representatives in their country and tried to blackmail Binance for collapse of their national fiat currency.
(....)

This is pure manipulation by the government of Nigeria, which blames other entities instead of solving its own problems. They even included involve lives of other people if this is really true, it's a shame.

This is my first time hearing that blaming a cryptocurrency exchange for their currency if you think about it, there are a lot of things to consider, I believe country like Nigeria, the volume of cryptocurrency transactions to a country is just a small percentage compared to other things that use Naria.

In my country, Binance is also banned but the reason is not about the fluctuation of the national currency.

hd49728

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Quote from: avikz on September 11, 2024, 09:56:37 AM

Governments can be stupid, but didn't realise the level of stupidity. If inflation is not getting corrected and if the currency value is fluctuating, that's a fault of government's policy and the control measures they put in place.

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

Government in Nigeria tried to kidnap Binance staffs/ representatives in their country and tried to blackmail Binance for collapse of their national fiat currency.

They actually knew reasons of nearly free fall of Naira in purchasing power but they wanted to find something to blame on and mislead their citizens about their failures in policies, governance in their homeland.

Fact is fact and can not be hidden, you can see fact there
https://www.google.com/finance/quote/NGN-USD?sa=X&ved=2ahUKEwj7ibfShs6IAxVH4zgGHV7dFfUQmY0JegQIFhAp&window=MAX

Click on Max and see problems of Naira started since November 2014 and if we take it into account as beginning of Naira free fall, Binance is not responsible for it as this exchange was launched in 2017.

bbc.reporter

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@Majestic-milf. Similar to what I have mentioned in a comment before, these people are not stupid or ignorant. They are very much aware that the cryptospace is a threat for them because the small minnows in Nigeria will have a choice to exchange their naria to bitcoin and other cryptocoins. After this is done, the Nigerian government will have lesser control over these small minnows who are holding cryptocoins. They do not have the power anymore to control currency transactions and payments hehehehhehe.

This storyline on the cryptospace as the cause of the decreasing value of the naria is only fud that they created. However, it is very headshaking that the Nigerians who are not experienced in the cryptospace will believe this. We should encourage all Nigerians to teach their countrymen and remove the ignorance of their people.

Majestic-milf

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This is the height of ignorance and lack of accountability from a government. How can you blame an exchange for the obvious failing of your currency when you have been adamant to expanding your economy, focusing more on exports more than you do imports because that way your currency would have had a hope of surviving.
The funny thing is that these government agencies don't really know how to tackle their problem that why they choose to lay the blame on other factors. So assuming all these agencies pack up and leave the country and the naira is still experiencing a freefall, who will they then blame?

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Quote from: avikz on September 11, 2024, 09:56:37 AM

Hilarious! Seriously!

Governments can be stupid, but didn't realise the level of stupidity. If inflation is not getting corrected and if the currency value is fluctuating, that's a fault of government's policy and the control measures they put in place.

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

Agreed. However, I disagree that these people are stupid. They might have created a statement that might appear stupid but they invented this storyline and issued warnings that made the exchanges do what they commanded.

In any case, we can be quite certain that the rulers of Nigeria do not want the poor to use other currencies except the naria heheheh. If everyone learns how to exchange naria to bitcoin or a dollar derivative like the USDT, this would certainly be a problem for the rulers hehehe.

Cryptocoin holders from Nigeria, teach your countrymen about the cryptospace, DeFi, onchain trading and anonymous coins.

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Quote from: uchegod-21 on September 11, 2024, 09:47:26 AM

Nigerian government has blamed severally naira fluctuation on exchanges in Nigeria. Reason why Binance stopped trading naira pair, also why OKS and other exchanges stop trading naira and even the P2P. Is naira devaluation actually caused by the p2p speculators in CEXs?
Or is the government shifting blames and chasing clouts?

This shows the level of backwardness of the Nigerian government. They are quick to blame strange factors for the woe of the country's economy. If you check these exchanges you will discover that their exchange rate is even lower than the official rate. So, I don't know how the government came up with the claim that they are manipulating the foreign exchange market.

Maybe they want to force the crypto community in Nigeria to only use exchanges that are registered with the Nigerian government. And these exchanges are dubious and offer poor services. They should have known before now that they cannot stop the crypto industry in Nigeria; there will always be diverse means to invade these restrictions.

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What you should know
This latest development follows a court order freezing 1,146 accounts for 90 days (from April 25, 2024, to July 23, 2024) over illegal financial transactions.
https://www.finam.ru/publications/item/rynochnaya-kapitalizaciya-100-vedushix-kompaniiy-mira-dostigla-rekorda-20210601-133700/

I'm sure there are more accounts blocked in Russia for such transactions. The news is sensational, but the amount of blocked accounts in dollars is very small, only $331K.

I think that this is an indicative measure to fight against illegal operations in cryptocurrencies and fight against P2P exchange, where as a rule no taxes are paid.

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Quote from: avikz on September 11, 2024, 09:56:37 AM

Hilarious! Seriously!

Governments can be stupid, but didn't realise the level of stupidity. If inflation is not getting corrected and if the currency value is fluctuating, that's a fault of government's policy and the control measures they put in place.

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

This is quite hilarious and at the same time, spot on. The bad economic policies by the Nigerian government has really crippled the naira and the freezing of bank accounts belonging of crypto users is them looking for who to make scapegoats.

I think the government is just confused and they don't know their standing on cryptocurrency and their actions will only make traders be more cautious and to avoid the two local exchanges that were granted operational license few weeks ago.

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Nigeria’s National Security Adviser (NSA) recently classified crypto trading as a national security issue

When corrupt men lead, the nation is bound to suffer. The Nigerian government is playing on the intelligence of the people. They don’t want to tackle the main issues that are affecting our production rate instead they are putting up a show. If the refineries are working, we would not be in debt importing oil, and the problem of insecurity was solved we would investors coming into the country to invest. These are just few of the problems that are causing the devaluation of the naira.

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Quote from: avikz on September 11, 2024, 09:56:37 AM

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

Sounds like you understand what is happening in Nigeria today. The citizens of Nigeria do nothing than to laugh at their government. They seem clueless and unwise. They only know how to make policies that will enable them to continue embazzling the public treasure. They still got themselves and their future generation and yet, they understand nothing about economics. They make and unmake rules back and forth, as if they were some kind of aliens introduced to rule the country. My respect for Nigerian government diminished so fast that an average Nigerian has given up on them.

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Quote from: avikz on September 11, 2024, 09:56:37 AM

Hilarious! Seriously!

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

That's all that I have been doing, laughing…

The government is just busy making mockery of themselves; sometimes they make me think like they know what they are doing and just shifting blame. That's why, in some cases, I just feel like they are totally lost and don't even know what they are doing.

This administration is one of the worst with incompetent agencies and policymakers. Until they realise their mistake, accept it and start working towards restructuring it. Even if they like, they should obstruct the whole exchange from rendering service to the country; that won't still help the local currency from devaluing.

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As a Nigerian living in Nigeria I am deeply pained reading this type of news. The Nigerian government is so clueless that it comes as no surprise when the leadership of the country didn't get there through the right way. I am very sad that the government is doing all the wrongs in a bid to resuscitate the already dying economy. Exchange platforms have absolutely nothing to do with the exchange rate but who would tell them?

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Quote from: uchegod-21 on September 11, 2024, 09:47:26 AM

Is naira devaluation actually caused by the p2p speculators in CEXs?
Or is the government shifting blames and chasing clouts?

The country over-dependent on foreign products is the cause of naira devaluation. Nigerians do not have belief in naira anymore. They see United States dollar which is also a depreciative asset as an hedge against the naira devaluation in the country. Nigeria government caused it. The country import far more than export. They should deal with the primary cause. African governments are like graduated illiterates.

avikz

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Hilarious! Seriously!

Governments can be stupid, but didn't realise the level of stupidity. If inflation is not getting corrected and if the currency value is fluctuating, that's a fault of government's policy and the control measures they put in place.

Nigerian people is probably laughing at their own authority. It's easy to blame any third party for their own mistakes. But the action is pretty nonsense!

uchegod-21

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Quote from: nairametrics

Nigeria’s anti-graft agency, the Economic and Financial Crimes Commission (EFCC), has secured an order from the Federal High Court to freeze N548.6 million in bank accounts belonging to suspected crypto users on platforms like ByBit, KuCoin, and others, based on their alleged role in naira fluctuations.

The motion, dated September 3, 2024, which the court relied on to freeze the funds, casts a fresh spotlight on major foreign crypto platforms, ByBit and KuCoin, accusing them of aiding the devaluation of the Nigerian currency.

This development is part of a broader prosecutorial and legal campaign by federal government agencies to address alleged foreign exchange violations and tax evasion by foreign cryptocurrency platforms.
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Nigerian government has blamed severally naira fluctuation on exchanges in Nigeria. Reason why Binance stopped trading naira pair, also why OKS and other exchanges stop trading naira and even the P2P. Is naira devaluation actually caused by the p2p speculators in CEXs?
Or is the government shifting blames and chasing clouts?

Topic: Court freezes N548.6 Million belonging to ‘ByBit, KuCoin’ Nigerian crypto users (Read 325 times)