Topic: Nigeria Government Detains Two Binance Executives - page 2. (Read 288 times)

Well said mate, Nigerian government officials act as if they don't think, does this mean that people can not breathe freely in this country called Nigeria, if should have us in their heart, they will know that it is not easy for people to earn coin or fiat, we didn't even know the exact thing we are suffering, detaining or holding finance officials will it solve the numerous economic woes facing the country at this moment, even though Binance decide to build office here and pay all the necessary tax, will the these government officials come out openly to tell Nigerian how much Binance remmited I think all this effortless fight is been targeted at crypto enthusiast.

Man, Nigeria again. Sorry to hear that Nigeria has been highlighted for so many wrong reasons and it's a country sitting on top of mineral resources but the corrupt regime is trying to message it all up and what do they gain by creating hardship for fellow citizens? Indian government has made similar but worst move by banning Binance and other other foreign exchanges because they cannot implement their 30% profit tax and 1% TDS on every trade. Common between both the government is that they are both corrupt and sadistic to core as they don't want people to live in peace. Hope this is sorted without any disruption.

Am quite certain the government would demand the taxation from the time of Binance's inception and operations in this country till date.

 It's been only a matter of time for the government to poke holes and try to keep a leash on the exchange and cryptocurrencies users in the country and with UK allowing the use of crypto for payments and transactions but under a regulated body that aims to make this ones upon a time decentralized network into a centralized and trackable one, the time has finally come and unlike MTN that was fined sometime back, we should expect Binance Nigeria to do same, else, we would have to resort to use another exchange or witness an outright ban for all crypto exchanges in the country.

You're on point Mate. If the government isn't the source of the band binance—which is what drives up the value of the dollar—then it is only attempting to inflict severe stress and anxiety on people's life. As of right now, p2p has already been taken down from Binance, thus no one can access it once more. Acknowledge the person's request for an alternative method of taking all of his coins out of Binance. All the government has to do is figure up a simple way to bring Binance to an end.

I understand that even if they have access to some exchanges, they cannot access all of them because not all exchanges are popular and some are invisible. Is it true that the government will not benefit from doing so, It is only doing it on purpose, and all those who are targeted of doing so they will escape.

This is actually a pathetic move by the government just for their selfish interest, because I know very well that all this their actions is not because of the interest of the citizens, it's because they feel that they can milk out something from binance since they believe that binance have what it takes to pay what so ever fine imposed on them as punishment for not paying tax to the Nigerian government all this while.

And come to think of it, how is this actions of theirs reducing the price of goods and services in the country? Because things in the market are still very costly, I just feels like this current government is bent on making life difficult for everyone living in Nigeria, let's just believe that in due time, the storm will be over, let just watch and see where it will lead them to.

About the Binance officials that Nigeria government detained, I have a topic about it not quite long and also about how the federal government are requesting for the lists of Nigerians using Binance: Government demanding from Binance the lists of its Nigerian users

It is in the last one year. I saw some news sites making this mistake.

Is Binance making money from P2P? I mean from people that are creating ads? Because Binance is not making money from those that are not creating ads because the trading is of zero ( ₦0) cost as fee.

Know that government may demand for the list for investigation of illicit transactions.

Crypto tax was just included in Financial act of 2023. No law to pay crypto tax before that time. Let us see what would happen next.


Detaining Binance executive is wrong. If they want Binance to do something and Binance is not complying, they can sue Binance instead.

I don't see how this action will help to solve the inflation of the economy. Holding binance executive down will not solve the problem, arguably no doubt that binance has been making a lot of money from Nigeria. which it was supposed to be a welcome development for binance to build an office in Nigeria, but this action by our government is not the way forward. I thought they have dialogued on this before? This should be done amicable without the interference of binance P2P. Now they are requesting that those binance executive should provide the list of Nigerians under binance, what is there gain in doing that? Well for me I just see that this men don't want anybody to have peace, all what they want is see everyone suffer as it pleases them, but I believe there are many exchanges if they feel binance is the altimate.

I have long anticipated this particular event between the Nigeria government and binance to take place in the future which is happening now. I remember in my previous comments on a topic created here and the other platform where I said that the government would soon begin clamp down on binance just to get the list of Nigerians registered on their platform since their inception and here it is taking shape. I believe all these fight like I Initially said is just to get at binance to pay tax of all the transaction charges they've been benefitting from Nigeria p2p trade deals.

I believe this is amongst the reasons why the clamp down is taking a different tone altogether and this was the response from the CBN governor when asked about the binance clampdown;
 “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

I would not be surprised that some powers that be themselves are into the Crypto currency trade and are just hiding behind playing innocent but doing the unthinkable just to protect or cover up their dirty act with the funds under their custody.

In all, the major reasons behind this scuffle is just taxation. The Nigeria government just wants binance to pay tax of all transactions  they have conducted on the Nigeria binance p2p platform which they want to benefit from  that's all. That is a huge amount of money which they know themselves could benefit from through channeling it to other means in the name of projects and other engagements.

My concern now is this, would the federal government charge binance to pay for tax in arrears right from their inception and also charge Nigerians registered with binance to pay tax in same fate as they have begin to put pressure on binance to give them list and details of Nigerians registered with them right from their inception.

Your thoughts and opinions are welcomed.

Ref.




https://dailypost.ng/2024/02/28/naira-rescue-nigeria-govt-detains-binance-executives-amid-crackdown/

https://gazettengr.com/nsa-ribadu-detains-two-binance-executives-in-abuja-demands-list-of-nigerians-on-global-crypto-platform/