Nigeria vs Binance | Bitcointalksearch.org

zasad@

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Quote from: sokani on April 23, 2024, 12:10:22 PM

When Nadeem Anjarwalla escaped from detention, the Nigerian government did say they'd do everything to recover him back to come face his criminal charges. Reports from Punch Nigeria and other media outlets have it that the runaway Binance executive has been arrested in Kenya would be extradited to Nigeria this week.

I'm just imagining the long list of persons who facilitated his escape, they're all going to be in hot soup.

https://punchng.com/exclusive-kenya-to-extradite-binance-executive-who-escaped-from-nigeria/?amp

This will not change anything in terms of replenishing the country's budget. Binance will not pay fines to the Nigerian government. While the former head of Binance Nadeema Anjarwalla is in Kenya, his extradition to Nigeria can still be delayed. But nothing good will happen to him in Nigeria.

sokani

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When Nadeem Anjarwalla escaped from detention, the Nigerian government did say they'd do everything to recover him back to come face his criminal charges. Reports from Punch Nigeria and other media outlets have it that the runaway Binance executive has been arrested in Kenya would be extradited to Nigeria this week.

I'm just imagining the long list of persons who facilitated his escape, they're all going to be in hot soup.

https://punchng.com/exclusive-kenya-to-extradite-binance-executive-who-escaped-from-nigeria/?amp

SickDayIn

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Quote from: zasad@ on April 03, 2024, 05:47:08 AM

https[Suspicious link removed]cutive-detained-nigeria-amid-165939619.html?

Binance executive detained in Nigeria amid a crypto crackdown has escaped custody
"KADUNA, Nigeria (AP) — An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, authorities said Monday.

Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport,” the office of Nigeria’s National Security Adviser said in a statement, calling for “whatever information that can assist law enforcement agencies to apprehend the suspect.”

It's strange how they call them a "suspect", even though they were being detained illegally for no reason. They are not executive directors of Binance, so if the company is being charged, they should not have been detained at all.... Just crazy.

zasad@

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https://finance.yahoo.com/news/binance-executive-detained-nigeria-amid-165939619.html?

Binance executive detained in Nigeria amid a crypto crackdown has escaped custody
"KADUNA, Nigeria (AP) — An executive of cryptocurrency exchange Binance has escaped custody in Nigeria, where a criminal investigation has been launched against the platform accused of being used for money laundering, authorities said Monday.

Nadeem Anjarwalla, the regional manager for Binance in Africa, “fled Nigeria using a smuggled passport,” the office of Nigeria’s National Security Adviser said in a statement, calling for “whatever information that can assist law enforcement agencies to apprehend the suspect.”

__
When a large exchange enters a market without regulation, it always ends very badly for the country.

SickDayIn

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The idea that Binance will pay US$10bn to Nigeria is absolutely ridiculous. The Nigerian government were illegally holding two Binance employees as hostages, one escaped with a smuggled passport but the other still remains there as a captive. Whilst this is happening in a third world country, its a critical reminder that your own government can and will do whatever they think is necessary, regardless of the truth or what is right. It is an example of what the future might hold for many of us.

zasad@

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Blackmail of the Binance exchange continues..
https://punchng.com/fg-files-tax-evasion-charges-against-binance/
"The Federal Government on Monday initiated proceedings against Binance, a prominent cryptocurrency exchange platform over tax evasion.

The charges were filed at the Federal High Court in Abuja by the Federal Inland Revenue Service.

In the suit with number: FHC/ABJ/CR/115/2024, FIRS implicated Binance with four tax evasion accusations adding that it was a decisive move aimed at upholding fiscal responsibility and safeguarding the economic integrity of the country.

Joined with the crypto company as second and third defendants in the suit are Tigran Gambaryan and Nadeem Anjarwalla, both senior executives of Binance currently under the custody of the Economic and Financial Crimes Commission."

sokani

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The drama is getting interesting.

Detained Binance Executive Sues NSA and EFCC.

For a country that does not have respect for the rule of law I doubt if this will be taken seriously.

Quote from: Majestic-milf on March 26, 2024, 11:21:04 AM

Another thing was the way the dude managed to escape after a four count criminal charge was placed on him.

The charges are not for him, they're for the establishment he works for. He did no commit any crime and he should be the one suing the government for the violation of his fundamental human right like his counterpart just did.

zasad@

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Quote from: sokani on March 24, 2024, 07:23:22 PM

Quote from: zasad@ on March 22, 2024, 09:18:46 AM

The Nigerian government understands that it will be very difficult to get money from the Binance exchange, but it is very easy to check the activities of large traders and fine them.

If by fine you mean to tax the top traders, then I'm not sure if that's what the Nigerian government wants. Initially, I thought they wanted to squeeze some juice out of Binance and get some money, however, from the recent turn of event in regards to the clampdown on Bureau De Change operators, I'm having a different thought. The operators are also being accused of naira manipulation and 5 days ago, a list of some persons being linked to terrorism were published. So it looks like Nigerian government really wants the list of Binance traders and some persons may share similar fate.

I think it has become very popular lately to blackmail traders with accusations of terrorist financing.

also
https://www.binance.com/en/blog/ecosystem/binance-joins-the-global-travel-rule-alliance-to-advance-interoperable-compliance-and-strengthen-security-7936965740530669104
"Making crypto compliant with existing regulatory frameworks and interoperable with traditional legal and financial systems is an enormous yet hugely worthwhile task. To get there, we must achieve a certain level of standardization in how our industry goes about compliance.

Binance has recently made a big step in this direction by joining the Global Travel Rule (GTR) Alliance – a global community of virtual-asset service providers utilizing the same solution for complying with one of the key international anti-money-laundering rules. "

Majestic-milf

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Quote from: sokani on March 25, 2024, 09:33:19 AM

Binance executive escapes from custody

According to report from multiple sources, Binance's detainee, Nadeem Anjarwalla has fled Nigeria.

Quote

Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody

This part got me laughing. I think even if he gets to his destination country and put a call through to the Nigerian government disclosing his location, he cannot be arrested. The detention was illegal at the first place, and the dude is not a criminal, he only works for an establishment that's alleged to have faulted the law.

Yeah, I also found it quite funny being as he was able to escape. according to the news it was gleaned that Mr Anjarwalla was able to escape on an international flight using a Kenyan passport when that wasn't found on him upon his arrival when they first touched down to Nigeria. Another thing was the way the dude managed to escape after a four count criminal charge was placed on him. For me, there's more to the story they aren't telling us.

sokani

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Binance executive escapes from custody

According to report from multiple sources, Binance's detainee, Nadeem Anjarwalla has fled Nigeria.

Quote

Authorities are also said to be working to unravel his intended destination in a bid to get him back into custody

This part got me laughing. I think even if he gets to his destination country and put a call through to the Nigerian government disclosing his location, he cannot be arrested. The detention was illegal at the first place, and the dude is not a criminal, he only works for an establishment that's alleged to have faulted the law.

sokani

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Quote from: zasad@ on March 22, 2024, 09:18:46 AM

The Nigerian government understands that it will be very difficult to get money from the Binance exchange, but it is very easy to check the activities of large traders and fine them.

If by fine you mean to tax the top traders, then I'm not sure if that's what the Nigerian government wants. Initially, I thought they wanted to squeeze some juice out of Binance and get some money, however, from the recent turn of event in regards to the clampdown on Bureau De Change operators, I'm having a different thought. The operators are also being accused of naira manipulation and 5 days ago, a list of some persons being linked to terrorism were published. So it looks like Nigerian government really wants the list of Binance traders and some persons may share similar fate.

zasad@

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Quote from: safar1980 on March 21, 2024, 09:23:55 AM

Nigerian Court Orders Binance to Relinquish Data of All Nigerians Trading on Its Platform: Report
The interim order comes after an earlier report that Nigeria wanted Binance to give information regarding its top 100 users in the nation and all transaction history spanning the past six months.

The Nigerian government understands that it will be very difficult to get money from the Binance exchange, but it is very easy to check the activities of large traders and fine them.
Most likely, the data will be provided and demonstrative floggings will begin. This is why I don't like large exchanges. Even if everything is legal with you, verification of crypto-exchange and banking transactions cannot be avoided.

safar1980

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Nigerian Court Orders Binance to Relinquish Data of All Nigerians Trading on Its Platform: Report
The interim order comes after an earlier report that Nigeria wanted Binance to give information regarding its top 100 users in the nation and all transaction history spanning the past six months.

zasad@

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https://www.bloomberg.com/news/articles/2024-03-13/south-africa-poised-to-license-60-crypto-platforms-by-month-end
"South Africa Set to License 60 Crypto Platforms by Month-End
More than 300 crypto-asset providers sought permits, FSCA says
FSCA to use existing financial-services law to oversee crypto"

____
It's a shame that governments allow this. If you are an experienced crypto user, then you can easily find exchanges for trading and verify your account, while inexperienced users will only lose money.

safar1980

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Nigerian govt demands information from Binance on top users in stand-off over Naira crisis
The Nigerian government is demanding information from Binance on its top users in Nigeria and all transaction history for the past six months amid a stand-off over the Naira fluctuation.
This is according to a recent report by The Financial Times.
Accordingly, the office of Nigeria’s National Security Adviser is also asking the exchange to resolve any outstanding tax liabilities.

zasad@

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https://www.coindesk.com/policy/2024/03/12/nigeria-invited-then-detained-binances-compliance-head-and-africa-manager-for-two-weeks-reports/
"Binance’s Tigran Gambaryan and Nadeem Anjarwalla have been held against their will for the past two weeks by Nigerian authorities.
The Nigerian government had invited the executives to discuss the current dispute with Binance, and the duo had landed in Abuja on February 25.
Nigeria’s government and Binance have been involved in a dispute about some $26 billion of untraceable funds."

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Quote from: Davidvictorson on March 11, 2024, 07:48:38 AM

Quote from: blckhawk on March 10, 2024, 12:41:31 AM

~

Yes. You are right. They failed at the most basic economic principles. They messed up our FX and instead of them to roll up their sleeves and get to work fixing the problem which is internal, they went after Binance and thought that, if they slam them 10billion dollars fine, it would be enough to fix the fx.
Oh, it was actually a the National Security Adviser(NSA) that held the Binance staff and placed a 10billion dollars fine on them. The office of the NSA is almost similar to the CIA. Mostly, internal security stuff.

I guess we're not that different after all, my country is full of corrupt and stupidly incompetent officials that don't deserve their positions in the government, the only saving grace in my country is that they at least care enough to make us pay our due taxes and them pocketing billions every year on the office. It seems that the secret police of NSA is having money problems that they're going to this lengths of extorting someone to get the money that they need, really weird for them to do so but there ain't no rest for the wicked after all.

Quote from: Davidvictorson on March 11, 2024, 07:48:38 AM

Quote

Would you guys be alright that Binance would be leaving the country though?

We are not alright but what can we do? We gat no choice than to sign up on other top exchanges. By this time Binance has already delisted the USDT/NGN pair and closed office in Nigeria.

Man, I guess I'll just pray for you and other bitcoin users there because you're going to have a hard time ahead with Binance going out of the country, it's such a sad thing but it's also a good reminder to everyone of us to use DEX when we want to do money exchange or crypto trading, that way, no government will ever have their hands on the balls of the owners of the exchange and they can easily handle things without causing problems to the user.

zasad@

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Quote from: Gozie51 on March 14, 2024, 11:38:15 AM

Quote from: sokani on March 10, 2024, 10:21:26 AM

Quote from: blckhawk on March 10, 2024, 12:41:31 AM

Would you guys be alright that Binance would be leaving the country though?

I think many persons are disappointed that Binance is leaving because it's one of the biggest exchange where they can easily trade their cryptocurrency to cash. P2P trades are available on Kucoin and MEXC so Nigerians will have to be using these CEXs until the government decide to go after them. We also have social media and bisq.network to revert to if this happens.

For now binance is not leaving Nigerian market. They only stopped P2P transaction for naira but they are functioning. Binance is interested in the Nigerian huge market and so they won't easily move out as their own option if they have not been asked to leave.

Moreover, despite the shutting down of P2P from Nigerians as demanded by the government with the accusation of causing naira fall, the exchange rate has not really reduced. It is still at the high side showing that binance has no direct negative impact on the exchange rate. The issue is mismanagement of the government and policies that doesn't support economic growth and so there is pressure and high demand on dollar for importation.

I understand that Binance is very convenient for many beginners with a large number of coins and a P2P platform, but this zombies cryptans to use the custodial service. Binance stores all transaction logs and will transfer this to the Nigerian Tax and Police.
There are a lot of exchanges in the world without KYC
https://web.archive.org/web/20231108171939/https://bitcointalk.org/index.php?topic=5461917.0
Is it really so difficult, for your own safety, to trade on one exchange and make exchanges for fiat or a bank card in another service?

In Russia, you can exchange any cryptocurrency from the top 30 coins, but the best exchange rate for 2 directions is the USDT ruble and the USDT dollar, and this is, according to unconfirmed estimates, 60-70% of all cryptocurrency exchanges.

sokani

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Quote from: zasad@ on March 13, 2024, 10:00:33 AM

In Nigeria, can you pay for goods with stablecoins such as USDT or other coins?

Yes, but it's very rare. About 99% of transactions are done through the Nigerian naira.

Quote from: Gozie51 on March 14, 2024, 11:38:15 AM

For now binance is not leaving Nigerian market. They only stopped P2P transaction for naira but they are functioning. Binance is interested in the Nigerian huge market and so they won't easily move out as their own option if they have not been asked to leave.

Yes, according to the statement released by Binance today. They made it clear that they're still interested in the Nigerian market.

"Even though Nigeria is not yet one of Binance’s top markets, we believe it holds extraordinary potential, and we hope to continue to invest there."
https://punchng.com/nigeria-not-yet-one-of-our-top-markets-says-binance/

I hope everything is sorted out but I'm really disappointed the way the government is going about the whole issue.

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Quote from: sokani on March 10, 2024, 10:21:26 AM

Quote from: blckhawk on March 10, 2024, 12:41:31 AM

Would you guys be alright that Binance would be leaving the country though?

I think many persons are disappointed that Binance is leaving because it's one of the biggest exchange where they can easily trade their cryptocurrency to cash. P2P trades are available on Kucoin and MEXC so Nigerians will have to be using these CEXs until the government decide to go after them. We also have social media and bisq.network to revert to if this happens.

For now binance is not leaving Nigerian market. They only stopped P2P transaction for naira but they are functioning. Binance is interested in the Nigerian huge market and so they won't easily move out as their own option if they have not been asked to leave.

Moreover, despite the shutting down of P2P from Nigerians as demanded by the government with the accusation of causing naira fall, the exchange rate has not really reduced. It is still at the high side showing that binance has no direct negative impact on the exchange rate. The issue is mismanagement of the government and policies that doesn't support economic growth and so there is pressure and high demand on dollar for importation.

Topic: Nigeria vs Binance (Read 467 times)