Nigeria vs Binance | Bitcointalksearch.org

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Quote from: sokani on April 23, 2024, 11:10:22 AM

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

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Quote from: zasad@ on April 03, 2024, 04:47:08 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.

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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.

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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.

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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, 10:21:04 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.

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Quote from: sokani on March 24, 2024, 06:23:22 PM

Quote from: zasad@ on March 22, 2024, 08:18:46 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. "

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Quote from: sokani on March 25, 2024, 08:33:19 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.

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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.

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Quote from: zasad@ on March 22, 2024, 08:18:46 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.

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Quote from: safar1980 on March 21, 2024, 08:23:55 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.

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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.

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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, 06:48:38 AM

Quote from: blckhawk on March 09, 2024, 11:41:31 PM

~

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, 06:48:38 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.

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Quote from: Gozie51 on March 14, 2024, 10:38:15 AM

Quote from: sokani on March 10, 2024, 09:21:26 AM

Quote from: blckhawk on March 09, 2024, 11:41:31 PM

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.

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Quote from: zasad@ on March 13, 2024, 09:00:33 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, 10:38:15 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, 09:21:26 AM

Quote from: blckhawk on March 09, 2024, 11:41:31 PM

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.

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Quote from: sokani on March 10, 2024, 09:21:26 AM

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.

In Nigeria, can you pay for goods with stablecoins such as USDT or other coins?
For the country's population, this is the safest way to save savings from inflation.
The bottom of the population is a big plus, because many people lose money on exchanges, otherwise Binance would not be able to pay $4 billion in fines.

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Quote from: blckhawk on March 09, 2024, 11:41:31 PM

Based on your descriptions and telling of the events, it seems that the government of Nigeria is having money problems because they're bad at budgeting the funds of the country and they want to squeeze all the companies that they can squeeze out of in hopes of getting something from them and put a band-aid solution,

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.

the threat of Nigeria isn't that scary to Binance as US threat is, maybe invest in creating an organization that's a counterpart of the CIA, that's the only way that they can bully businesses like Binance into submission and meeting their demands, look at what US have with the help of CIA, they're the most influential in the world.[/quote]
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.

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.

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Quote from: Davidvictorson on March 09, 2024, 05:56:28 PM

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

Having seen that Binance accepted to pay the US government the 4 billion dollars fine, the Nigerian government also wanted to get their own share of the cake. If Binance had danced to their tone it'd have made other nations to come after them. So I think it's a wise decision they decided to leave.

Quote from: blckhawk on March 09, 2024, 11:41:31 PM

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.

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Quote from: Upgrade00 on March 10, 2024, 09:02:35 AM

Quote from: pakhitheboss on March 10, 2024, 08:57:39 AM

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

There were no scams and Binance P2P became one of the largest in the world when banks were restricted from mediating crypto transactions. The reason for the ban on binance has nothing to do with discontent from the customers that use the service, but rather a "band-aid" approach to solve a much bigger isssue.

Now, it is evident that you don't want to share the reason. Which I am okay as it might hurt you but it is clear the government is acting for their personal benefits. And their can be religious factors involved with thier scrutiny and Binance halting their services. I still would reiterate that whatever is happening is because of G20 and it will continue till your government accepts their requirements.

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Quote from: pakhitheboss on March 10, 2024, 08:57:39 AM

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

There were no scams and Binance P2P became one of the largest in the world when banks were restricted from mediating crypto transactions. The reason for the ban on binance has nothing to do with discontent from the customers that use the service, but rather a "band-aid" approach to solve a much bigger isssue.

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Quote from: Upgrade00 on March 10, 2024, 08:48:36 AM

Quote from: pakhitheboss on March 10, 2024, 08:34:35 AM

After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them.

Nigeria have not been inducted into the G20, we were invited as guests to the submit last year. As part of the African Union (AU) we are technically members of G20, but no official induction was made last year.

The Binance-Nigeria tussle has a different root cause and is not being influenced by external influences. Nigeria has also had a shaky stand on the legality of Bitcoin and cryptocurrencies over the years, which involved a ban on banks, a SEC relying on it and a reversal of the initial ban on banks.

Agreed but it is where the influence of some big economies have spilled in to you economy. You will see many other policy that you won't like inthe future.

Whatever is the issue it cannot be created like it got created in India for AML. What we are noticing is only games that the government around the world plays within their country in order to control those they cannot. In this case they found a culprit like Binance exchange.

So, let me ask a question? Did Binance as an exchange scammed it's community in Nigeria? Or Binance P2P became a scammer paradise? Or Binance evade tax in a country that doesn't have any regulation, if I am correct with my search.

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Quote from: pakhitheboss on March 10, 2024, 08:34:35 AM

After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them.

Nigeria have not been inducted into the G20, we were invited as guests to the submit last year. As part of the African Union (AU) we are technically members of G20, but no official induction was made last year.

The Binance-Nigeria tussle has a different root cause and is not being influenced by external influences. Nigeria has also had a shaky stand on the legality of Bitcoin and cryptocurrencies over the years, which involved a ban on banks, a SEC relying on it and a reversal of the initial ban on banks.

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After becoming a part of the G20 gang you could expect the same from Nigeria. They as in the country were inducted into the G20 gang last year and after that, every country being part of this gang is trying to ban Binance or exchanges that they feel are a threat to them. This is what is happening in my country but Binance has never disclosed that they will halt their operation in my country. On the contrary, Binance has been shadow-banned by the Indian government. It is better if the Nigerian community moves to an exchange and sets up their P2P system on an exchange that does not have a KYC requirement for up to 2 BTC. I am not going to come up with a list of names, but the best exchange in times like this will be MEXC.

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https://www.binance.com/en/support/announcement/binance-to-discontinue-all-nigerian-naira-ngn-services-f9857dc2fea4448ba1fb8815d87d8144
Binance to Discontinue All Nigerian Naira (NGN) Services

"Binance will not support deposits of NGN after 2024-03-05 14:00 (UTC).
Withdrawals of NGN will not be supported after 2024-03-08 06:00 (UTC).
Binance will delist all existing NGN spot trading pairs (i.e., BTC/NGN and USDT/NGN) at 2024-03-07 03:00 (UTC).
All open spot orders with respect to the above trading pairs will automatically be closed when trading ceases in the relevant trading pair.
Users should ensure they have not selected “Hide Small Balances” in all of their wallets to view their assets after trading ceases."
___

This is a formal departure from the country. I think that no one will tell Nigerian citizens to trade cryptocurrencies.

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That's just the issue we have with these kinds of news. First it's Binance will pay a $10bn fine for reasons best known to the Nigerian government now with how they (Binance) have reacted, it's now a misconstrued message from the BBC? Let's assume that Binance had folded under pressure and given into their demands, will Bayo Onanuga have come out to 'clear' himself? It's obvious the Nigerian government will not want to make themselves look like they are desperate to look for any source of income and want to also take a slice out of Binance but the way this aide is talking it's as if his initial take will be different from that which he says BBC news took.
One thing I've observed about the Nigerian government is they don't really know how to chase these exchanges out of their country and will want to use these cheap means.

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Quote from: Davidvictorson on March 09, 2024, 05:56:28 PM

Well I have good news for you, Binance didn't fold. They are leaving the country Nigeria. We are never going to see the government do this with other exchanges.

My government has failed in most financial principles to fix the economy and it is a shame they went after Binance.

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

Based on your descriptions and telling of the events, it seems that the government of Nigeria is having money problems because they're bad at budgeting the funds of the country and they want to squeeze all the companies that they can squeeze out of in hopes of getting something from them and put a band-aid solution, it's good the Binance didn't fold unlike with US, the threat of Nigeria isn't that scary to Binance as US threat is, maybe invest in creating an organization that's a counterpart of the CIA, that's the only way that they can bully businesses like Binance into submission and meeting their demands, look at what US have with the help of CIA, they're the most influential in the world. Would you guys be alright that Binance would be leaving the country though?

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Quote from: SquirrelJulietGarden on March 06, 2024, 08:23:22 AM

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

Well I have good news for you, Binance didn't fold. They are leaving the country Nigeria. We are never going to see the government do this with other exchanges.

My government has failed in most financial principles to fix the economy and it is a shame they went after Binance.

Initially I thought Binance was going to give in their demands but I am happy that they didn't. Still it wasn't about the customers it was just a business decision.

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I have said this time without number. All the things that happened between Nigeria Governmwnt and Binance were caused by the government because if they had strong economic policy that regulate the system very effective all those nonsense would happened. How can Binance come to your country and influenced the exchange rate for you. That is nonsense and to tell you that you country law is very weak. And why they , the government can't do anything at the initial time because the agencies that suppose carry out their duties to make sure that things work well in the country are the top corrupt agencies so they take bribe from the Binance company to bypass many procedures. So I don't blame Binance in anything but the government.

zasad@

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Quote from: SquirrelJulietGarden on March 06, 2024, 08:23:22 AM

Quote from: zasad@ on March 06, 2024, 05:43:27 AM

https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

It is like a joke from Nigerian government as their macroeconomics is their national problems that cause the decrease of purchasing power of Naira, not Bitcoin or Binance is the cause.

Their Naira rate to US dollar drops from 0.0068 in March 2009 to 0.00064 in March 2024, it is not caused by Binance.

Quote

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

They are too naive to think that Binance and CZ will accept this case. CZ already stepped down as Binance CEO months ago but Binance have no solid reason to accept this request and they even don't negotiate with it. It can be a precedent case for other nations to arbitrarily suit Binance and ask for money.

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

Binance operates in many countries through lobbying. To accuse Binance and collect a large fine from it, you will have to go to an international court, where Binance has much more experience. I see the experience of different exchanges when it is not profitable for them to obtain licenses in many countries, because this requires an office in this country and the necessary number of staff.

PonsotJoelle

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The question you're asking seems to express skepticism about the Nigerian government's expectations. It suggests a comparison with the situation where Changpeng Zhao (CZ), the CEO of Binance, reportedly paid $4 billion to the US government. The implication is that the Nigerian government might believe Binance would be willing to agree to pay damages based on a precedent set by the payment to the US government.

SquirrelJulietGarden

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Quote from: zasad@ on March 06, 2024, 05:43:27 AM

https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

It is like a joke from Nigerian government as their macroeconomics is their national problems that cause the decrease of purchasing power of Naira, not Bitcoin or Binance is the cause.

Their Naira rate to US dollar drops from 0.0068 in March 2009 to 0.00064 in March 2024, it is not caused by Binance.

Quote

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

They are too naive to think that Binance and CZ will accept this case. CZ already stepped down as Binance CEO months ago but Binance have no solid reason to accept this request and they even don't negotiate with it. It can be a precedent case for other nations to arbitrarily suit Binance and ask for money.

If Nigerian government succeeds with Binance, they will do the same with other exchanges. Good opportunity for them to get money.

Nwada001

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This case has even gone above this right now, as it happened that the government and Binance were unable to reach a mutual agreement that would allow them to settle whatever they had and the regulatory rules they had failed to comply with.

Currently, there is no amount levied against Binance, but the statement was that they might be asked to pay up to that amount for illegally operating in the country, because, as far as we know, the exchange has no legal licence in the country.

On the aspect of rate manipulation on the naira, I stand to disagree with the government on that level, as Binance only stands as a market that the citizens use to trade; they are not the ones to set the rate, but it adjusts itself based on demand and value.

Charles-Tim

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Quote from: zasad@ on March 06, 2024, 05:43:27 AM

What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

What Bayo Onanuga told BBC was misinterpreted. We have discussed this on Nigeria local board.

Binance said government did not ask for $10 billion fine

zasad@

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https://www.bbc.com/pidgin/articles/c25817r8wk8o
Nigeria goment demand $10 billion in damages from Binance

"Dis na sake of di allegations say di cryptocurrency platform dey cause massive losses for di kontri becos dem dey fix exchange rate.

Di goment say Binance don influence di increase in foreign exchange rates through how dem dey speculate di currency for di kontri wey don make di Naira fall by almost 70% in recent months.

Bayo Onanuga, one of di tok tok pesin for president Bola Tinubu say goment bin see di effect of Binance operations for Nigeria.

“Di platform dey fix di exchange rate for di kontri and na illegal rate. Di CBN na di only authority wey fit fix exchange rate for di kontri.”"
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What is this? The Nigerian government thinks that if CZ paid 4 billion to the US government, then it will agree to pay Nigeria?

Topic: Nigeria vs Binance (Read 552 times)