Topic: Nigeria why😭😭 (Read 341 times)

I will agree. I do not think SEC even know that many international exchanges supposed to be paying tax. Or maybe they are working on regulatory policies.

They are just like banks, they supposed to be paying tax which would have been an additional source of revenue for our government.

SEC do not just know their work. They have shown incompetence in crypto related matters. SEC regulates both commodity and security markets in Nigeria. It is a shame that they do not know their work about bitcoin and other cryptocurrencies. Even if cryptocurrencies are banned by CBN, they supposed to work with lawmakers and regulate cryptocurrencies. If the lawmakers are educated to know what Nigerians are losing from crypto taxes, they will come up with crypto regulation. In this present time, financial bill included 10% capital gain tax.

Some people thought a lot of thing came from the former president indirectly through the suspended CBN governor, CBN perfectly studied about cryptocurrencies for years before the ban, they only saw EndSARs as an opportunity, not what is directly from the president. CBN can not stop buying and selling of bitcoin and other cryptocurrencies, CBN knew and talked about it. They only wanted to discourage businesses, in favor of naira, it is not about EndSARs.

Another one was naira redesign. People thought that it was Buhari's initiative, but some governors did investigations and clearly stated by El Rufai that the CBN is the cause which we later knew about. Maybe correct or not, the suspended CBN governor had nothing to say about it directly.

I get wetin you dey talk oh, but if the Nigerian government wan dey chop money via crypto exchanges/tax on crypto, dem suppose review their policy on crypto for the country, remember say Nigerian government through the CBN ban banks from running transactions wey concern buying crypto from exchanges, that one mean say dem no too support crypto, thus if dem wan gain from crypto dem suppose make friendly policies towards it and set clear regulations (wey everybody go understand) about Crypto for the country.

Federal government no go band binance dey just talk am ne, dey get some parentage where binance go give them, binance still dey work smoothly for Naija, if Federal government stop binance for Nigerian he go affect many people because na him so people dey use for trading and P2P but now self I no dey hear the news again self, I think dey done go down for the matter dey done settle them already anytime federal government dey talk about anything relating to crypto you go just come see dey no talk about am again I see dey have some money where dey dey give them too,

This binance issue no suppose worry us too much, binance still dey operate for naija. The thing na just about wanting binance to identify with them. We sabi say our government na follow follow, so dem dey follow wetin dey happen for Canada, USA also. Na about regulation wey sec want to bring come because dem want to dey know about binance business for here. No cause for alarm for now.

Nigeria is a big market for binance and having an occupation of a physical office here in Nigeria won't be a challenge to them, as they would rather view it as an opportunity to grab the whole exchange market users based on an increase in trust on the system from the customers having the full knowledge that they now have a physical binance office close to them,  they can always go lay a complain about whatever challenges that be concerning their asset in their custody.

My dear make you no fear, because both the federal government and sec dey waste there time as them they try stop the use of cryptocurrency for this we country, in as much as them they restrict people from using binance the p2p option still dey function properly and you fit still buy and sell crypto for Binance naija, so make you no panic because bitcoin as a crypto currency done come to stay and Binance as one of the leading exchange done come to stay as well

 But if you still no dey convinced and you dey fear say the capings wey sec and fg dey cap fit affect your operations from binance, then I'll advice you to remove your stored crypto for that particular exchange then transfer to another one wey no get restrictions from government, you fit swap your bnb to for binance to usdt or bitcoin then transfer to another Trustworthy exchange as well.
 
Just like you done talk abandoning crypto no be option, other alternatives must dey considering the binance restrictions from sec and to abandon  crypto but be like say you wan abandon the future, if they like make them do anything dem one do we crypto enthusiasts go survive this fud.

I think what they only wants from this exchange is share, they wants to have some benefits from binance possibly paying tax just as US are handling their own case they don't like company operating on their lands without taxation and I know same thing is what FG is looking for execution otherwise Binance has been operating for years in our country without having any issues till US started their cases with Binance.us it was then Nigerians realised they have to set up restrictions and regulation policies.

There are numerous exchanges that still function as well as Binance. The government is enforcing restricted regulations in order to completely eliminate the exchange from the country, however certain individuals will always find methods to gain a safe path to access to the exchange. Of course, the government is aware of the benefits of the exchange, and because they are concerned that crypto might surpass their fiat currency, they have imposed a ban on the top-ranked exchange, Binance.  Anyone utilizing Binance will either discover a substitute for the exchange or find another way to use it in no time.

That is for people storing on centralized platforms. Bitcoin will forever remain decentralized and privacy oriented because it is not associated with centralized platforms. The anonymity part of it is based on the user preferences. For people that don’t prioritizes privacy then they would expose their selves to the government but still this won’t stop decentralization on other aspects like government having an effect of the price of bitcoin.

Bitcoin will remain decentralized as long as you are using noncustodial wallet and decentralized means of exchange.

But the exchanges and custodial wallets are using their customers activities on their platform to make money from their customers. Like those exchanges that Nigerians are using and the exchanges are not paying Nigeria government anything and the government are losing the money that the exchanges should be paying. Also people that are using the exchanges ought to be paying tax too.

If there are to be actual tax placement on binance and any Nigeria Bitcoin platform definitely Bitcoin will no longer answer as a decentralized crypto cause now that the politics are in play  definitely they are going to centralized it in order to monitors peoples worth.

There are lot option to trade crypto currency that should be the least worries from we as Nigerians because there must surely be alternatives whereby p2p exchange through some reputable members here. Although someone introduced me to Bundle and I have tried it over time and is working perfectly though it is originate of Binance exchange but specifically for Africans so I don't think it should be something to worry about FG with whatever they wanna do.

The whole situation is a mess, bitcoin already gained the necessary popularity but its all about time before the projects shoots to the moon. We are living in a terrible country that prohibits the growth of its citizens. We have good knowledge about the crypto space and how entirely it operates but with the implementation of certain rules and regulations, that alone limits us from achieving what we came to do, leaving us in the dark, it's all about what they tend to achieved other than what we, the citizens stand to achieved. Alot of things gone wrong it's left for them to either fixed it or make things worse.

I don't see any advantage of the sec war vs binance on either bitcoin or the entire cruotocutrncy industry to gain recognition in the country,  rather this will make room for more taxation on cryptocurrencies income and if binance Nigeria subsidiary suicide to get registered then means that the exchange will be taxed and that becomes an indirect burden on the exchange users who use it to trade one coin to another since the exchange will increase trading fees on coins that are traded in that line and also increase in their transaction fees for those who receive payment via cryptocurrencies so at whatever point,  I don't see the advantage of all this since it will open doors for more regulations and will further push people away from adopting good crypto coins like bitcoin ethereum and the rest.

I at some point was thinking that the lawsuit against Binance only was targeted at the Binance U.S.  I wonder if it is the case against Binance U.S that set the lawsuit against Binance Nig. in motion? Whichever way, it would turn out positively.

I know the lawsuit against Binance Nig. is just to ensure the public is made more aware and of course inclusion of tax for traders I believe specifically.

Even if we get taxed, I wonder if the investors who invest to HoDL short or long term get affected too?
Those who also get paid their salaries/wages via the exchange, do they get taxed too?

This lawsuit is also the beginning of how cryptocurrencies, mostly Bitcoin, as the first and most dominant coin in the country becomes recognized as legal tender.

FG no ban binance oh na SEC place ban because of fraud activities them detect and also the ban no mean say we no go fit use BINANCE the thing just be say them dey tell you and i say anything wey we dey do for BINANCE na at our own risk

Government no fit ban binance jare, the only thing Wey government dey look for na tax, they want make binance come make dem reason things so that binance go fit dey pay tax, if binance don gree, then case don settle be that. Also even if government ban binance, we go still dey use binance, if we wan buy bitcoin na to dey use our normal p2p now, and other reputable exchanges dey now like KuCoin and their p2p dey okay also, if I no wan use binance I dey always use KuCoin.

The only place wey problem go dey be say if police stop you and search your phone, if dem see anything like binance or crypto na wahala be that ooo, dem go talk say you dey use wetin government don ban for country, you go dey need settle them be that.

You talk as if those in charge go take the tax derived from those companies do better thing for d cowtry wey nor be to loot am. Naija na real big crime seen and na d worse dey warm up to happen. Hardship scatter ground everywhere for dis owa Naija. Imposing sanctions hastily on these companies wey na from dem most youths dey take sustain demselves nor go smooth oh. Na small small dem dey take do all that.

You may have misunderstood the news and the development,  and just to correct you,  binance have not been ban and every Nigerian is free to trade the cryptocurrency on binance but shouldn't use the exchange to store their coins most especially Bitcoin which can be readily held in a custodial wallet even hardware bitcoin wallets device which is the most secured form of self custody wallet.

The binance Nig subsidiary should respond to the lawsuit and try to comply with the governmental demand in other to operate a cryptocurrency exchange in the Nigeria business environment and I think this new development will help the government to be able to tax the cryptocurrency exchange and even it users,  so at that, Binance users will be subject to taxation unless for those who hold decentralized coins like Bitcoin in their wallet and trade them on P2P manner that one can avoid tax,  there has always been Tax invasion in the Nigeria system,  and the emergence of cryptocurrency has helped many to avoid paying tax most especially most decentralized Bitcoin coin and its transactions may be untraceable.

But wait o, this cappings make o, because I don ask myself series of questions about this binance verification on how e be say person do verification with bvn or non binance fin approve am immediately. How Dem ale dey know say na fake or original person submit for KYC? If Dem no get access, license or a bit cover to dey operate for Naija here how Dem go dey take dey know say person bvn and nun correct or bad.

Me believe say Dem get small umbrella wey dey cover Dem to do wetin Dem want to do. All this cbn matter na backing dog pattern. Dem just want cbn to reason them so something.

It does not mean, we hope that OP should gain from what we have posted. But I am wondering that he created the topic and has not replied anything further. But maybe he is watching and learning, which is good.

Probably because SEC do not even know the right way to go about regulating cryptocurrencies.

No mind Op wey just post yeye post without link and without saying much thing about his post for person to understand. You think say federal government fit ban binance wey dey even sponsor plenty programs and projects for Nigeria including the one wey government own.

This time too I sure say nothing Naija SEC wan do. Na just because US dey always get issues with exchanges as per securities, na em dem wan follow trend. Believe ye me, nothing sup and nothing go sup.
Kpatakpata, if the new government stablize finish dem go make laws wey cover the activities of CEX in Nigeria.

The government did not ban Binance. It's SEC that named binance as an illegal company in Nigeria and as far as I know, usage has not been affected on Binance. You can still make your day-to-day transactions without any hindrance.

It’s important to do a thorough research on a topic before posting it to the general public and if you’re not well informed and you’re seeking clarification or opinions, you ought to state it and make it clear. I urge you to go back and make a proper research and stop giving ignorant people high BP

This might look little off but since this thread is about Binance let me ask.

Onah no feel say, Binance get small license from govt either indirectly or 4rm some kind third party providers if not how dem they carry verify users way they use their BVN carry pass their KYC. If them no get get access to our country BVN data base how dem they carry verify if the information country or not.

I don wonder diz tin till I try to use fake number way no be anybody BVN with name and age way i carry my head form but dem no gree am pass dat stage. I just say make I ask, if eh possible for dem to fit access BVN or NIN data page wen the countri people no give dem access to am

I really don't understand the whole thing. How? How did they ban Binance that it is still working perfectly in the region? I am still using Binance very well. So I don't know how the ban look like. Nigeria has plenty exchange platforms that one can use to buy and sell coins but bincance is the best among all because Binance does not charge when buying and selling while others charge. Exchange like Busa charge a very big amount of money for transaction.
So I done like Nigerian own exchange but global exchanges.

Still that one no fit stop us from using Binance na i still dey use p2p up till now and no any change the Nigeria SEC no mean say we no go get access to Binance again it is just that is illegal to our country and you know how naija matters take be their talk is just to shake table na to do am dey always dey hard, as Nigeria SEC even dey talk about banned of Binance na how them go fee dey get small tax on any swap wey we do and with our prayers we go always pass their power.

Omo wether binance dey o, binance no dey o p2p go do the work very well. Other exchange dey exist but why e be say na only binance just dey choke everywhere.
Well I believe say na as Dem don work gidibam full every where wey e be say their name don go far and wide for everybody ear and too them get structure and system wey dey in place for ground wey dey solid and strong to benefit everybody wey want to identify with them.
Their package go well. Them try.

I no understand dis tori of Binance ban, but I fit still access my account for my fone without VPN. I still fit do P2P trade sef.

The banned of binance in the country doesn't affect the users in the country Nigeria, just like the way dey banned BTC in the country and people are still using BTC to improve their life and other things in the country. Our government  advise binance users in the country to be very careful with the exchange so that users will not blame the government not doing their work. If you are not safe with binance, I believe you can try other exchange like Remitano, Kucoin and bybit which are safe and secure for exchange.

Even if em be sae FG bans the operation of Binance for Nigeria as you think(which I no sae no be true), there are still  other exchanges that operate in the country that Nigerians go fit the use apart from Binance to continue their trade in crypto. So no need to shiver or make unnecessary assumption that em go fit make people abandon crypto for Nigeria because of that.

For Nigeria we get about 10 best exchanges wey peso go fit buy and sell bitcoin. They are: KuCoin, OKX, Huobi, Gate.io, Bitget, Binance, Quidax, Remitano, Buycoins, and Bybit. All these 10 exchanges wey I mentioned, Nigerians dey make use of them, to the buy and sell their bitcoin. It is now left for you to choose the wan wey you want use to trade your bitcoin with. But remember sae, no leave your crypto assets for exchange no matter what.

No doubt mate. Binance knows their own very much and would want to go at any extent to protect what they benefit hugely from. Nigeria has always been a market target for all. So allowing Nigeria market slip away from their hands is like letting a diamond go which they would never allow or let another take away from them.
Nigeria is a strong market contending force in the business atmosphere of all international organizations. Every new business would want to have a route or a trace to the Nigeria market because they know Nigerians would definitely have a taste of it. Hence the federal government of Nigeria is taking advantage of every opportunity to stand their position and not allowing anything slip out of their hands.

Having an office in Nigeria is not a big problem; they can always do it, but doing that means they are fully licensed to operate in the country as a legal crypto exchange. I believe they have such a plan. I'm not speaking for Binance, but I'm just saying it based on my personal view of how they show so much interest in the people of Nigeria and provide us with services to serve us better, thereby making a profit. I know of Nigerian guys who are currently working with Binance as part of the local support team, and Binance is not ready to lose Nigerians from patronizing them.

If having a physical office will solve the problem, I believe they will do it. The problem is just how our country is always not taking things seriously that could have possibly benefited them in terms of huge revenue generation. Even Bundle Africa, which is also owned by Binance, is largely used by Nigerians.

You are right. Binance is also right because the SEC do not know how to tackle these exchanges.

Do not mined Binance that try to play smart. I can't be the Nigeria SEC leader and Binance be saying trash. I will not only go for Binance but all other exchanges that Nigeria are using. I hope Nigeria SEC will be literate enough to know this one day after CBN formal governor deceives the government to realize what they can make from these exchanges.

I hope that more regulations are coming to make the 10% capital gain tax to become reality and effective, while the exchanges too should not be left alone, or they should stop providing services to Nigerians.

Those exchanges suppose to have offices in Nigeria, or they should stop their services to Nigerians.

You see why it is good to do a proper research before coming here to sprout out information you are inundated with.  I was going through the news about it but there was no where I saw that the federal government banned binance from operating but rather it cautioned users and Nigerians to be much careful when dealing so as not to fall for scammers and it still remains n the stand of resisting banks from dealing on Crypto.
On the other end binance has refuted the claims and denied anything to do with binance nigeria limited saying I has no affiliation with binance nigeria limited.

Source: https://techpoint.africa/2023/06/12/binance-is-not-affiliated-with-binance-nigeria-limited/

This is not the end because I de sure say before Binance come some people for here don de use Bitcoin and crypto, so even if they ban Binance as u said it will not affect us using Bitcoin, and no be say them ban am, because as I speak to u, people they use Binance irrespective of the news from SEC.

Other exchanges they to use, and if we feel say them too put eye on Binance, we can just go the normal way to continue de use our personal wallets like Electrum, make all these exchanges just be like our markets to buy and we then send dem to our wallets; I think one na im safe pass.

Our government did not ban Binance. Also Binance is not the only exchange that Nigerians are using. There are many other exchanges that you can use to trade naira and crypto.

I just do not like what I am reading on the news about Binance ban when we do not have enough regulation yet that could make that possible. Also that it is SEC (Nigeria SEC) that ban Binance, not the government.

Nigerians can still access Binance. This has been filled with misinformation and misunderstanding from people.

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o