Topic: OKX has stopped its p2p service for Nigerian customers (Read 472 times)

This matter don already tire me sef, for now me sef I just dey wait on the next possible exchange wey dem go attack became of this thei nonsense shift of blame because na dem be the major cause of this whole matter as na dem actually make the naira fall drastically against the dollar so that dem fit use the gain pay their dues wey don plenty plenty well well .

This has been the news on the Google Chrome pop up news everyday that Nigerian government is planning to remove or stop the p2p trading from all exchanges in the government. And delisting of p2p in the centralized exchanges have not solved anything instead dollar is increasing day by day so their fighting against dollar rise is a vain so why can't they rechannelled the fight to other areas tlso that they can do well. They are deceiving us that they fighting dollar but they are the ones do the exchange so who is fooling who here?

Let see which of the exchange will go down again after the OKX. Nigerian government should employ the youth to work with them, to advise them what to do. The Youth is more knowledgeable than the old cargos.

All of us know say our government dey clueless, but this has nothing to do with the General Elections or politics. This issue stems from the fact that our government have failed in managing the economy of our country and now they are looking for any available scapegoat to put the blame on, and crypto traders are the unluckly ones at this point; it is as straightforward as that.

Nigerian government just de try to shift di blame of di dwindling economy ontop crypto matters, how p2p matter for exchanges take follow cause di high cost of everything for di country. First na Binance, no na okx, I wonder di next exchange wey dem go disable naira wey go make di economy to de better, di people just de confused and dem de look for scapegoats to blame for dem bad governance. Crypto na industry wey many Nigerians de take de survive, and now dem don de put stumbling blocks on top, before long we go go back to di days of government officials wey de harass young people wey de into crypto business, wetin de happen na very wrong signal for Bitcoin inside dis country.

There are several exchanges in the Play Store where you can perform your p2p transactions after Binance stopped NGN p2p, which I switched to and they still stop, and now I use bybit to sell coins to naira. Whatever the government does, I believe they will still have another means to trade peer-to-peer. No one knows which exchange our government will stop doing p2p next anyone that is just available you should just run your stuff because things are getting worse about this crypto in our country that is putting some of our accounts at risk, we just pray that things get better soon because I don't know the main reason why our government wants to stop us from making money online, since they is not enough job opportunity for the youth definitely they need to find another way to get money to survive. anywhere our government follow to stop us we go still get another way to do what will help us to run our stuff in crypto.

Like I'm tired of reading all this kind of nonsense news from our country, like what is really the target of this administration? I don't think they're coming out with their real intentions why they're doing all these, I kind of think this is witch-hunting, basically because of our participation in the 2023 general elections. They've succeeded in causing price inflation and increasing the price of everything, yet they are not satisfied, I think there are more to this, now people that work online where crypto has made it easier for them to get paid would now begin to find it a bit difficult to exchange their funds if eventually they shot all the P2P access to Nigerians, Well, this is Nigeria for you…worst-case scenario we jakpa go crypto-friendly countries.

Does the 48-hour time frame apply to all vendors automatically? - I know that trade timers are usually set manually by vendors, and it is up to customers to trade with merchants at a convenient time. The highest I've seen is 60mins, and they are huge volume merchants with great demand, so the 60-mins window is the only way they can accommodate all of their clients. Personal If your trade time exceeds 30 mins I will not accept to trade.


Nobe VPN matter be this - If Naira pairs are delisted from the exchanges by the exchange operators, using VPN is not going to do you nothing.

Local vendors make sense for people wey don dey trade with them long before this issue even start, but for person wey don dey trade with only global exchanges, e go hard for them to find local vendors wey dem go fit trust. If more members of our local community here fit dey run this local currency exchange, then e go make sense pass, Brainboss are you still a local vendor?

My concern most times about cryptocurrency and the way the government is going about it in the country is that the officials making such drastic decisions to limit NGR P2P trading and other services of some exchanges, may be spies on many of these crypto communities like this Bitcointalk forum and even trade, HoDL or have investment that is crypto required, incase they do happen to go abroad for their shopping spree and expensive vacation and want to feel like the rich, by spending BTC or cryptocurrency for purchases during such vacations to Crypto currency countries or for conclusion of business deals that they may not want others to know so much about or keep track of, overseas.

Still, I think some centralized platforms still allow P2p trading and conversion for USDT /NGR pairs  as much as they can allow withdrawal to the same local Fintech and commercial Banks. One good one is Bybit, kucoin I think also allows NGR P2P trading and if e no work, make una try VPN weda tins go clear.

Local vendors sharp pass dex if you ask me, na just to get a trusted person and you dun dey trade with peace of mind. I still dey wonder why decentralized exchanges wey get Naira options never begin dey trend self. This things dey easy to do na just say person no get the coding experience to execute am. I think say we get entrepreneurs for the country, if na fiats now we for dun dey see dem begin dey launch different app but no one wan launch crypto own. Only God knows the kind money wey anybody wey launch a well designed sites for decentralized Naira P2P trading go make for this country.


Trust Nigerians na, we go discover a new means of trading Naira/USDT soon if the government like make dem block all current means of doing that. Person wey dey away self fit use am as him own hustle to dey do P2P wey be say we go just dey send dem USDT or USD and dem go convert am there and send us Naira back. Anyhow wey the governments like make dem do but boys go always find way to use dey alright last last.

And apart from those decentralized exchanges and local vendors, there are still other many alternatives in which I dey pretty sure boys go fit dey execute BTC to fiat transactions, and by that I mean either trading/selling BTC for US dollars or British pounds, and then converting our US dollars or British pounds to Naira, sharp.. But one thing I go like be say make people no loud this format, just the same way they were able to immediately expose other means of trading NGN immediately Binance was banned on Twitter, hence, making government know about those exchanges, and now NGN have been delisted.  So if only we fit keep things secret, eh go hard government know our next move.

If dem delist trading in Naira on every centralized exchange wey dey available to us, then we go either begin trade in decentralized exchanges or we go begin use local vendors, the thing be say using local vendors dey very risky and vendor wey you trust today, fit carry your money run tomorrow. As e be now, we still get a few centralized exchanges wey we go fit use, and make we hope say things won't get worse than it already is.

The rate at which our Nigerian government dey go after crypto stuff this days is really becoming alarming and unfair to the Nigerian youths of now our days whose main source of income are either crypto trading or crypto buying and selling on these bigger exchanges,  because if you could vividly look into this case, you will notice that the real people who are into this money laundering are still the same politicians & CBN executives who are enforcing this laws. But one I know for sure be say even if government try succeed to block NGN p2p trading on all angles, Naija boys go always find a way out even if eh go cost us more fees.

Most dispute on Decentralized exchanges comes in three steps. ( Trade chat, the mediator and the arbitrator).

There is a  trade chat option for seller and buyers to have a discussion and try to settle their dispute without needing the mediator. If both parties can't get it resolved either of them can use the "report to support" that's the mediator, the mediator serves as the third party if the traders are not pleased with the mediator suggestions, they go further to the arbitrator ( but is an unlikely situation). This is where the arbitrator set a time lock and once this elapsed the Bitcoin in escrow is sent ot the donation address on the website..... Story for the gods at this stage...

So like this now, peso no go fit trade p2p for Binance and OKX for upto 8 years. I thought that at the start of Tinubu regime, em been d in full support of crypto(cos em be drum em support for crypto during em campaign period), neither do we not know that em own tenure go worst pass the previous government wey kicked against trading with the banks.

Now coming to his own, em come be say he is coming against crypto exchange directly not only the banks. That's how wicked our government can be to its citizens. Acting nicely before they take power, after they must have taken power they begin to act strangely and give annoying implementation of law that will affect its whole citizens.  Anyway I no blame this government sha since they can wake up any given morning to implement wetin no d necessarily into law without making enough findings of wetin d wan implement go be in favor of its citizens or the real cause of the country palava. How on earth does p2p trading affect the naira valuation wey be sae we use more of imported goods and services than our own. Petroleum wey be our own, we refine it in another country and import it back to home(Nigeria). That's so pitiful to reason about sae no single refinery for our country. And the government of the day expect make dollar to naira no increase. That one no be juju

You did not make this transaction on the 4th of this month, take a good look at the order time, it was on the 23rd of last month, and at that time trading in Naira was still available on OKX centralized exchange. They delisted trading in Naira on the 3rd of this month, and since then it is no longer possible to trade in Naira.

I for say I see how this go increase in time because, these na things way fit bring a shift for other available options but the matter be say, na only us Dey suffer and complain this thing now shah. If na on a global scale, things for change wella to a more decentralized option of transacting.

I never use decentralized exchange before although I don hear about am many times, the fact say e no deybuser friendly like that no really make an option but, that na via say, we never Dey forced to use it as an option like we Dey see in recent attack on cryptocurrency services by our government.
One thing I know well be say, Nigerians go always find a way, so government no fit undo the process finish.

On decentralized exchange, how the dispute system Dey be like, which people Dey act as support to issue resolution?

Well, their mismanagement of the economy and the commonwealth has put us all into this mess and now they are blaming dealers, exchanges and the P2P. Besides, the reason why they can't allow our bank cards to function as you said is because they do not have the FX to fulfil such international obligations which is gross and so annoying. And even if there was an option like that, someone like me would never go for it because it would be cheaper and can't mean a good business for me. I would rather locate a parallel market as it is in all countries of the world, only that our country missed it from the beginning which is why things are burning this way.

However, the P2P initiative is not the issue, the government through their poor reasoning and action believe it is, but it is not. Imagine, if the country is doing well and there are four places you can exchange your crypto which are; 1. Official/bank, 2. Parrallel market/BDC, 3. Normal local exchanges, 4. P2P. These mediums will merely quote their rates and anyone interested in such rates and the service they render will go for them without any issue. The P2P is working fine in every other country of the world, so why is Nigeria's situation different?

The government are just clueless and I wonder how P2P will be the only issue when there are still other three channels quoting similar rates with the P2P. This is the problem we've been facing with the country from the beginning, they never have any solution to problems but just proving smart. As for the news, just do not waste your time, it was never a good one, it's another waste of chance by SEC.

I been never notice this news on my okex news feed, I still dey conduct p2p trade on my okex app and no restrictions, I just made successful p2p recently on the 4th of this month maybe the news never dey effective.

https://talkimg.com/images/2024/05/07/rgzTm.jpeg

If our government want make this thing hard for us, then this could bring us down in our crypto engagement with other world enthusiast tbh, although other reputable alternative exchange like Kucoin, Huobi and Bybit dey conducts p2p trades. I've traded p2p on Huobi once but the time given to buyers to pay is approximately 48hours to make payments, that's shitty.

If the worst happened, then everyone will then migrate to the use of a decentralized exchange for their usual daily trades where they will not have to undergo any kyc challenge with the exchange or the government regulation for policies and regulations, this is my opinion anyway, a suggestion we may all want to go for after the realization of all that is happening with the government and the crypto networks.