Prevention is better than Cure: Binance Removed Naira from the Platform.

Cryptomultiplier

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Quote from: Mate2237 on March 06, 2024, 01:21:37 PM

Quote from: Y3shot on March 01, 2024, 04:52:45 AM

I knew something like this will happen. This goverment really get problem , they just want to make things so difficult for young people. Them no stop politicians wey dey save money in dollars but put a stop to trade in binance because they know say this things na wetin the young people engage themselves with. This government na really disaster , they are the worst we have ever had since the existence of this country.

Na dem go suffer pass. If to say nigeria government na good government him for know say him people dey use the exchange dey do business so dem for know how to handle dis kind things. The ICT department or Science and Technology Ministry in the Government is just there and doing nothing, they don't have good advisers so the government dey do things on their own. I have been listening to this FX crisis and why Binance is leaving or removing the nigeria naira from their exchange platform. And dem say dem no go pay di #10 billions naira to nigeria government instead they will leave do country.

I got a mail from the team, Binance about the reason why they decide to ignore the Naira for now. Here is a screenshot. No reason the resolution abeg.

Alternatives to resolve this issue has been shared in many similar post here on this our board. Please find a way to learn new alternatives like using kucoin, Okx or swapping to USDT and then sending to another wallet address for final swapping to the Naira and then withdrawal.

Mate2237

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Quote from: Y3shot on March 01, 2024, 04:52:45 AM

I knew something like this will happen. This goverment really get problem , they just want to make things so difficult for young people. Them no stop politicians wey dey save money in dollars but put a stop to trade in binance because they know say this things na wetin the young people engage themselves with. This government na really disaster , they are the worst we have ever had since the existence of this country.

Na dem go suffer pass. If to say nigeria government na good government him for know say him people dey use the exchange dey do business so dem for know how to handle dis kind things. The ICT department or Science and Technology Ministry in the Government is just there and doing nothing, they don't have good advisers so the government dey do things on their own. I have been listening to this FX crisis and why Binance is leaving or removing the nigeria naira from their exchange platform. And dem say dem no go pay di #10 billions naira to nigeria government instead they will leave do country.

Makus

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Quote from: Mate2237 on March 05, 2024, 05:23:45 PM

What no have been saying has come to play and some people were given dear hear and if they didn't transfer their coins fast they might lose all to Binance because we don't know what they are planning to do in the day after the deadline. So again and again if you e dey keep coin that exchange make una move am out before the story touch the mind. The way things dey go, make we no dey keep coins in day exchange platform.

As it is now Nigerian House of Representatives are planning to saction all the cryptocurrency companies in the country. So not your key and not your coins has come again. Steer clear to use exchange as your investment platform but use with wisdom.

Now that binance has finally come a conclusion of removing all trading pair with the NGN fiat currency, it's best that we keep off from the platform before any or you funds get locked up for no reason and you can even do anything to get the money back, so it best we avoid binance. I can't actually blame them for the action dey took, it'll all because of the failure of government to identify the real source and cause of the devalue of our Nigerian currency which is too many import and less export. This is as simple as abc yet they try to manipulate the system to get the same result but dey keep failing.

Mate2237

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What no have been saying has come to play and some people were given dear hear and if they didn't transfer their coins fast they might lose all to Binance because we don't know what they are planning to do in the day after the deadline. So again and again if you e dey keep coin that exchange make una move am out before the story touch the mind. The way things dey go, make we no dey keep coins in day exchange platform.

As it is now Nigerian House of Representatives are planning to saction all the cryptocurrency companies in the country. So not your key and not your coins has come again. Steer clear to use exchange as your investment platform but use with wisdom.

Dailyscript

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Quote from: Chibaba on February 29, 2024, 02:41:54 PM

Quote from: Frankolala on February 28, 2024, 02:21:19 PM

This is the most annoying scenario so far, how will one be able to exchange his bitcoin for Naira now the FG has made Binance remove Naira from the currencies. I have some little coins in Binance that I do change whenever I need funds to take care of some responsibilities, it means that I need to move it to my electrum wallet immediately.

OP, please is it only Binance or it includes other exchanges too. I hope this is will be a way for the unification of Naira, and not that it will be forever, because it will be hard for one to convert his bitcoin to Naira, and I don't think that Naira is included in DEX.

Worry not bro. Few other exchanges are running their shows. Binance may have yielded out of fear and you may not blame them due to their experience in few countries in the past.

You may wanna start using Bitget if you don't already have an account with them cos their P2P is working perfectly. I made some transaction there today.

Yeah, the idea is just to secure there business. If they do not adhere to what the Nigerian government has said, they may face some serious consequences, and that is what they are avoiding. Well this is why i dont like storing my coins on all these centralised exchanges anything could go wrong anyday. You just woke up one morning and started seeing silly actions taken by the regulatory team of all these exchanges because of one piece of information. It all happens, don't get your hopes too high. if anyone has funds over there, i think it is best to move it out. We don't know the next actions that may happen, just as the OP has said.

Y3shot

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I knew something like this will happen. This goverment really get problem , they just want to make things so difficult for young people. Them no stop politicians wey dey save money in dollars but put a stop to trade in binance because they know say this things na wetin the young people engage themselves with. This government na really disaster , they are the worst we have ever had since the existence of this country.

teamsherry

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All this must be resolved soon cause I don't see any better alternative to exchanging crypto for fait that would be better than binance, going for private p2p vendors would get you into a lot of trouble cause they can put you in a mess since you can't even identify who is a scammer and who is not.

I think binance is trying to clear their heads and might update their policies soon, everyone one should try to find alternatives for now till we are clear if our federal government wants to eliminate binance for good or not.

Chibaba

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Quote from: Frankolala on February 28, 2024, 02:21:19 PM

This is the most annoying scenario so far, how will one be able to exchange his bitcoin for Naira now the FG has made Binance remove Naira from the currencies. I have some little coins in Binance that I do change whenever I need funds to take care of some responsibilities, it means that I need to move it to my electrum wallet immediately.

OP, please is it only Binance or it includes other exchanges too. I hope this is will be a way for the unification of Naira, and not that it will be forever, because it will be hard for one to convert his bitcoin to Naira, and I don't think that Naira is included in DEX.

Worry not bro. Few other exchanges are running their shows. Binance may have yielded out of fear and you may not blame them due to their experience in few countries in the past.

You may wanna start using Bitget if you don't already have an account with them cos their P2P is working perfectly. I made some transaction there today.

Chibit01

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No be small thing seriously speaking I as I come yesterday dey check the my p2p option binace don scrab Naira comot I think nah that thing fit Nigeria government since what they remember that is the cause of the economy downfall is binace they start dey sanction the crypto exchange and the just monitor them anyhow could you believe that they even go ahead to detain the executive director of binace in Nigeria for some days which I don't even know if they have release him I wonder why this government fails to tackle what is their problem they are looking for who to blame for the down fall of their economy down to binace exchange platform is very funny I will only advise we the young people who are trading with binace should just pull all your cryptocurrency off from the binace for now that's my humble advice thanks..

Pi-network314159

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Omo no be small thing o. I check this same thing yesterday, the P2P section just dey blank I come dey reason say na maybe network issues but to my suprise Evry body come dey complain thesame thing even for social media people dey talk am. Na very very bad thing from government, this people no just want the masses to survive by any means atol. For now na kucoin dey work, so anybody fit move him coin to kucoin but wetting I never understand na if them pay person weekly money for binance, person ft sell am from Btc to BNB or Tron come send am to another exchange? Sothat if I go change my wallet adress for forum make I do am sharp sharp.

Another thing too for those wey wan change wallet adress make ona dey careful this week make ona no go copy wallet adress of another person or go use wallet adress wey you dey use for your dagbo account if not you go join them together come put yourself for trouble or put another person for trouble because if you come hustle ACC dem come burst am E go pain you. The street no dey friendly o.

Mate2237

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Quote from: Rruchi man on February 28, 2024, 06:09:13 PM

Quote from: Lida93 on February 28, 2024, 05:51:28 PM

Quote

Nigeria Detains Two Binance Executives, Crypto Platform Accused of Exchange Rate Manipulation

They didn't only detain but also ceased their passports and other doc that would prevent them leaving the country. This matter is getting tougher as the days proceeds and it's important as a Nigerian at this time being if you have any coins or USDT stack in your binance account you without hesitation move it to your non-custodial wallet which has always been the best place to safe keep your asset.

Binance suspended trading our Naira following the arrest. Our government blames them for manipulating the value of our naira, so I think they need to sort out the problem first before they continue any form of trading.

I understand that our government is trying to regulate the cost of things but I think there are better ways to do this than moving rampage on BDC operators and now focusing on exchanges.

Really to some extent those people that buying coin in the first page in Binance are scammers because the price range they put their na for formality and not real. Example. If a buy place 2.500,000 to 50,000,000 it is a lie they are not buying like that they just use that one to deceive people and when you place your order dem go even call you on phone and tell you to reduce the price for them to buy and they use that price tag as bait to attract sellers. And Binance is not aware of that manipulation of price and nigeria government knows that manipulation because I heard them saying it in NTA one day.

Rruchi man

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Quote from: Lida93 on February 28, 2024, 05:51:28 PM

Quote

Nigeria Detains Two Binance Executives, Crypto Platform Accused of Exchange Rate Manipulation

They didn't only detain but also ceased their passports and other doc that would prevent them leaving the country. This matter is getting tougher as the days proceeds and it's important as a Nigerian at this time being if you have any coins or USDT stack in your binance account you without hesitation move it to your non-custodial wallet which has always been the best place to safe keep your asset.

Binance suspended trading our Naira following the arrest. Our government blames them for manipulating the value of our naira, so I think they need to sort out the problem first before they continue any form of trading.

I understand that our government is trying to regulate the cost of things but I think there are better ways to do this than moving rampage on BDC operators and now focusing on exchanges.

Lida93

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Quote

Nigeria Detains Two Binance Executives, Crypto Platform Accused of Exchange Rate Manipulation

They didn't only detain but also ceased their passports and other doc that would prevent them leaving the country. This matter is getting tougher as the days proceeds and it's important as a Nigerian at this time being if you have any coins or USDT stack in your binance account you without hesitation move it to your non-custodial wallet which has always been the best place to safe keep your asset.

You can click on this link for more info. https://news.bitcoin.com/nigeria-detains-two-binance-executives-crypto-platform-accused-of-exchange-rate-manipulation/?utm_source=OneSignalPush&utm_medium=notification&utm_campaign=PushNotifications

Nwada001

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This action that the government took was not really a surprise to me after the last link that Charles-Tim shared a few days ago regarding the $26 billion that was moved through Binance. The government was never going to stay calm about that; they all needed an excuse to take any form of action against traders.

If you are currently holding on Binance, either you move your holding back to your private wallet or you convert to local currency, which is the naira.

There is still a way to do that on Binance. All you have to do is trade your USDT or BTC on the spot market using BTC/NGN or USDT/NGN pairs, and then go to the wallet side on Binance. Click on "Deposit" and make use of the cash link option; it's still very fast, although they are charging a service fee that varies based on the vendor and how much you are selling.

Mate2237

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Make una no panic yet, there is way forward if you have your coins in Binance, you go fit still sell am. Make una no fear. You can go to trading in Binance and sell them of from there or you can move them to decentralized exchange platforms to sell them. And for di question Frankolala ask, no be only Binance, even remitano, roggu, and all others wey dey operate in the country. So the best way now, na to transfer all our coins to non custodial wallets as broda Charles-Tim said it earlier.

And another thing I am trying to notice now, if you get coin make you sell all because the revolution to reduce dollar exchange rate is very High and once dollar is devalued well well in the country e go affect us well well so make everyone use this opportunity to sell bitcoin now. I know shey the all time high e dey come but if dollar e dey low even do all time high e no go reach the amount you go sell now. Use you wisdom.

Spaceman1000$

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Quote from: Mate2237 on February 28, 2024, 12:54:17 PM

I been dey try to sell bitcoin in Binance just now and I see say di naira side e no dey work and I come tried USD di thing work and I come still try naira again na di same thing.

Once you click naira everything on the screen go blank and when you click another currency then everything go come back.

If you dey use Binance dey receive payment make una go change am now and move all the coin you get in Binance to another exchange before the story change.

I feel binance removing the naira P2P section from their system is as a result of some of the actions of government especially the Central Bank of Nigeria, for some weeks now they've been hammering on binance for not following some guidelines or whatever they have brought out for the xchange companies to follow, and are using it as excuses for some of the actions that they want to take. Omo to transfer coins from one central exchange wallet to another no be small thing, because the transaction fee now don high watin no good.

Obim34

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Quote from: rachael9385 on February 28, 2024, 04:51:12 PM

It is said that people should not keep their Bitcoin on an exchange, today binance have restricted Nigerian to gain access to the p2p options. A friend of mine from the Bitcoin community asked me if I was able to access p2p in binance but unfortunately I wasn't because I was also restricted. When I saw this I was flabbergasted because the matter done get out of hand, this TINUBU tenor done spoil this country more and more. Watin pain me pass be say as I listen I here say una president talk say no be em spoil this country say nah Goodluck and buhari nai spoil am, while na lie. This guy won brain wash those way know know watin xup for the country. Anyway worst come to worst be say we go use other exchanges. For me nah the only ones wey the FG Sabi nai them go restrict Niagarans for. Binance is easy to use that's why people are using it and that's what makes binance very popular to their knowing.

This matter na very strong one, plenty people dey wey hold their Bitcoin and other alternatives for inside their Binance but nevertheless e no spoil anything cos person fit withdraw to other wallets or exchange but this na very wrong move from our Nigerian government.

Mr.suevie

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Quote from: Charles-Tim on February 28, 2024, 01:07:51 PM

That is true. I noticed that now also.

Quote from: Mate2237 on February 28, 2024, 12:54:17 PM

If you dey use Binance dey receive payment make una go change am now and move all the coin you get in Binance to another exchange before the story change.

What else again if no P2P trading on Binanace and other centralized exchanges anymore? I guess the regulators are reaching out to these exchanges one by one. Best to have all your coins on noncustodial wallet which we always advice.

But I guess the regulators may be finding ways for naira unification and want to regulate the exchanges in a way they will not violate their policies.

Omo if that be the case then to actually sell your coins for exchange go hard oo because the matter go soon spread reach other exchanges if possible because I actually saw today that binance no be the first to actually disable the P2P for their platform as I saw a user post about roccu also doing the same feat and now binance have followed so I believe its only a matter of time before the matter reach other exchanges like kucoins and the rest so it's best as you talk to save the coin for non-custodial wallet for the main time.

rachael9385

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It is said that people should not keep their Bitcoin on an exchange, today binance have restricted Nigerian to gain access to the p2p options. A friend of mine from the Bitcoin community asked me if I was able to access p2p in binance but unfortunately I wasn't because I was also restricted. When I saw this I was flabbergasted because the matter done get out of hand, this TINUBU tenor done spoil this country more and more. Watin pain me pass be say as I listen I here say una president talk say no be em spoil this country say nah Goodluck and buhari nai spoil am, while na lie. This guy won brain wash those way know know watin xup for the country. Anyway worst come to worst be say we go use other exchanges. For me nah the only ones wey the FG Sabi nai them go restrict Niagarans for. Binance is easy to use that's why people are using it and that's what makes binance very popular to their knowing.

Miles2006

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The first time this issue come concerning the government and binance I knew something next will happen and it will not just end with the talking and so on but this people are actually serious about Nigerians using binance, this same binance app was blank during the early news. This is just accurate and thanks for bring this info here cause some of us never observe na from this thread I take go check my own and no doubt, anybody wey dey keep money for binance make the person withdraw to prevent loss.

Topic: Prevention is better than Cure: Binance Removed Naira from the Platform. (Read 204 times)