Whatever binance and the national monetary policies of Nigeria decides to it's absolutely not going to pull anyone down.
There are probably taking orders from higher authorities just cope with the current situation in the country. but we all know that they are just beating around the bush whilst the real economical problems remains.
it's another avenue for another exchange to blow up, the influence Nigeria has in the internet I know if they find another exchange to deal with then that exchange will sure grow as fast as possible.
every one can now download a non custodial wallet to store his or her coin although not every one using binance has good crypto knowledge, some were taught how to use only binance as traders etc. but anyways we still move no matter what.
Topic: The challenges of binance. (Read 47 times)
With the challenges Binance is passing through right now ,i think they will move towards legalization in the country, i don't think any profitable organisation will want to be banned,rules and regulations will be set up for proper functioning and meeting customers demand ,as it stands now Nigeria has ordered Binance to issue out a price cap
for cryptocurrency ,be patient they will work things out, because it will also be a source of income to Nigerians in the aspect of taxation,as for your money it's safe n other
for cryptocurrency ,be patient they will work things out, because it will also be a source of income to Nigerians in the aspect of taxation,as for your money it's safe n other
if binance is completely banned, what will be our fate considering our assets?
Remember it is a better option than its competitors too.
Remember it is a better option than its competitors too.
Binance is a better option than its competitors? How? That is not true.
I do not think Binance would be banned but more regulations are coming.
if binance is completely banned, what will be our fate considering our assets?
Hold your coins on noncustodial wallet. Simple. For traders, Binance will try its best that no one will lost coins. If Binance is not hacked, no problem. Do not leave high amount of money on an exchange.
Binance is a digital assets platform which serves as a window for peer to peer transaction allowing users to advertise interest to sell or buy currencies of their choice.
Binance P2P trading fees are generally lower than those charged by traditional exchanges. the Binance exchange has some of the lowest cryptocurrency transaction fees. It has high liquidity and offers discounts to users who pay in BNB—the exchange's native cryptocurrency token.
Moreso, Binance P2P supports a wide range of payment methods, including bank transfers and popular e-wallets like PayPal, Alipay, and WeChat Pay.
The exchange has faced several regulatory actions in different countries worldwide, mainly due to accusations of money laundering issues. The company had to relocate several times before finally being established and headquartered in the Cayman Islands.
On February 5, 2021, the Central Bank of Nigeria (CBN) directed banks, non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions.
The regulator also warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.
CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban
The us government has charged it for money laundering with a fine of. $4.3 billion. the Us government say the ethics of the company was compromised by greed
Binance should look for a way to curb Fraud from its system, this is a major challenge it is facing since it's outbreak,
If the operations of binace is being restricted it will cause havoc in the world of cryptocurrency.
https://naijnaira.com/binance-ordered-to-pay-4-3-billion-in-fines-and-reparations/
Nigeria was second only to India last year in the proportion of private wealth stored in cryptocurrency, thereby warranting the need for binance according to data provider Chainalysis. Digital assets have gained popularity because many people have lost trust in the naira as a reliable store of value.
https://thenationonlineng.net/full-list-binance-octafx-coinbase-others-blocked-over-forex-crisis/
The case of money laundering and fraud is becoming peculiar with binance and I think there should be proper know your customer (kyc) structure and other structures to close that loophole. We all know the usefulness of binance can not be overemphasized.
if binance is completely banned, what will be our fate considering our assets?
Remember it is a better option than its competitors too.
Binance P2P trading fees are generally lower than those charged by traditional exchanges. the Binance exchange has some of the lowest cryptocurrency transaction fees. It has high liquidity and offers discounts to users who pay in BNB—the exchange's native cryptocurrency token.
Moreso, Binance P2P supports a wide range of payment methods, including bank transfers and popular e-wallets like PayPal, Alipay, and WeChat Pay.
The exchange has faced several regulatory actions in different countries worldwide, mainly due to accusations of money laundering issues. The company had to relocate several times before finally being established and headquartered in the Cayman Islands.
On February 5, 2021, the Central Bank of Nigeria (CBN) directed banks, non-bank financial institutions (NBFIs), and other financial institutions (OFIs) to close accounts of persons or entities involved in cryptocurrency transactions.
The regulator also warned local financial institutions against dealing in crypto assets or facilitating payments for crypto exchanges.
CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban
The us government has charged it for money laundering with a fine of. $4.3 billion. the Us government say the ethics of the company was compromised by greed
Binance should look for a way to curb Fraud from its system, this is a major challenge it is facing since it's outbreak,
If the operations of binace is being restricted it will cause havoc in the world of cryptocurrency.
https://naijnaira.com/binance-ordered-to-pay-4-3-billion-in-fines-and-reparations/
Nigeria was second only to India last year in the proportion of private wealth stored in cryptocurrency, thereby warranting the need for binance according to data provider Chainalysis. Digital assets have gained popularity because many people have lost trust in the naira as a reliable store of value.
https://thenationonlineng.net/full-list-binance-octafx-coinbase-others-blocked-over-forex-crisis/
The case of money laundering and fraud is becoming peculiar with binance and I think there should be proper know your customer (kyc) structure and other structures to close that loophole. We all know the usefulness of binance can not be overemphasized.
if binance is completely banned, what will be our fate considering our assets?
Remember it is a better option than its competitors too.
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