Topic: The effect Nigeria ban on Binance P2P traders (Read 266 times)

Not just Nigeria, I don't know if you already know the news that the Philippines will also ban Binance. Here's the link to the article Philippines ban binance. The thing is, this is sad because I'm a user of Binance and this is the first exchange I used and am also using it currently. It's hard to transition to a different exchange because I will need to study the new exchange first and might be prone to mistakes. 

So I think not just me is affected but many users of Binance in the Philippines because they need to adjust to a different environment and they need to migrate all the funds they have, and at worst, your portfolio will be gone. But we know that there's a way to access Binance, even if it's banned in a certain country, a simple VPN, but of course it will be risky. But still, I do that because I can't leave Binance even though I can't do P2P anymore.

Chances are government is going to ban platforms that are not registered in your country currently happening here in my country as well, SEC started banning a lot of platforms here in my country seems like they don't like platforms that is not registered to the SEC, I mean its surely make sense to them for sure, but targeting Binance doesn't seem to fit the timing, there are a lot of scam gambling website that is active online that can easily be access by anyone it would make a lot of sense to use resources on banning that instead of targeting Binance and cryptocurrency platform that is not registered, It just doesn't make sense because scam casino are getting popular recently and a lot of people are complaining getting scam on social media.

I mean you just cant do anything about it the government could do anything they wanted, the thing here is there are a lot of alternatives out there that you could use to trade cryptocurrency which is already trusted by a lot of traders, but chances are it is going to get banned as well when your government started to target this kind of platform, still, there are still a lot of methods that you could do in order to access the website if it is already blocked. VPN is one thing that you could use as well if you really want to trade on Binance.

Yes, Binance is not the only exchange we have, we also have many other centralized exchanges that are equally reputable as Binance. But there is one thing I have to admit, the liquidity on Binance is still the largest. In my country, I tried using P2P of other platforms but when I wanted to trade larger amounts of value. Centralized exchanges like OKX or Bybit have almost no liquidity and I have to make a lot of small transactions, while the liquidity on Binance is much larger.

Decentralized exchanges can only solve the P2P problem, but for traders they still need a centralized exchange. Currently, there are still no decentralized exchanges that offer the daily trading feature that centralized exchanges offer.

Feel bad for you guys in Nigeria but don't worry, just keep in contact and keep trading with each other. You guys all know how to find Bisq and what not who knows, you will take over the P2P volume in decentralized platforms?

I remember when it was also unsure the status of localbitcoin in my region, everyone just logged off and started going on Wechat anyway I'm sure the same will happen for people in Nigeria.

All the Nigerian government want is the regulation on the use of its local currency with exchange of USD and how they can also take advantage of regulating the Binance exchange in other to be able to tax them and in doing so, they would have achieved having increased economy performance, revenue and other benefits regulations could cause, but all i see that is wrong concerning the whole procedures they are taking is wrong approach, meanwhile they are not making an alternative to replace binance if they eventually completely ban it, the citizens could easily divert to using other prominent exchanges aside Binance.

They will not be able to P2P trade on Binance. But they can look for alternative platforms, right.

This is why many people don’t like centralized platforms - a couple of clicks and your funds are stuck there.

Any problem generates a search for a solution. It may turn out that these traders will find a better alternative.

A ban doesn't always mean that it will not be used.

I think that for traders, Nigeria was not the first on the list to visit countries loyal to cryptocurrency.
 
Only decentralized ones, like bisq (P2P), and then no government will be able to ban them. No decentralization - no freedom for cryptocurrencies.

Are you saying that currently there is no p2p transactions going on in Nigeria right now?
This is important to know because from the statement you sound as if Nigerians currently are not able to trade they bitcoin or other coin to the Nigeria Naira through p2p at the moment because of binance.


Because aside from binance we have several other excahges that offers p2p services in various local currencies and Nigeria Naira us still part of their p2p pair, so I believe that the war is against binance and it doesn't affects other excahges p2p market.

Well there are plenty of options out there for centralized exchanges depending on your preference. I am not the most knowledgeable about crypto regulations and legality there in Nigeria but usually you’d have to go check first which ones are not banned in order for you to use them.

Centralized exchanges are all different and would cater to different kind of your preference so better to know which one would best suit you. Some of the top exchanges are coinbase or kucoin

Since you are talking about something specific in your country maybe you can talk to them in the local space

What I see in this ban is that it's going to just fuel the wants of the people to have a platform where they can do their P2P transaction, it's only a matter of time that this will happen though, pretty sure that we're going to see a lot of stuff happening when things like this happen. It's already having an effect here in my country although I can still use the P2P function, most crypto users in the country are already scrambling out to find the next platform they want to use for P2P trade or just basic cryptocurrency trading, that way, when the ban hammer finally hits Binance, it's not going to be as damaging as it already is for the cryptocurrency traders and users. I hope that the Nigerian crypto community is doing just fine amidst all of this storm, it's not every day that we'd see something like this happen.

If the government bans, users still have other options to access Binance and using a VPN is a solution but if this ban comes from Binance, Nigerians will no longer have the opportunity to use Binance. But as far as I know there are many other platforms still operating in Nigeria like bybit or bitget, people have a lot of options but why do people only focus on Binance? Is this really confusing? This shows that Binance's influence and popularity are huge even though there were many false rumors about it in the past.

But what surprises me more is that many people have always opposed the use of centralized exchanges, but now, just because Binance banned Nigerian users, many people are disappointed.

No doubt, Binance has an important role to play in the market, but it isn't the only thing that's doing what it does. The world, even Nigeria, isn't running out of P2P platforms. If you want the likes of Binance, you can move to OKX, Huobi, Bybit, KuCoin, and many others. And then there's the option to get into legitimate P2P trades like bisq. If that's too complicated, then there's the likes of AgoraDesk. The point is, there will always be alternatives.  

And, yeah, https://kycnot.me/ may be able to help you.

As others have said, there should be no effect on Nigeria as their crypto enthusiast can still continue with crypto trading. And for example, in the Philippines, List of Things To Do Now That Binance is Banned in the Philippines. So it's a total block of the country, but still the Philippines is one of the most active in Asia as far as crypto goes.

There could be effects in the beginning, but for sure, those traders or investors from Nigeria will have to find a way just like what the Filipinos do in this community.

So yeah, there could be ways to circumvent it, but we are not going to advise for everyone to do that because of the risk involved.

I haven't hard that any Nigerian lost access to they coins on binance because the exchange did not back out of the Nigeria market and Al's binance did not block Nigerian citizen's from it platform how then did you arrived at such conclusion to.make this statement.


The few account that are freeze already hard issues with the exchange and it is not in connection with whatever the troubles is with binance and the Nigeria sec, so Nigerian still have access and trade on binance unrestricted, only NIG pair have been removed because of the currency crisis.

This is actually an old information but I guess you're just coming newly. Binance is not the only exchange and this issue has been discussed several times in our local board, if I'm not mistaken users listed different kinds of exchange that can help with your crypto p2p transactions, currently Nigerians still trade crypto using different kinds of exchange. I see nothing related with Nigeria crypto reputation and the ban, at first a lot of Nigerians felt disappointed cause almost all crypto enthusiast make use of Binance but this cannot stop us from trading p2p as there's always an alternative in every situation

TBH, it's strange that they are blaming binance for their falling currency lol. From the sidelines, it looks like they're just looking a scapegoat 🤔

I know binance removed naira but what about other markets such as spot, etc.? do they still work fine for the locals? because technically, there are ways to circumvent the ban if it's not coming from binance's end.

Asking because there will always be people who will circumvent this. I'd say it's not worth the risk unless you're just getting your money out. Last I heard, Nigeria was demanding user information of their locals particularly the top volume traders in binance. Plus their approach has been nothing but aggressive so far so idk what happens next. Better err on the side of caution.

Oh, I see it's the same procedure they do but the only difference is the P2P platform is still available in the Philippines without VPN you can access Binance by just changing the DNS.

You don't have a choice but to switch to another exchange I'm currently using OKX exchange sometimes Bitget if your money there is NGN it seems that there are many p2p sellers on OKX I checked just now, and most of payments are bank options only.

It's best to hear out from our Nigerian friends that knows the deal in there. So, when the platform is out of the country due to the ban. There are for sure some alternatives that will work for them for P2P trades. They can do the deal in specific places and just trade with actual and real money while they send the crypto to the buyer and how they find each other? Social media. If they're on social media and on specific groups, I think someone who can be trusted might play as their escrow to secure the deal. However, there are cons on it so if they decide to meet and deal personally, that's one way. There's still a way for traders to find a way for all of their deals to happen for P2P. This is what the government don't realize because as much as possible, when most of these people have already done deals for so long and have understood the concept of P2P with or without a platform, they'd find a way to continue their p2p trading activities. It might be hard from the start but I am sure that they'll able to discover a secured way of continuing it.

I will say Nigerians didn’t even feel the impact of the ban that much not like it was the only exchange used for that. Right before the ban, many top exchanges already had many Nigerian customers using the P2P feature and immediately Binance announced the removal of the naira pair people just completely shift to the exchanges like KuCoin, Bybit and OKX. This exchanges have almost same functionality and features like the binance. And so the impact of binance ban wasn’t that much as People portray it to be.


Yes even in Nigeria many this are banned only on the internet like the web links for exchanges and also popular cryptocurrency platforms but still people easily get access to it by simply using the VPN. The P2P is only a problem because it was removed by the exchange itself.

In the Philippines, Binance is banned only on the internet but people there they still able to access Binance by changing their DNS or by using a VPN this is how the government wants to control people on the crypto because they see many people become rich without paying TAX or they don't want their people to be rich.

Anyway, there are lots of other options where to trade other exchanges already mentioned above also check Bitget exchange for no KYC p2p exchange check this link below.

- https://kycnot.me/

Binance P2P makes it easier to trade and sell crypto for local currency. But that doesn't mean crypto holders can't survive without Binance. When there weren't Binance P2P, people also used something to sell their crypto. We should always have alternative options. Anything could happen in crypto, and we may lose anything. However, I believe Nigerians will find alternatives for P2P sales. A lot of exchanges are now offering p2p. Also, they could build local communities to sell P2P. It shouldn't just depend on Binance.