The effect Nigeria ban on Binance P2P traders - page 2.

Amphenomenon

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Quote from: PoweredC on April 17, 2024, 02:23:19 PM

The ban would harm Nigeria's standing as one of the biggest cryptocurrency markets in the world because it might be interpreted as a punitive step that would discourage traders from visiting the nation.

I don't really think this will really impact the Nigeria standing as being among the biggest cryptocurrency markets since we Nigerians already have alot of alternatives and because halving is close by, it was easy for everyone to quickly move on while this is not actually discouraging to foreign traders using Binance, since binance only cut off every of their services with naira which means such trader can possibly use their fiat currency if it's accepted on binance

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The big question remains what are the Alternatives?

This question has already been answered in our LB of only you took your time to go through previous threads though you joined around April 5th but there were also thread about this after that day like :
Reminiscing over Binance

MainIbem

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Quote from: Mia Chloe on April 17, 2024, 04:02:24 PM

Firstly Op this post is in the wrong board. Therefore I suggest you kindly move it to Niaja board since the Nigerian users there can best spot out the effects.
However, Nigeria has always had crypto currency ban issues and exchange relating issues for some time now. Ban of binance in Nigeria had many effects mainly because binance was the most popular exchange in Nigeria.

Yeah I agree with you, the Nigerian Local Board is the best place to post this thread because the general forum might not be aware or have idea about the Nigerian P2P ban by Binance, well Binance was the leading exchange used by most Nigerians due to claim that it's P2P is easier to understand than other exchanges and that's why there's been lots of complains by several users after the ban. But then, they should understand that Binance is not the only Exchange with a suitable P2P, there are exchanges like OKX, ByBit, Kucoin amongst others. Well It might be difficult for those who are only used to patronising only the Binance exchange but then people who are aware of other exchanges are not even bothered about the ban since they could still serve the purpose of what Binance was doing.

Mia Chloe

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Firstly Op this post is in the wrong board. Therefore I suggest you kindly move it to Niaja board since the Nigerian users there can best spot out the effects.
However, Nigeria has always had crypto currency ban issues and exchange relating issues for some time now. Ban of binance in Nigeria had many effects mainly because binance was the most popular exchange in Nigeria. Owing to that fact, a majority of short term traders in Nigeria made use of binance and ever since the ban these users have to move their coins to probably another exchange where the could continue their trading. Another problem was that some local traders even had accounts their for crypto repurchase as well as sale.

avikz

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It is an open market. Any country can ban any exchange. P2P exchanges have always been a target for the governments because people can easily event tax. But in this competitive market whenever there is a gap, a new company would jump in to cover that.

If there is no alternative today, I am sure tomorrow you will find multiple alternatives. In the meantime, Nigerian people can use Paxful or Noones.

PoweredC

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What impact does Nigeria's ban have on P2P traders on Binance?
P2P transaction disruption: As a result of Binance's suspension, traders who depend on the platform for their transactions have experienced inconveniences.Loss of access to Binance: A lot of users have complained about being unable to access their cash or trade using the Binance website or app.Impact on the Nigerian crypto community: Many traders are looking into alternate platforms for their transactions as a result of the restriction, which has produced anxiety and uncertainty in the country's crypto ecosystem.Situation escalation: There are now calls for Binance and other cryptocurrency exchanges to be completely banned due to worries about regulatory compliance and the effect on the Naira.
These have made things extremely difficult for P2P traders in Nigeria. One of the biggest concerns at this point is how it would impact the nation's reputation. Effect on the image of Niger: The ban would harm Nigeria's standing as one of the biggest cryptocurrency markets in the world because it might be interpreted as a punitive step that would discourage traders from visiting the nation.
The big question remains what are the Alternatives?

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