Topic: What if an exchange refuse? (Read 221 times)

Any exchange wey refused to do watin government talk no face some charges for court of law because the exchange nah centralize and so far as say the exchange include the country for their exchange the government get the rights to tell them to delist am. E dey more better to do watin governments talk instead of to go settle some allegation wey government to gum them for body. So for a better futures, hoping say one day government go still tell them to put back p2p for Nigeria, so them go just obey.

I didn't understand your last statement but I will tell you for free that an exchange flooded with local lawsuits for non-complient to the laws or being sued for anti-AML regulations will lose public trust eventually. Will you be comfortable keeping your money on an unstable exchange facing multiple lawsuits?

That's the difference between an centralized and decentralised exchanges as these centralized exchanges cannot operate without following government policies hence unfortunately we cannot do much as we are used to centralized exchanges. Coming to the point of restrictions this will continue and countries like India has even banned the operation of some centralized exchanges like Binance wherein exchanges like Kucoin has bowed down to government's pressure and operating by following the stringent policies.

Why we blame our government we need see on the angle to which the exchange operate where laws exist follow the laws is good to avoid some of this problem of being attack by the government at the end of the day.
Exchange should step up their game by meeting all requirements by any nation they lunch operations to avoid people feeling the government is fighting them, short cut is always a wrong cut no government will allow private operator without having any deal or take their tax ni matter how small it will be .

No go think am. Centralised exchanges just be like social media na and business wey get identify, not like say ownership is hidden or not known like decentralised coin wey you no fit trace to one person. So their server will be hosted, that one alone go make dem lose other businesses for the country, plus dem go face litigation in and outside the country. The same thing wey happen with twitter (X) go happen to centralised exchanges, that is why them no get choice than to obey the government wey dem dey under. Government self go block all their ads through all the social media and even search engine like Google and many others operating in Nigeria go make every of their search or information unavailable, otherwise the government go also restrict that search engine if them too no comply. Government dey do strong thing. To be a sovereign nation mean say you get authority to control your territory and jurisdiction both from air, land or sea, that is why during war or certain conflict, a country can declare no fly (flight) zone for their airspace and if a plane on such restriction go against that military command, they will bring it down.

Well, many things full ground wey govment fit do and owa brethren above dem don analyse most of them. It boils down to sanctions and fines. No business go like dey at loggerheads wit govment and na im make businesses dey quickly reason with govment. Afta God na govment. It's scary what dis Tinubu govment fit even do. Dem fit even force Google to deny us access to crypto access sef. Na dat wan go make people grow cornrows for head because kasala go burst be dat. End game.

Na the matter i dey reason too if not na for those exchanges should ignored the government and not stop the p2p exchange, but if they try that it will definitely affect them and we know say government get one kind power wey be say they can use it against anything and make it possible, there is nothing we fit do at this point, the only way to Dey escape their problem be say we should just be moving from one exchange to another because on normal stuff we can’t do without this exchange’s because na there we Dey see one ad two Dey take survive and take care of ourselves, no matter the government will try they will never know some exchange and as Naija pikin wey we be we go find solution to the matter because we no be because of government wey their family they enjoy go wan stop where we wey Dey manage Dey chop E no fit happen even if they wan try am baba God go look how some of they poshue life and no show them our way.

Just know that the exchange that do not want to listen to government regulations would be in lawsuit with the government and will be fined. That is why the exchanges will not take government regulations for granted and listen to the government as soon as possible.

If a country tells an exchanges to remove just P2P from their citizens to access, it is still not that they remove their citizens to access the exchange and not that they tell Google and Apple to remove the apps from their application stores. Although, Nigeria can not access the exchanges website but they can still access them from the app.

This can not happen but they can not lose trust from the public unless they mismanaged their users funds.

The government influence every industry that operates within its terrain, and when they have some sort of  operational disagreements, the company leaves the country and find another suitable place for its operations, or stop offering that service to the country, just like Binance and Nigerian naira. I believe there are lots SLA breaches that the government demanded  from them and Binance had to uphold their integrity by suspending that service instead of compromising on their standards.

If they disobey the  directive of the host government, they would not only loose their operating license, but their reputation is at stake. furthermore, they can even be flagged as a terrorist organization by the host country and they would lose patronage from the Ally's of the troubled country, further dragging their reputation to the mud and losing more customers in the process.


Yes, Nigerian Government fell out with almost every exchange and the problem here isn't the exchange, its the government seeking ways to coverup for the level of devaluation the currency is facing now,  Exchanges give the benchmark for the current value of the every currency from the stock market and that's enough exposure to their bad government. The fact that P2P  presents their flop to the advantage of traders weakens them since they can't manipulate it or take heavy taxes from those transactions.

The government are used to fighting whatever they don't  exert total control over, but the Nigerian government is going way too far in their fights against crypto.

The only way out, in my opinion, will be to get a powerful VPN that can disguise your location in order to be able to use because they must abide by the law of the government.

What the government can do is what they are already doing, and that's to tax every business mostly cryptocurrency exchanges, so much so that it fails to be an investors choice in the country and this is all in a bid to ensure that the Naira is and remains the most valuable currency for transaction and trade in the country, to ensure also that only the CBN and its regulators decide the financial outlay and fate of the entire country and its citizenry.

If an exchange refuses to conform to the policies of the government of the country they are operating in, they may have to limit their services and that means the failure of cryptocurrencies in the country. Am sure other ways would come up to use crypto currency even after there are no more exchanges willing to work with the Nigerian clienteles.

Normally make we just talk the truth all this exchanges operating without license and regulations by the country is illegal more because it is something that involves money such that as they are also benefiting from the citizens of that particular country, they also needs to pay matching ground to the government because on a norm Dem no suppose bypass the government go dey do business for their country so even as all of us they blame the government for bringing down exchanges but yet make we see truth talk am.

As all of us dey like this make we assume say oil dey your land and company wan enter to drill the oil, will they just start drilling the oil without paying homage to you wey get the land or the community wey Dem find the oil? So my people even though say the decisions of the government dey affect everybody but yet e no make sense at all the only place wey me I dey frown for government na as Dem say na all these exchanges dey make the naira to dey depreciate like say na today wey naira wahala start.

They will restrict access to the site.. it would no longer be hosted in the country just as they did to binance before, the site weren't reachable anymore because you are using domain or an internet protocol that shows that person this person is Nigeria therefore the exchanged will long be accessing from those who are from that jurisdiction. Tht is why must people love using VPN to access the site secretly but if the service provider notice that the country itself has restricted them then they had no choice to automatically delist NGN from their platform.

You are actually correct, that was what I was thinking, exchange acts acording to the influence of government. They can't disobey the government by doing what pleases them after a request of government demanding them to stop with emidiate effect. Despite our system of government is currupt but that doesn't mean they don't have power to do what pleases them by questioning the exchange. And also I think the new exchange you said that is not known by government are already known by them just that they are just trying to track down all one by one till they make sure there is no loop hole left, since everyone appears to be innocent you wouldn't know who is a government informant who gives them information, so hence any update on any platform on how to go about selling and buying through any exchange will definitely get to them. so they are everywhere and they know what you know. Your best friend might even be a CBN agent you would never know. We just really need to be careful on who we release information to.

Yes Nigerians will always find a way but until it is kept as a secret and not expose it, otherwise we all will continue to face this challenge because what you know is equal to what government know and may even know more than you because they have expert that are doing it for them. I'm afraid a time will come when any update will be kept as secret from many people and it will be used privately because if you release the update it becomes a threat. I guest people mouth where to wide to always mention the remaining exchanges left thats why it is possible for them to achieve their goals and still looking out for more options to track down.

Nigeria is a lawful country which as much has a law regulating it economy equivalent to the financial system and by justification no one is above the law. Let me just remind you that the Binance exchange official who has been arrested in months now is still on detention under the custody of the government and he's being charged by the laws governing the national financial regulations of the country.
So if any centralized exchange dares to disobey the government order then they'd be exposed to face the wrath of breaking the country's monetary laws guiding the financial institute.

OP edit your last question. Yes we have all experiencing the latest happening in the cryptocurrency from the National Government. And all because to make sure that the dollar exchange rate e dey moderate but all their attacking di exchanges are vain. Today when I woke up I saw NGN1536/$1 and that shows that their are not even fighting anything because if really they are fighting to reduce exchange rate then now Naira supposed to exchange dollar wit either #300 to a dollar or #500 to a dollar but instead dollar dey increase dey go. They are fighting a wrong fight. And if really federal government want to fight this fight genuinely dem for don win am tay Tay but dem dey fight to support themselves and not to make the Nation economy better.

If an exchange refuses to delist naira P2p in their platform Nigerian government go still stop am because the exchange no decentralized exchange but na Centralized Exchange and probably they have their small office in the country, they they will go and arrest them the way dey did to Binance officers.

In every country the government has the overall right on which exchanges they can allow their citizens to use and the type of services these exchanges can offer to them.

While these exchanges might be losing alot of customers it's obvious they went for the best option as a business since after all the government are not ready for regulation rather looking for who to fine and milk from.

They will face legal problems. SEC Nigeria will take legal action against such exchange and possibly could lead to fine or criminal charges and such exchange could also lose public trust as they would be seen as non-complient to regulatory requirements exchange and as such may loss operating license to operate in that jurisdiction ( license revoked)

They may take time to complie but will eventually complie at the end. The directive to delist Naira trading from exchange were sent to all the crypto exchanges and they are complying to it one after the other. As long as your server is hosted on a centralized server, you can't escape it.

That is the why it is called a Centralized exchange, they have no choice than to delist the NGN. Right here it is better to lose one country in the lone of cryptocurrency than jeopardize all the countries because of ignorance. They focused more on the business and the services it renders to people so when they encounter anything issue that would want to bring them off the market or rather terminate their reputation they would cut off anything that has to do with that. Although if Binance has delisted the NGN which other exchange will not follow suit.

They will have to follow the demands of government without hesitation. So long it's operating under the countries jurisdiction without permission, they can be sued and ask to pay heavily for disobeying laws placed in the country. Ones the government ask them to stop, they have no choice but to do so and avoid further penalties. The few exchanges still running NGN trades might not yet be known by the government and haven't received any requests of withdrawal. We just pray they fix all these issues before it gets to everyone last one of them. But we know, Nigerians will always find a way so no shaking.