Binance Claims Ignorance of $10 Billion Fine Imposed by Nigerian Government

[Stompix]

The Nigerian government has a valid cause to pursue Binance, as the Naira has shown favourable gains since being ordered to be removed from the platform.

Wait you actually think that's why your currency gained against others, because Binance removed the pair from trading?
It had nothing to do with Binance, it's because your CB raised interest rates, just like other countries did to try to flatten inflation.
https://www.cnbc.com/2024/03/26/nigerias-central-bank-hikes-interest-rate-to-24point75percent-as-it-battles-sky-high-inflation-currency-crisis.html

In just two months your CB raised the rates by more than what the total rate in the EU or the US is, it's at an insane 24.75%!!!!!

[Igebotz]

The Nigerian government has a valid cause to pursue Binance, as the Naira has shown favourable gains since being ordered to be removed from the platform.

Wait you actually think that's why your currency gained against others, because Binance removed the pair from trading?
It had nothing to do with Binance, it's because your CB raised interest rates, just like other countries did to try to flatten inflation.
https://www.cnbc.com/2024/03/26/nigerias-central-bank-hikes-interest-rate-to-24point75percent-as-it-battles-sky-high-inflation-currency-crisis.html

In just two months your CB raised the rates by more than what the total rate in the EU or the US is, it's at an insane 24.75%!!!!!

I get that, however as a part-time p2p trader on Binance, I can tell you for free that there was some sort of Naira black market currency manipulation. As the p2p with the biggest volume, some selfish big Marchants purposefully raised the black rate above the CBN black market rates. This is how they forced other traders to alter their rates to match the market movements. It became a problem for the new administration when the Naira was floated and the government stopped subsidising it.

However, the FG went after Binance for other reasons, including tax evasion, money laundering, and terrorism financing. They're requesting Binance to give data of top 100 traders since there have been numerous allegations of Boko Haram receiving funds through Binance p2p.

[Charles-Tim]

The Nigerian government has a valid cause to pursue Binance, as the Naira has shown favourable gains since being ordered to be removed from the platform.

Wait you actually think that's why your currency gained against others, because Binance removed the pair from trading?
It had nothing to do with Binance, it's because your CB raised interest rates, just like other countries did to try to flatten inflation.
https://www.cnbc.com/2024/03/26/nigerias-central-bank-hikes-interest-rate-to-24point75percent-as-it-battles-sky-high-inflation-currency-crisis.html

In just two months your CB raised the rates by more than what the total rate in the EU or the US is, it's at an insane 24.75%!!!!!

I get that, however as a part-time p2p trader on Binance, I can tell you for free that there was some sort of Naira black market currency manipulation. As the p2p with the biggest volume, some selfish big Marchants purposefully raised the black rate above the CBN black market rates. This is how they forced other traders to alter their rates to match the market movements. It became a problem for the new administration when the Naira was floated and the government stopped subsidising it.

However, the FG went after Binance for other reasons, including tax evasion, money laundering, and terrorism financing. They're requesting Binance to give data of top 100 traders since there have been numerous allegations of Boko Haram receiving funds through Binance p2p.

But the CBN and the Nigerian government are not also holy. If there is manipulation, the CBN really caused it as they make naira very volatile. If the official rate is not increasing, despite that the parallel market rate difference from the official rate is huge, it will also not increase. Also that if the official rate is decreasing, the parallel market rate will also be decreasing. CBN was increasingly devaluing naira at the time but they are saying Binance was manipulating.

Just like I have said before, they manipulated the naira to have enough money for this year budget, able to pay workers and they have enough money to pay some foreign loans at the time and later start increasing naira value again.

They increased the naira value and now the foreign reserves has decreased by around $1.87 million in just one or two months. There is still inflation despite diesel is now sold at ₦1000 and as naira has fallen. But I guess deflation is coming. But the government was never holy and they are the main reason behind everything that happened and the government are the one that manipulated the naira rate.

Let us starts from what is inflation? Inflation is the persistent rise in the price of goods and services. Also another definition of inflation is the declination of money value. So Inflation is the persistent rise in the price of goods and services, leading to declination of money value.  The money is devalued to create a balance so that both local and imported products sellers are going to make profit in a way that everybody will gain. Also the government foreign reserve will not be decreasing and also the government having more capabilities to pay workers etc. So is Cardoso educated as inflation increases but increasing naira value? He turned the definition of inflation upsidedown by increasing the value of naira when inflation in Nigeria increases.

[Igebotz]

But the CBN and the Nigerian government are not also holy. If there is manipulation, the CBN really caused it as they make naira very volatile. If the official rate is not increasing, despite that the parallel market rate difference from the official rate is huge, it will also not increase. Also that if the official rate is decreasing, the parallel market rate will also be decreasing. CBN was increasingly devaluing naira at the time but they are saying Binance was manipulating.

Just like I have said before, they manipulated the naira to have enough money for this year budget, able to pay workers and they have enough money to pay some foreign loans at the time and later start increasing naira value again.

They increased the naira value and now the foreign reserves has decreased by around $1.87 million in just one or two months. There is still inflation despite diesel is now sold at ₦1000 and as naira has fallen. But I guess deflation is coming. But the government was never holy and they are the main reason behind everything that happened and the government are the one that manipulated the naira rate.

After reading about our foreign reserves a few days ago, I am convinced that the government is burning them to support the naira, just as they are surreptitiously paying fuel subsidies. It is extremely dangerous to burn through the country's foreign reserves in order to keep the Naira stable. The CNB had everyone fooled and was praised for doing nothing but preparing the Naira for a massive future drop. They are working so hard to keep to defend the failed currency floating.

[PX-Z]

Is this case still ongoing right now? The government officer denied that he mentioned any number, plus no discussion took place to force Binance to pay to free their workers unless I misunderstood what I was reading.

Yes, more like spreading misinformation probably to tarnish more the tainted name of Binance. Such amount is to huge even greater than US SEC fines lmao, worst is there's no specific details why fined on such amount.

[Charles-Tim]

After reading about our foreign reserves a few days ago, I am convinced that the government is burning them to support the naira, just as they are surreptitiously paying fuel subsidies. It is extremely dangerous to burn through the country's foreign reserves in order to keep the Naira stable. The CNB had everyone fooled and was praised for doing nothing but preparing the Naira for a massive future drop. They are working so hard to keep to defend the failed currency floating.

Cardoso said yesterday that the depleted foreign reserves is as a result of dept repayment.

The Central Bank governor, Olayemi Cardoso, has said the recent depletion of the nation’s foreign reserves was used to settle debts owed to international creditors and not to defend the naira as widely claimed.

But we do not know if it is true or not. It might even just be partially true, which means partially false.

Such amount is to huge even greater than US SEC fines lmao, worst is there's no specific details why fined on such amount.

It was a rumour as a result of misinformation from BBC. The case is still in court and nothing like fine yet.