$10B is too much. AFAIK Binance paid $4B to US for same mistake. the Nigerian government is holding 2 executives though so it sound a bit like a hostage and they are asking for this ransom.
According to the article, they are coercing the executives to reveal the identities of Nigerian Binance users, i'm guessing they are going to get the money from the users if Binance is not sending?
$10B is too much. AFAIK Binance paid $4B to US for same mistake. the Nigerian government is holding 2 executives though so it sound a bit like a hostage and they are asking for this ransom.
At least in the US Binance tried to act by the law, in Nigeria, they didn't give a damn!
The other thing is that the US sees this as a punishment to deter future events, I'm sure Nigeria's government sees it as a much-needed cashflow!According to the article, they are coercing the executives to reveal the identities of Nigerian Binance users, i'm guessing they are going to get the money from the users if Binance is not sending?
They will try to get them both, after all, if you look at it from a different angle, in the views of the authorities both are evading taxes and regulations, so why not fleece both? And those names would be for sure of other uses too, not just tax evasion, who would say no to such a gold mine?
Nadeem Anjarwalla, the regional manager for Binance in Africa, "fled Nigeria using a smuggled passport," the office of Nigeria's National Security Adviser said in a statement, calling for "whatever information that can assist law enforcement agencies to apprehend the suspect."
Anjarwalla, who holds dual British and Kenyan citizenship, had been detained in Nigeria along with another colleague since Feb. 26 when they arrived in the country following a crackdown on the crypto platform. Tigran Gambaryan, the colleague who is an American citizen, remains in captivity.
The above image is from one of the national newspapers and it has said it all for the extradition. And this will affect Binance and it remaining official. Stompix you can visit the local board for the both forum to get more information and not online fake blogs. When I see fake news it annoys me.This all happened and I was not aware of the news, well, dear Agbe can you confirm if somewhere the officials of the Nigerian Government mentioned that they fined $10 billion dollars? As you said according to the National Exchange Policy, they fined Binance such a huge amount. As joniboini stated, no one from the Nigerian Officials has given some number to Binance. I think this $10 billion number is not official because if the amount were official then it would have been made public by now.
dear Agbe can you confirm if somewhere the officials of the Nigerian Government mentioned that they fined $10 billion dollars? As you said according to the National Exchange Policy, they fined Binance such a huge amount. As joniboini stated, no one from the Nigerian Officials has given some number to Binance. I think this $10 billion number is not official because if the amount were official then it would have been made public by now.Yes it is correct the fine was $10 Billions and Binance told them they are not paying the money and that caused the drift between them. And today news carry that the remaining staff Tigran Gambaryan said he is not a Binance officer or agent and Binance also testify some day ago that Tigran Gambaryan is not their staff but a contractor and hire him to do some investigation for them so told Nigeria government and the DSS to release release the guy because he is not a Binance officer. And some are saying that Binance will not win the case if they take the case to Nigerian Court because Nigerian judiciary has no knowledge about cryptocurrency and they are not professional. And really I blame the government because they handle the case from the wrong perspective. You can read some information from this links.
Well most of your comments are correct but some of Stompix comments are from fake blog sites so they are not correct to what is happening between Nigerian government with her agencies and Binance. The born of contention between these two parties is the manipulation of dollar against the naira and that caused the inflation in the country. And by not following the National Exchange Policy, Which is tagged as "illegal transaction". So the $10 billions was imposed on them. And when the two Binance staff were arrested by the security agency DSS, a condition was given to Binance to release the staff which was to provide data of 100 Nigerians who use Binance to the government but Binance refused.What I keep wondering is how did one of the officials of Binance escaped. This might become a big problem for the other guy who is still in their custody, because Nigeria government might not take this issue likely anymore. I don't think that upon what happened, Binance would still pay the money to Nigeria government, because they only have one representative there Nigeria government custody, and not two anymore. It might be that Binance will no longer offer their services to Nigeria anymore.
And in the process one of the arrested executive. Nadeem Anjarwalla escape from House Arrest . And now.
(https://www.talkimg.com/images/2024/03/27/VwIpo.jpeg)
The above image is from one of the national newspapers and it has said it all for the extradition. And this will affect Binance and it remaining official. Stompix you can visit the local board for the both forum to get more information and not online fake blogs. When I see fake news it annoys me.
~snip~
What I keep wondering is how did one of the officials of Binance escaped.
CZ paid the fine in the US very easily, and someone in Nigeria very quickly realized that they had an opportunity to get an easy win, so they pulled their move. Of course, CZ and his company are not afraid of the "Nigerian prince", which is actually a completely secondary story compared to what is happening in the US, and who is to say that some other serious country will not make a similar move at some point?
One thing I'm not curious about cause I know the answer already is the CZ despite being held in the US has a way better time that whatever those two are having in a Nigerian prison!
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.
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%!!!!!
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.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.
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.
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.
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.
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.
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.