When Binance returns, will you return back?

[Rruchi man]

Some sanctions and policies do not always stay the same for long, they can change while a government is still in power, or when they pass power on to a new government. I think that Binance will be back to Nigeria, and when they come back, how willing do you think Nigerians who are into cryptocurrency will be to return back to them for exchange services?

[Agbe]

If there is any good centralized exchanges and I am content with it then I will not go back to Binance again but there will non then I will go back to Binance. And if they are coming back they will not be like before again and they be very strict so the terms and conditions will be different. As for me they have disappointed me for not obeying the rules of the land and the worst part was the manipulation of the naira. Me I no dey support bad theings

[Igebotz]

Some sanctions and policies do not always stay the same for long, they can change while a government is still in power, or when they pass power on to a new government. I think that Binance will be back to Nigeria, and when they come back, how willing do you think Nigerians who are into cryptocurrency will be to return back to them for exchange services?

At the speed of light, they haven't done anything to offend Nigerians; their concern is with the government, not the people. My Binance account is still working, and my coins remain intact.

Do you guys think Naira p2p trading will ever return to Binance after all these mess?

[Charles-Tim]

I like how India dealt with these exchanges, unlike what Nigeria did. Binance later negotiated to pay $2 million fine to get registered in India.

Back to the discussion. I have many exchanges that I am using. It will just be like how I was before, before Binance banned P2P transactions for Nigerians.

Worth to know that Nigerians are still making use of Binance through the mobile app. Only the P2P is what we do not have access to.

[Igebotz]

I like how India dealt with these exchanges, unlike what Nigeria did. Binance later negotiated to pay $2 million fine to get registered in India.

Back to the discussion. I have many exchanges that I am using. It will just be like how I was before, before Binance banned P2P transactions for Nigerians.

Worth to know that Nigerians are still making use of Binance through the mobile app. Only the P2P is what we do not have access to.

We still have access to P2P marketplace - you can trade your coins to any fiat of your choice except the Naira. Only Naira was disabled. Nigerians are not blocked.

[Cryptsafe]

Of a truth policies and sanctions do not last long as it would definitely be reviewed or changed when a new government comes into power. In some cases, it is the same government that made such policies would still at the end review it and possiblely restructure that which they have altered.

I personally don't have any issues with binance. I am only just worried if the Nigeria government would not be harsh to frustrating Nigerians from using binance since binance does not want to comply with them. Banning the app would be their next target I think. Till then, I still have my assets there.

[Agbe]

I think Kucoin also have the same features of Binance but if Binance comes back again it might do well because they would not want to offend the government again but I don't if Binance will still come to Nigeria again. Because the pressure Nigerian government take give them e too much. The $10 billions fine e still dey on ground wey dem never do. For Binance to join hand to manipulate di naira, I no dey like am again. And if f I will use am sef na because if the price in the exchange e dey okay then I go use but if na di same price with others then w no need to am again.

[Charles-Tim]

I think Kucoin also have the same features of Binance but if Binance comes back again it might do well because they would not want to offend the government again but I don't if Binance will still come to Nigeria again.

After the issue has been solved, Binance will look for all possible ways to continue naira P2P transaction. According to 2024 Chainanalysis report, Nigeria emerged as the number 1 highest in trading volume in P2P transaction. That is enough to encourage the exchange just like the exchange paid $2 million fine in India and obtained a license after it was banned.

Because the pressure Nigerian government take give them e too much. The $10 billions fine e still dey on ground wey dem never do. For Binance to join hand to manipulate di naira, I no dey like am again. And if f I will use am sef na because if the price in the exchange e dey okay then I go use but if na di same price with others then w no need to am again.

Disregard the new of Nigeria government fined or want to fine Binance for $10 billion. It was a news that BBC misinterpreted and become fake news. The fine will be in million dollars and not billion is what I speculated. Court has not made any judgement yet.

[Agbe]

~

Now FG is blaming the other exchanges for the recent increase of the dollar and the depreciation of the Naira. And now they want to go after them. I saw it in today newspaper headline review and I screenshot it.
,
even yesterday Newspaper review also made this statement that They want to crackdown bYbit, Kucoin OKX and others. Well let see how it will go.

[Igebotz]

~

Now FG is blaming the other exchanges for the recent increase of the dollar and the depreciation of the Naira. And now they want to go after them. I saw it in today newspaper headline review and I screenshot it.
,
even yesterday Newspaper review also made this statement that They want to crackdown bYbit, Kucoin OKX and others. Well let see how it will go.

That would be foolish thing to do - best way to handle is to meet with these exchanges and try to find solutions but I doubt any exchange rep would want to visit Nigeria right now. We're supposed to have Binance.ng, OKX.com.ng, KuCoin.ng and so on if only the SEC and the CBN know what they're doing. Regulate these exchanges, monitor the Naira price and get service tax in return. A win win for everyone.

[Charles-Tim]

~

Now FG is blaming the other exchanges for the recent increase of the dollar and the depreciation of the Naira. And now they want to go after them. I saw it in today newspaper headline review and I screenshot it.
,
even yesterday Newspaper review also made this statement that They want to crackdown bYbit, Kucoin OKX and others. Well let see how it will go.

Have you seen a market that will significantly retrace without any slight correlation before? The government and the CBN can try to manipulate but the economy is making things surface for itself.

That would be foolish thing to do - best way to handle is to meet with these exchanges and try to find solutions but I doubt any exchange rep would want to visit Nigeria right now. We're supposed to have Binance.ng, OKX.com.ng, KuCoin.ng and so on if only the SEC and the CBN know what they're doing. Regulate these exchanges, monitor the Naira price and get service tax in return. A win win for everyone.

You can see how India and Philippines and other countries dealt with Binance in a way that if Binance is still interested, it will negotiate and still pay fine before it will be register in the country. But I do not know why Nigeria is so different and think everything is about fighting. Those countries used their citizens money protection as an excuse but Nigeria is using naira manipulation, money laundering and others as an excuse without including their citizens money protection. What they care about is money and not citizens money protection and interest.

[Igebotz]

That would be foolish thing to do - best way to handle is to meet with these exchanges and try to find solutions but I doubt any exchange rep would want to visit Nigeria right now. We're supposed to have Binance.ng, OKX.com.ng, KuCoin.ng and so on if only the SEC and the CBN know what they're doing. Regulate these exchanges, monitor the Naira price and get service tax in return. A win win for everyone.

You can see how India and Philippines and other countries dealt with Binance in a way that if Binance is still interested, it will negotiate and still pay fine before it will be register in the country. But I do not know why Nigeria is so different and think everything is about fighting. Those countries used their citizens money protection as an excuse but Nigeria is using naira manipulation, money laundering and others as an excuse without including their citizens money protection. What they care about is money and not citizens money protection and interest.

Is not too late now is it? I mean they have the Binance reps here with them, a bigger leverage to come into an agreement, regulate the exchange, have them create head office here in Nigeria, pay tax and nobody goes to jail. We have the numbers and Binance I'm sure wouldn't want to lose us. They must play every role to come to an agreement.

Didn't follow up the bail case on Tuesday - what's the update? Denied or accepted?

[Hatchy]

Some sanctions and policies do not always stay the same for long, they can change while a government is still in power, or when they pass power on to a new government. I think that Binance will be back to Nigeria, and when they come back, how willing do you think Nigerians who are into cryptocurrency will be to return back to them for exchange services?

The best part is that not all Nigerians left binance for good. Like myself for instance, I still use binance up till date to do other trading activities. So yes, if binance were to return the Nigeria p2p section, I'll be very happy so I don't get to use two different exchanges to carry out my trading activities like i currently am doing. I just believe that our government wants to tax all these exchanges before they will let them operate in their space.Not just Nigeria has driven binance out. in couple of months now, countries like Philippines, India has driven out exchanges and I guess they all want the same thing which is to pay a fine or to tax them.

[SmartGold01]

As a matter of facts Binance had no issues with any of their users rather facing difficulties with our government with some regulatory charges for whatever reason they are battling over there, I still use my binance to trade and do whatever except for buy NGN directly from p2p. Between that is the only restrictions sets on people so if they settles whatever case they had with the government they can easily fixed in the NGN/USDT or NGN/BTC trading pair, so there is no much changes.

[Tribalchief]

Some sanctions and policies do not always stay the same for long, they can change while a government is still in power, or when they pass power on to a new government. I think that Binance will be back to Nigeria, and when they come back, how willing do you think Nigerians who are into cryptocurrency will be to return back to them for exchange services?

To be sincere, Binance, as a CEX, is one of the best I have seen so far due to its user-friendly interface and well-customized mobile APK. Of course, certain policies and sanctions might be reversed depending on who is in power. The current administration has been tough on certain things for a while now, sadly Binance is one of the victims. If the ban is lifted and Binance happens to come back, I think myself and many Nigerians would be glad to continue with them. But this time, Nigerians would have to be careful because we might not be aware of the agreement that took place between the Nigerian government and the Binance board.

As a matter of facts Binance had no issues with any of their users rather facing difficulties with our government with some regulatory charges for whatever reason they are battling over there, I still use my binance to trade and do whatever except for buy NGN directly from p2p. Between that is the only restrictions sets on people so if they settles whatever case they had with the government they can easily fixed in the NGN/USDT or NGN/BTC trading pair, so there is no much changes.

Of course, Nigerians are still eligible to use other fixtures such as trading, but the P2P removal is a massive blow to so many of us. This is where most of us engage in selling and buying, bringing some kind of smile to our faces knowing how tough the economy is. I am not quite sure if the previous administration had any policies in place governing cryptocurrency exchange (CEX) in Nigeria. The absence of policies gave the current administration so much power and reasons to find fault.