Binance Nigeria Standoff: Crypto Exchange's Top Executives Summoned by House of

[sirty143]

Binance Nigeria Standoff: Crypto Exchange's Top Executives Summoned by House of Representatives Committee

Top executives from Binance have been summoned to appear before the Nigerian House of Representatives Financial Crimes Committee no later than March 4. Ginger Onwusibe, the committee’s chairperson, has warned of possible repercussions... See more for yourself here.

Your opinion is greatly appreciated.

[Agbe]

There were different allegations levels against Binance in the country and one of them was tht Binance is one of the Business Development Companies BDCs in country making the country naira to be devalued by manipulating the forex exchange market. And because of that two staff of Binance were arrested and the p2p in Binance for naira has been disabled. And before then the naira was traded as $1-N1900 and after the drama between Nigeria Governmwnt and Binance the naira was gaining small strength which was exchanged with $1-#1500 and today we discovered that the price of the exchange rate has increased again which is $1-#1600 again and from the way things are, it is not Binance that caused the devaluation of the naira but the country's government economic policy. So they have to restructure their policies to make the Naira gain strength again. And the FG asked Binance to pay 10 billions for violating the financial policies. And Binance said they will not pay the amount. And tht is the rift btw them.

[electronicash]

There were different allegations levels against Binance in the country and one of them was tht Binance is one of the Business Development Companies BDCs in country making the country naira to be devalued by manipulating the forex exchange market. And because of that two staff of Binance were arrested and the p2p in Binance for naira has been disabled. And before then the naira was traded as $1-N1900 and after the drama between Nigeria Governmwnt and Binance the naira was gaining small strength which was exchanged with $1-#1500 and today we discovered that the price of the exchange rate has increased again which is $1-#1600 again and from the way things are, it is not Binance that caused the devaluation of the naira but the country's government economic policy. So they have to restructure their policies to make the Naira gain strength again. And the FG asked Binance to pay 10 billions for violating the financial policies. And Binance said they will not pay the amount. And tht is the rift btw them.

they blamed binance though. if they are so alarmed why don't they just block the entire site. because to me, it sounds like the government is expecting something from Binance.  its not just happening in Nigeria, my government was also doing the same.

users can actually move to another exchange that also offer p2p services but then again there will be another KYC for each users. if the government is not blocking the p2p of the alternative exchanges, you could really tell they are just up to suppress binance growth.

[Aanuoluwatofunmi]

Binance Nigeria Standoff: Crypto Exchange's Top Executives Summoned by House of Representatives Committee

Top executives from Binance have been summoned to appear before the Nigerian House of Representatives Financial Crimes Committee no later than March 4. Ginger Onwusibe, the committee’s chairperson, has warned of possible repercussions... See more for yourself here.

Your opinion is greatly appreciated.

There no any repercussion in there, this is something that they will have to all come in concession with, what they government want is pure extortion from them through regulations and that is going to star with payment of tax on every of its citizens using their exchange and they will have to get this in on a platform of documentation in other for them to have a ground and course to arrive at, which also doesn't fix the economy problem of the country.

[TomPluz]

This is a sad move on the part of the Nigerian government. I am wondering what Nigerians feel on this development because I understand that there is really a growing crypto business in this African country. Blaming Binance for the inefficiency and am sure corruption the government failed to curb is going to be a classic story in this country. Why don't they just altogether ban all cryptocurrency activities and see if their currency will go up? In this case, Nigeria is passing a big opportunity to be a crypto hub in the continent and experience the economic benefits of hosting crypto fintech companies that can open up employment opportunities and tax revenues. Right now, nobody would be planning to include Nigeria as one of the places to do business with...its reputation is already ruined because the government instead did a gangster method to settle things. What a big shame! I am sure there are other African countries who are taking the cryptocurrency opportunity with open arms...and they can be smiling right now as there is one less competition to deal with - Nigeria is out!

[yhiaali3]

I really liked this quote from the article:

The chairman also asserted that his committee remains undeterred in its mission to safeguard Nigerian investors from “predatory firms.” Onwusibe, who revealed that Binance boasts a user base of 10 million in Nigeria, declared an end to the era where foreign firms could operate or offer their services in Nigeria without paying taxes.

The government is desperately defending to protect Nigerian investors from “predatory companies,” meaning Binance. This is a speech I am accustomed to hearing from politicians in my country. It seems to be the usual speech for all politicians.

I bet the Nigerian government is suffering from a huge lack of resources and has found a fat scapegoat in Binance, so it wants to get as much money as possible by accusing Binance of fraud, money laundering, and terrorist financing.

[Z-tight]

I bet the Nigerian government is suffering from a huge lack of resources and has found a fat scapegoat in Binance, so it wants to get as much money as possible by accusing Binance of fraud, money laundering, and terrorist financing.

I agree with you and i think this is what is happening, corrupt politicians like to do this, they deflect blame from themselves and they look for scapegoats all the time. I don't think they are going to get any money from Binance and the exchange would simply stop offering their service in the Nigerian market, it is bad for Nigerians, but their government is their problem.