Nonsense and management. We go still use VPN run am. We go see who go tire for this country

nairalanda1:
Crypto issa SCAM.

Until there is a central regulator that we can turn to like in CBN for real money....crypto is just paper money with no regulation.

U need 2 wake up from your slumber..

johnjose68:

If dem carry you go prison now, you will say na your grandma dey your matter, and those you are trying to impress will forget about you like they did to Nnamdi kanu and suddenly became in love with pitobi.

Try and buy yourself a brain when it is still cheap.

On ASIWAJU's mandate I stand

On his manhood we stand together. The thing will die there

Finestgurlie:


I remembered when buhari entered newly, people where busy hailing his imaginary body odour language that he's working immediately.
something similar is also happening today people hailing the drug baron so early.
don't worry e go play for our eyes.
one thing is certain and just like Buhari failure, Tinubu is bound to fail because you can't build a mansion on faulty foundation and expect success.
the process that brought Tinubu is flawed and cruel so his failure is imminent.
we go see am.

U nailed it. It was those fake appraisal that ruined his 8 years administration. They are at it again . People's suffering deepens less than 24hrs of taking power.

GENES11S:


The bolded paragraph almost made me not to reply your comment because it shows you are ignorant. It's not an insult, you may be well educated in other subjects but economics is not one of them.

And you don't understand what am saying.

I said cryto exchange rate for developed countries to other countries currencies (non digital).

Am not talking about Bitcoin vs dollar or Bitcoin vs pound sterling etc.

Am talking about Naira vs dollar, Cad vs Dollar, dollar vs pound sterling etc in cryto trading.

In developed countries where Crypto is allowed to operate, the countries official exchange rate is adopted is such trade.


Take note that I use the term developed countries.
If you say am wrong, mention a developed country where Crypto flout the exchange rate and are allowed to operate. No long talk, just give me an example with proof.

In developed countries, any financial institution that doesn't obey the exchange rate or other financial policies are kicked out immediately. Because that's were currency devaluation start from.

oh jeez, here we go again, am tired of wasting my time online with people who refuse to read and comprehend, at no point did i say bitcoin to dollar or anything, let me summarize it for you if you are able to grasp it, there is nothing like official rates any more in your so called "develop" countries, it's a free market for their currencies, they don't peg numbers has official rates anymore, they use market rates for their transactions, that's what we need to adopt, China still peg their exchange rates, they can because their exports is more than their imports hence more dollars at hand, we at the other hand are very reverse.
Plus crypto does not float any exchange rates anywhere, what they go with is the free market rate, what we call the black market rate here.
Our official rates is what price we sell naira to the IOCs, which is wrong, totally wrong because we don't want to officially devalue, meanwhile 95% of our imports are done with dollars from the black market, whether we like it or not..
Cryptos will not apply to CBN through banks to get their dollars once they pay you in naira hence the use of blackmarket, even if they use the banks just like the airlines they might not get their dollars as at when required to move out of the country.

In those your sọ called develop countries, there is no need for a black market because their banks are available to execute your transaction for you immediately in the free market rates.. Which is obviously what you calling "official market rates"
Let me give you an analogy.. If Apple share is selling on the NYSE at $100 per share.. Is there any other market that determines another rate for Apple shares? The answer is no.. That's the official rates everyone abide to.. Both the government, banks and individuals.. The same thing applies to their currencies

headboyprince:
he did a lot.. Remember his body odor was everywhere....

Maxikenna:
That shouldn’t be the problem, the problem is are you making money for yourself and family members? If no, Do you know you can make money in dollars by simply uploading football videos on YouTube and earn money while you SLEEP? (It takes only 10 minutes daily) let me teach you everything you need to know. See my WhatsApp in bio. I charge 1k only (No extra charges)

Rest

So what will happen to binance operations in Nigeria? Make I know if na to go sell all my coin wey dey there

GENES11S:


At what rate is the P2P dollar transaction which is associated to cryto? Is it the same as CBN rate? NO

You are contradicting yourself.

Kai, u truly don't know anything about cryptocurrency.
What is p2p?
If you can answer that then you would understand that you are not buying from the cryptocurrency exchange company directly rather from people that already own crypto. If you want to buy from crypto platforms get yourself a dollar card and fund it because bank will still not give you dollar to fund your account, u will still need to go to black market and buy dollar at the black market rate. You dey talk like say na the exchange platforms put rate for you.
Instead of saying the should stop cryptocurrency, say banks should allow for normal processing of foreign transactions because all crypto platforms still use bank rate just that banks has cut off the bridge for us to access official rates whenever we need. This is not only applicable to crypto but to everything including shopping and online payments. As long as it is foreign currency Nigerian banks won't provide it unless you are traveling abroad or schooling abroad or need foreign medical attention.

Ban or not.

I am a crypto trader.nd I wl never stop trading crypto.

I was collecting 25k before as an accounting Teacher, when life tired me, I left ND join crypto, my first win ( airdrop) cash out was 485k.

So far so good I am a millionaire today.

This year, I have made nothing less than 3M from crypto space.

Imagine say I be teacher collecting 25k/month today.

Tinibu's govt just want to collect some tax from the huge profits Binance is making from nigerian users.

They should be banned Biko. Let the poor breathe

No, are you saying there is Binance USA, Binance UK.. if you have seen that anywhere, pls show me.. Don't let us display our ignorance all the time..

sotall:


And you think Binance Nigeria Ltd isnt affiliated with the international Binance?

Beegrace:
No, are you saying there is Binance USA, Binance UK.. if you have seen that anywhere, pls show me.. Don't let us display our ignorance all the time..

Oh! You need some schooling.

There is actually Binance US.

Go educate yourself

9jagovernor:
They're not referring to Finance as a whole but a company that name itself binance Nigeria

Many people won't understand. There is nothing like binance Nigeria.

quickhubservice:

Kai, u truly don't know anything about cryptocurrency.
What is p2p?
If you can answer that then you would understand that you are not buying from the cryptocurrency exchange company directly rather from people that already own crypto. If you want to buy from crypto platforms get yourself a dollar card and fund it because bank will still not give you dollar to fund your account, u will still need to go to black market and buy dollar at the black market rate. You dey talk like say na the exchange platforms put rate for you.
Instead of saying the should stop cryptocurrency, say banks should allow for normal processing of foreign transactions because all crypto platforms still use bank rate just that banks has cut off the bridge for us to access official rates whenever we need. This is not only applicable to crypto but to everything including shopping and online payments. As long as it is foreign currency Nigerian banks won't provide it unless you are traveling abroad or schooling abroad or need foreign medical attention.

Am telling you that a goat has four legs, you are telling me that goats eat grasses.

Though your statement is correct, it does not disprove my argument.

Why is it so hard to get an active crypto user to be honest or is it that you people are ignorant about Nigeria monetary policies?

Do you know that by our policy, all monetary transactions must be transparent and traceable (to Nigeria)?

To the main issue...

Does Cryptocurrency transactions in Nigeria make use of P2P? YES

You can say the devaluation occurs from P2P which is a third party in this case but there is something called guilty by association/affiliation.
Even if you don't commit a crime yourself but your platform is used to do it (or benefits from it), then you are guilty by association.

Yes, CBN has halted dollar payment to some extent. They said the reason is to put an end to terrorism funding and also increase interest rate for foreign transactions.

I don't fully support it. Am a computer programmer, it has affected me more than you think but it is what it is.

Am not against you but as long as Nigeria economy/security is crumbling, Crypto will continue to be barned.

Crypto will only work if it find way to obey Nigeria monetary policies which is almost impossible unless those policies are reviewed.

The best option in my opinion is for some crypto companies to work with the CBN by providing data regarding their Nigeria-based transactions. This will eliminate a lot of things CBN are holding against them.

Finestgurlie:
nothing but we've been gaining nothing since 2015 so nothing new.
tinubu is an armed robber so his failure is sacrosanct.

Do you have proof that he is an armed robber? Has any court convicted him of any crime?

There are better ways to disagree with someone, but it is more gross to call someone unprintable names.

GENES11S:


Am telling you that a goat has four legs, you are telling me that goats eat grasses.

Though your statement is correct, it does not disprove my argument.

Why is it so hard to get an active crypto user to be honest or is it that you people are ignorant about Nigeria monetary policies?

Do you know that by our policy, all monetary transactions must be transparent and traceable (to Nigeria)?

To the main issue...

Does Cryptocurrency transactions in Nigeria make use of P2P? YES

You can say the devaluation occurs from P2P which is a third party in this case but there is something called guilty by association/affiliation.
Even if you don't commit a crime yourself but your platform is used to do it (or benefits from it), then you are guilty by association.

Yes, CBN has halted dollar payment to some extent. They said the reason is to put an end to terrorism funding and also increase interest rate for foreign transactions.

I don't fully support it. Am a computer programmer, it has affected me more than you think but it is what it is.

Am not against you but as long as Nigeria economy/security is crumbling, Crypto will continue to be barned.

Crypto will only work if it find way to obey Nigeria monetary policies which is almost impossible unless those policies are reviewed.

The best option in my opinion is for some crypto companies to work with the CBN by providing data regarding their Nigeria-based transactions. This will eliminate a lot of things CBN are holding against them.

Ok we are on the same page Sha.
Nigerian economy is the problem notice that even as government pulled the plug on letting banks involve and process transactions involving crypto, nothing really changed, there are still people having a million dollars worth of Bitcoin that are ready and willing to exchange it no matter where the cash is coming from. crypto was made to remove government policies from people's money so I don't know how they can mix the two up so that government or banks can monitor money movements.

Finestgurlie:


I remembered when buhari entered newly, people where busy hailing his imaginary body odour language that he's working immediately.
something similar is also happening today people hailing the drug baron so early.
don't worry e go play for our eyes.
one thing is certain and just like Buhari failure, Tinubu is bound to fail because you can't build a mansion on faulty foundation and expect success.
the process that brought Tinubu is flawed and cruel so his failure is imminent.
we go see am.

You don't read, even if you read , you don't understand.

You are a failure already.

I don't know you but trust me a simple goggle search should do the magic

sotall:


Oh! You need some schooling.

There is actually Binance US.

Go educate yourself

This may also help you

sotall:


Oh! You need some schooling.

There is actually Binance US.

Go educate yourself

Beegrace:
This may also help you

Yinmu..you are neck-deep in arguing blindly looking for shallow points to backup your blind stand.


International Binance is the parent company of Binance US. They are separate entities in the sense that they run independently from each other but operated/controlled by same firm called Binance.

Ok..... Smiling

sotall:

Yinmu..you are neck-deep in arguing blindly looking for shallow points to backup your blind stand.


International Binance is the parent company of Binance US. They are separate entities in the sense that they run independently from each other but operated/controlled by same firm called Binance.

You have started well. Your 4/8 year wailing is renewed.

Finestgurlie:


I remembered when buhari entered newly, people where busy hailing his imaginary body odour language that he's working immediately.
something similar is also happening today people hailing the drug baron so early.
don't worry e go play for our eyes.
one thing is certain and just like Buhari failure, Tinubu is bound to fail because you can't build a mansion on faulty foundation and expect success.
the process that brought Tinubu is flawed and cruel so his failure is imminent.
we go see am.

This is not Binance, but a platform called Binance Ng Ltd

Is SEC still alive abi they just wake up all of a sudden.

mariovito:
These guys just like to set us back.

First you ban crypto, how did you expect them to get your so called license?

Anyway, now that the ban on crypto has been lifted, I believe Binance will do the needful and regularize their position.

Crypto trading are not regulated so anything can xup at anytime, SEC overseas all investing activities and they also protect investors.

Now that they won't be able to protect investors dealing in cryptos and when investors money now later crash, who do you think will take the major blame in the country?

So to prevent this from happening they have to avoid it from the country.

That means if you're trading cryptos on your own, you are on your own and no one will he responsible to help you recover your money.

So don't blame anyone.

GENES11S:


All Banks trade dollar at CBN rate. Stop spreading fake news.

Is it available?

nairalandkachy1:


https://sec.gov.ng/circular-on-the-activities-of-binance-nigeria-limited/?fbclid=IwAR3RLVY2RaH35ScqlepjHJl_kWsA3xwnT7N9FeAVwcJDK7YbiO8HVnxlCpo

They want to regulate what they have no knowledge about. Analog people

GENES11S:
In developed countries, Crypto exchange trading rate obeys the country's exchange policies (for the host country against other countries).

In Nigeria, CBN exchange rate is around 460 naira to dollar. Crypto has never obeyed this, not even once.
Their exchange rate is usually around 740 to 840 therefore contributing to the downfall of Naira while promoting the dollar.

Even payment company like PayPal had to obey every countries monetary policy. It's either you accept it or you don't operate there. It's simple.

Nigerians should shun crypto for now until they take our monetary policy seriously. Right now, we are helping them to destroy our economy.

I just agree with you on this.

Even Ghanaians are enjoying the benefits of trading on Binance with little to no difference in exchange rates.

It’s best we tweet this openly, tagging @BinanceHelpDesk on every corner.

We hope they get the message and do something about it.

Please use twitter.

GENES11S:
In developed countries, Crypto exchange trading rate obeys the country's exchange policies (for the host country against other countries).

In Nigeria, CBN exchange rate is around 460 naira to dollar. Crypto has never obeyed this, not even once.
Their exchange rate is usually around 740 to 840 therefore contributing to the downfall of Naira while promoting the dollar.

Even payment company like PayPal had to obey every countries monetary policy. It's either you accept it or you don't operate there. It's simple.

Nigerians should shun crypto for now until they take our monetary policy seriously. Right now, we are helping them to destroy our economy.

Your point pf view is misleading and wrong. Before CBN banned the operations of crypto exchanges their exchange rate was CBN rate.and I bought several times in 2020 like this.. With the ban, you can only buy via customer to customer (p2p) transaction on their platform and the exchange does not control the rates. The rates for p2p transactions are reflective of the black market rate we buy dollar So, the exchange has no fault whatsoever. Even when the exchanges had not been banned customers on p2p used to make profit buying from the exchangeable selling at higher rate or vice versa. This is called arbitrage.