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FOREX Crisis: FG Slams $10 Billion Fine On Binance - Business (4) - Nairaland

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Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by adecz: 1:30pm On Mar 01
What do you expect when you decide
to float the currency of an economically
weak country with limited foreign exchange
earnings and a big appetite for foreign
goods❓❓

Tinubu and his crew are always
looking for who to blame on everything
they do wrong... 😒😒😒

2 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Killermamba: 1:32pm On Mar 01
Mrzed:
https://www.google.com/amp/s/nairametrics.com/2024/03/01/forex-crisis-fg-slams-10-billion-fine-on-binance/%3famp=1
🤣🤣🤣🤣🤣🤣🤣🤣 The useless federal government is just looking for a way to raise money nothing else, only USA government can drag you till you pay, for Nigeria just bribe the officials with $10m the case will become DOA.

5 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Judolisco(m): 1:33pm On Mar 01
Gboom:

Are you suggesting that Binance should just freeze the politicians accounts and forget the fine?
I'm not a politician but I get bitcoin for Binance
if they can do that it would be very fine now
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by jubrilELsudan: 1:35pm On Mar 01
AS E BE SO NA FOR BINANCE TO PACK GO VILLAGE SO OOOOO

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Haaland21: 1:37pm On Mar 01
Nice decision

Binance is a fraud....more than 15 countries have already banned them.

2 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by poster0001: 1:38pm On Mar 01
Ola9ja23:
It should be $30b

Binance has made more profits from sabotaging our economy


Enemy of Nigeria are not happy though
explain how
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by justmondris: 1:38pm On Mar 01
Nonsense, It's a P2P trade and sellers are the ones fixing the prices and not Binance.
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Chibzynj: 1:38pm On Mar 01
Mrzed:
https://www.google.com/amp/s/nairametrics.com/2024/03/01/forex-crisis-fg-slams-10-billion-fine-on-binance/%3famp=1

It is unfortunate that binance had to take all the blames of bad policies initiated by government over the past years.
I may not be in support of all the activities of binance in Nigeria, especially running business in Nigeria without proper registration, but I m quite sure the government of Nigeria created room for it.
Before the advent of cryptocurrency, in which binance is a major stakeholder, international transactions were being carried out over the counter in banks, with Nigerians having the ability to directly convert the money in their Naira account to dollar at official exchange rate without any difficulty.
Today or will I say before the the era of FX reform, no Nigerian can carry out FX transactions over the counter in Nigerian bank without having a domicilary account. Nigerian banks started making it difficulty for peoples fund in Naira account to be directly converted to foreign currency for international transactions. The banks choose to sell the dollar allocated to them, to bureau de change (BDC) and then direct their customers to buy form BDC, claiming no foreign currency (dollar) to sell.
The emergency of binance saved Nigerians the stress and security risk involve in going to bank to withdraw their money, in order to go to BDC that will offer the best price, to make exchange, then return back with the foreign currency to the same bank they withdraw the money from, to carry out same international transactions at an exorbitant charge.
Binance, maybe taking all the blames today, but it still remains one of the cheapest means of send and receiving funds internationally.

Peace ✌

4 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by poster0001: 1:38pm On Mar 01
Ola9ja23:


Double face

The platform enable saboteurs to cause havoc on our economy
but the double dollar exchange isnt shey

2 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by laprince(m): 1:38pm On Mar 01
IbeOkehie:
The market is what it is. Nobody can force a price on anything indefinitely.

Nigeria has just sent a message to the world that our government is arbitrary, wicked, untrustworthy and abusive.

Investors big and small have been avoiding Nigeria for a while now. I've personally realized a long time ago that nothing owned in Nigeria is safe from government and this is further proof. Who exactly will risk importing major capital into Nigeria now?

The naira is losing value because the government of Nigeria has increased money supply by massive amounts since 2015. The recent CBN audit has proved it, various government officials have admitted it. Binance or Abokifx have nothing to do with it, they report and facilitate currency trades.




Two Binance officers are under arrest in Nigeria. I guess they're the surety for the fine. This is kidnapping for ransom as a national business.

This whole thing is disgusting 🫣

Good Luck to Nigeria.

I agree with you. I know two men (cousins), they wanted to build a gas plant in Naija, but with what Buhari was doing, they just didn’t even send their money to Nigeria again, let alone invest their resources. These are Nigerians living in the US. They have their families members back in Nigeria. They come home (Naija) few times, but have a strong connection back home. They best they do now is to give few students some scholarship.

Now, how on earth can you woo an investor that has no sentimental attachment or family affiliation with Nigeria to invest in Nigeria?

They are pushing investors away with their policies.
I pray that Nigeria succeeds through all these trials.

8 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by saddler: 1:40pm On Mar 01
unclejb2:
couldn't be said any better....

Binance must pay the ransom
How will Nigerian government collect the fine?

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by andy1(m): 1:42pm On Mar 01
Ola9ja23:


Yes
They are enemies of Nigeria

They were praying for Nigeria to crumble so that they can laugh at patriotic Nigerians

But God keep humiliating them back to back since 1999
how exactly bros.... since 1999 naim people don dey suffer and it keeps getting worse....so i ask again, how exactly....omo this 9ja matter eehn, na only God fit save d country o....

2 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ArcSEMPECJ(m): 1:43pm On Mar 01
LordIsaac:
Obidients will not be happy with this news o

And you are not ashamed that the Government you support, never had any monitoring gadgets or special teams to counter any such development before it happens

No wonder Trump said " it is a shithole Country"

3 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by twosquare(m): 1:43pm On Mar 01
whitestar01:
News for the gods. If binance doesn't pay the fine what will happen?
Binance will close down operations and not give access to Nigerians.

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Verbtips(m): 1:44pm On Mar 01
Trab set by tinubu has finally catch one meat after being denied meat in the market gringrin buh wait o this meat i equal to the meat dangote is eating finally nigeria is in 85 or so richest country as dangote, dollar nw should be 10^-10 to 1 naira
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 1:46pm On Mar 01
RepoMan007:
Kidnapped their representatives and slammed a technical ransom of $10Bn on their assés.
This is Intl corporate banditry, though it favours me. At least he won't tax the he'll out of me.
Typical kidnap for ransome. Tinubu is learning from bandits. If the Binance representatives broke Nigerian law, they should charged to court. If the company Binance broke Nigerian laws, they can be banned and blocked from operating in Nigeria, but extra judical holding of their executives until a fine is paid is banditry.

2 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by grandstar(m): 1:46pm On Mar 01
Ola9ja23:
It should be $30b

Binance has made more profits from sabotaging our economy


Enemy of Nigeria are not happy though

Nobody sabotaged the economy except the CBN governor who printed lots of new money and operated a loose monetary policy in the face of high inflation.

Bad workman blames his tools, but in this case, others.

9 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by marlow1962(m): 1:50pm On Mar 01
MrProlific95:
Good Ridance, Kucoin soon to follow
Bianance doesn't give a fucck about Nigeria, they already have lawsuits going on, a shit hole country slamming them with fine won't do shit.

2 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IbeOkehie: 1:51pm On Mar 01
laprince:


I agree with you. I know two men (cousins), they wanted to build a gas plant in Naija, but with what Buhari was doing, they just didn’t even send their money to Nigeria again, let alone invest their resources. These are Nigerians living in the US. They have their families members back in Nigeria. They come home (Naija) few times, but have a strong connection back home. They best they do now is to give few students some scholarship.

Now, how on earth can you woo an investor that has no sentimental attachment or family affiliation with Nigeria to invest in Nigeria?

They are pushing investors away with their policies.
I pray that Nigeria succeeds through all these trials.

Remittances from the diaspora is one of the major pillars of the Nigerian economy.

I've observed some changes in long term trends that point in one direction, that the volume of those remittances will be drastically lower within a generation, which is about 25 years. I've made some comments about my reasons on other threads.

The Nigerian government and elites have made a business out of buying dollars for cheap and exporting it abroad. They print worthless naira and give it a high legal value that is only available at CBN.

The elites embezzle the naira via government contracts, fraud and cheating. Then they use it to buy dollars at that CBN rate that ordinary people can't get. It's high level exploitation of hard working Nigerians.

I myself have drastically reduced money I send to Nigeria and that will not change until the naira is COMPLETELY FLOATED. These people don't realize their 419 has been exposed by the markets in a way they can't refute.

Good Luck to Nigeria.

4 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 1:52pm On Mar 01
Haaland21:
Nice decision

Binance is a fraud....more than 15 countries have already banned them.
No one has accused Binance of fraud. In fact binance transactions is more transparent than our so called banks. The reason they are banned in many countries is because they are very difficult to regulate.

4 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Adebowalay(m): 1:52pm On Mar 01
GBAGAUN.... Wahala Wahala Wahala Wahala Wahala 😂
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Artscollection: 1:53pm On Mar 01
inoki247:
Lol na people wey turn the Platform to where dey speculate rates and Launder money through the platform spoil the platform and Binance should av try to be more strict....


Platform wey men don dey use since buh some people pack dem sef come spoil am all of a sudden...


Nothing wey dey last for this country once people shook eyes on that thing....

Binance n that their oga did Bleep up with their greed honestly.
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ClearFlair: 1:55pm On Mar 01
LordIsaac:
Obidients will not be happy with this news o

You get light na why you dey type rubbish

2 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IbeOkehie: 1:57pm On Mar 01
wirinet:

No one has accused Binance of fraud. In fact binance transactions is more transparent than our so called banks. The reason they are banned in many countries is because they are very difficult to regulate.

Why should they be regulated? Crypto currency is self regulating. Nobody can wake up and create more bitcoin beyond the limits set by the block chain formula. This is a better regulated money than the fiat currency issued by ANY OTHER COUNTRY.

Fiat currency is THEFT. Some national fiat currencies steal less than others but it's ALL theft. Any government can just print print print all they money they like for any reason, thus reducing the value of all savings accumulated in that currency!!!! It's happening in Nigeria and it's happening in the USA right now.

Good Luck to Nigeria.

4 Likes

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ElasmoBranchii(m): 1:59pm On Mar 01
Dey play binance no go pay anything. Highest they will tell Nigerians to withdraw their money from their platform. Nigerians will migrate to another platform. They no know say decentralized platform dey.
Make binance no pay them shi shi

6 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by baby124: 2:00pm On Mar 01
Good. Binance will turn over the wallets of everyone who benefitted from the arbitrage and who transferred money illegally through their platform. After that they will japa. I am sure in the agreement before creating accounts, they have all these in the fine print. But because Nigerians don’t like reading, they will learn the hard way.
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Truthshotcrazy: 2:00pm On Mar 01
FireUpNow:
USA collect fine so Nigeria wan do their own too. Make dey see
cool
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IPDGP: 2:00pm On Mar 01
How I wish I really understand the whole thing
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by baby124: 2:01pm On Mar 01
ElasmoBranchii:
Dey play binance no go pay anything. Highest they will tell Nigerians to withdraw their money from their platform. Nigerians will migrate to another platform. They no know say decentralized platform dey.
Make binance no pay them shi shi
Binance will pay with your money. No be dem send you to do illegal business on their platform.
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Basic123: 2:02pm On Mar 01
adecz:



What do you expect when you decide
to float the currency of an economically
weak country with limited foreign exchange
earnings and a big appetite for foreign
goods❓❓

Tinubu and his crew are always
looking for who to blame on everything
they do wrong... 😒😒😒

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by BenuePolitician(m): 2:03pm On Mar 01
And it took Nigeria almost 100 years to discover Bitcoin, Binance, Crypto are all Scams!!! grin
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Lifestone(m): 2:04pm On Mar 01
Zupay:
Yimu, I guess Binance is also responsible for the reckless government spending and the ones they are stealing!
It will soon be their turn, for now Binance you pay up and leave Nigeria

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