FOREX Crisis: FG Slams $10 Billion Fine On Binance - Business (8)

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FOREX Crisis: FG Slams $10 Billion Fine On Binance - Business (8) - Nairaland

Nairaland Forum / Nairaland / General / Business / FOREX Crisis: FG Slams $10 Billion Fine On Binance (29943 Views)

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Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Greenfusion: 5:23pm On Mar 01

emkz:
If you do not support the FG's efforts to regulate the financial space, you are an enemy of Nigeria. If you feign ignorance of how the binance platform is used to manipulate the country's exchange rate because it favours you, you are a wicked person.

If you defend binance, you don't love Nigeria. Gather your things and go to a lawless country.

Can you please educate us on how Binance is affecting Nigeria negatively

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Greenfusion: 5:25pm On Mar 01

Daystar7:
Nigeria is becoming a joke... Was it binance that floated Naira? Same thing Buhari did to Aboki fx... It makes no sense at all.
Naira has the possibility of falling to #2500 if the interest rate hike by CBN fails that's how bloody it can get and I wonder who they'll blame... Keep ur money in USD or USDT.

they would blame Instagram since they have already blamed twitter

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by EXLOVER(m): 5:27pm On Mar 01

adioolayi:

Then get the hell off here and relocate to Binance country na.

Saboteurs!

you’re mad i swear

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by GoodSpirit: 5:30pm 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....

Imagine trying to buy Dollar from Aboki nd Aboki dey open Binance before he give rate....

Normal normal before wey I know dey will call different state to assertain rate buh now dem come dey use Binance jus come use dere own spoil platform for others....

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....

You serious say aboki dey open binance they sell dollars? Have you seen this happening in real time? Wahala

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by mexxy1(m): 5:35pm On Mar 01

Jackson105:

At least Dollar is coming down

Says who? How much is the USD rate against the NGN today? Have you checked?

As I type, it's #1,530 to $1.

What the CBN is doing is subsidizing the USD by pegging the rate. And, that only worked within those days after the pegging.

It's already going up daily. It was #1,510 to $1 yesterday and this morning but, $1,530 to $1 now.

You cannot manipulate the system forever. The bunch of people at the helm of affairs are bereft of ideas.

Your currency cannot just regain value when you're not producing anything for export. An economy that is dependent on just one commodity (crude oil) without diversifying cannot grow.

The currency cannot just gain value when you have nothing to trade to attract other nations to buy from you. It's like trade by barter. I buy something from you and I also sell something to you and if I have something you need more, I gain advantage over you. Sadly, we have only crude oil as we have refused to harness and explore other areas where we can earn foreign exchange from neither have they created a conducive environment for investors and investments to thrive. So, whatever artificial gains you see now, will not last as you can already see just this week.

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Leo588(m): 5:37pm 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.

Yes do your worse

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Greenfusion: 5:38pm On Mar 01

Kobicove:
Federal Government wants to Kill Binance patapata

Kill wetin, Binance is a Chinese organization and can survive on China alone......the govt is simply bereft of ideas.....dem just dey fyn wer dem wan collect as binace is Nigeria's problem....is it Binance that is making nigerians want to Japa?

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by millionboi2: 5:39pm On Mar 01

baby124:

Binance will pay with your money. No be dem send you to do illegal business on their platform.

lol you think thy will pay that?

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by rhames(m): 5:56pm On Mar 01

fuckJones:
some people now appear to have more sympathy for Binance than for Nigeria and the Naira

How about those banks that are known for round tripping

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Zeebuy: 6:07pm On Mar 01

Ola9ja23:

Double face

The platform enable saboteurs to cause havoc on our economy

MrProlific95:
Good Ridance, Kucoin soon to follow

LordIsaac:
Obidients will not be happy with this news o

emkz:
If you do not support the FG's efforts to regulate the financial space, you are an enemy of Nigeria. If you feign ignorance of how the binance platform is used to manipulate the country's exchange rate because it favours you, you are a wicked person.

If you defend binance, you don't love Nigeria. Gather your things and go to a lawless country.

Your politicians printed trillions of naira, which they've been using to buy up scarce dollars. That's what's causing the rise in value of dollars.
You people will pretend not to know this because it won't fit into your useless blame games

2 Likes 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by MrDoGood(m): 6:27pm On Mar 01

Davidic1999:
Una wan destroy binance with una wahala

First, it was $125millon fine on cz now its Nigeria 😂

Even if the government ban p2p, telegram and whatsapp is there

Yeye people

Then you don't know how p2p works. You're just commenting and might not even have a Binance account nor understand how it functions.

What has telegram and WhatsApp have to do with p2p?
Any connection?

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Kukutenla: 7:34pm On Mar 01

emkz:
If you do not support the FG's efforts to regulate the financial space, you are an enemy of Nigeria. If you feign ignorance of how the binance platform is used to manipulate the country's exchange rate because it favours you, you are a wicked person.

If you defend binance, you don't love Nigeria. Gather your things and go to a lawless country.

FG: We have floated the naira. The value will be determined by market forces
FG: Only the CBN has the right to regulate the naira
FG is simply confused

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Davidic1999: 7:45pm On Mar 01

MrDoGood:

Then you don't know how p2p works. You're just commenting and might not even have a Binance account nor understand how it functions.

What has telegram and WhatsApp have to do with p2p?
Any connection?

I use binance daily to receive payments for my jobs

You talk too much mate

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Davidic1999: 7:46pm On Mar 01

yommen:

Many of you will still talk rubbish. Na today Binance don dey get issues with governments of different countries? They have always had issues everywhere. But now that it is Nigeria, na binance you dey support. May thunder fire every enemy of the common man!

make thunder fire your nyash too

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by mikuz(m): 7:49pm On Mar 01

Acrimonious way of seeking Forex funds by the government.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by nigmarelli(m): 7:55pm 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

Shey na only dollars them dey do for binance?! Why una dey talk like this sef! They do a lot of legal things on binance for una info. Some people on the so called binance don't even have the so called usdc or usdc coins sef! Them no even send such coins. Una dey here dey shout. Wasn't binance there or available when Buhari was in power why dollar no skyrocket. Abeg make we hear word.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Generalyemi(m): 7:58pm 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

When d poor speaks

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by chatinent: 8:52pm On Mar 01

The blame game again.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by PARADIZEPRIEST: 9:06pm On Mar 01

binance is banned in UNITED KINGDOM,IT IS BANNED IN CHINA, USA FINED THEM 4.5BILLION LAST YEAR FOR INFRACTION. angryBAN THEM IN NIGERIA,WE DONT HAVE THE HITECH REGULATION TO REGULATE THEM. CBN SHOULD BAN AND BURN THEM.THEY ARE ECONOMIC SABOTUERS WITH POLITICIANS AND SCAMNERRS. angry

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 9:07pm On Mar 01

DeepSight:

If something is difficult to regulate should it not be banned?

You can't ban binance or any other centralized or decentralized exchange, because they operate in cyber space. They have no physical address, no office, no physical staff you can identify. You can only restrict their operations through clever IT tools and skills, and I doubt if out archaic public servants have those skills. That's why they are running after binance officials and citizens instead of employing IT to restrict them.

Blockchain technology is a cutting edge technology and we are way behind.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 9:29pm On Mar 01

PARADIZEPRIEST:
binance is banned in UNITED KINGDOM,IT IS BANNED IN CHINA, USA FINED THEM 4.5BILLION LAST YEAR FOR INFRACTION. angryBAN THEM IN NIGERIA,WE DONT HAVE THE HITECH REGULATION TO REGULATE THEM. CBN SHOULD BAN AND BURN THEM.THEY ARE ECONOMIC SABOTUERS WITH POLITICIANS AND SCAMNERRS.

As I have been saying banning Binance is almost impossible, because it operates in cyber space. As long as you have Internet connection, you can access binance, unless of course the government instruct the country's ISPs to blacklist their IP, but then there are bypasses by using VPNs, proxy servers and tunnels. Banned Binance in China still carry out $90 billion of transactions monthly.

Binance is not completely banned in the UK and USA, but highly restricted.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by yad2eidi: 9:32pm On Mar 01

all this rubbish is just so that binance will ban nigeria

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by toujurs: 9:37pm On Mar 01

Binance that doesn't rate nigeria. grin

1 Like 1 Share

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IbeOkehie: 9:59pm On Mar 01

Kukutenla:

FG: We have floated the naira. The value will be determined by market forces
FG: Only the CBN has the right to regulate the naira
FG is simply confused

It's Garrison Economics !!! grin

kowalsky:

How can a representative of govt state on quote that it's the responsibility of the CBN to fix Naira rates compared to other currencies traded in a free market. The ineptitude and incompetence this statement exposes is baffling. I mean if that were true why doesn't the CBN just 'fix' the Naira at 1NGN to 1USD .

Even more baffling is the legion of illiterate, poverty stricken, cursed-to-grovel-at-the-feet-of-politicians Nigerians currently praising these daft statements and their attendant policies.

Brainwashed by the sermons of crass politicians who ride bulletproof lexuses bought with money meant for their children's education they've become classic cases of stockholms syndrome.

Destitute men, failures. Even if they manage to live off bread crumbs from their slave owners, it's just a matter of time before the hen comes to roost.

Your children will be fvcked and abused by these men and their sons. Your generation will forever continue to thirst for luxuries they can only admire from a distance. You will be forever remembered as that political arslicker

Lotta suffering to go around. Many Nigerians will die pitiable deaths - hopefully most of them are these brainless mofos.

This is only the latest expression of the Nigeria Psyche, a worse affliction than Stockholm Syndrome.

The same mindless denizens of the Zoo who believed those that told them "there is nothing like fuel subsidy. Fuel subsidy doesn't exist!"

Typical Nigeriana. Government is everything, government can order the sun not to rise in the morning 🙄

Good Luck to Nigerians !!!

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by abbey621(m): 10:21pm On Mar 01

Greenfusion:

Can you please educate us on how Binance is affecting Nigeria negatively

Money laundering (Over 20 Billion passed through its infrastructure last year alone but the governemnt does not get access to the people conducting these transactions, that's an AML violation)
Tax Evasion( They charge fees for conversion of crypto and so on but does the government get a cut? )
INFLATION (This na common sense, Dollar is now the official currency of Nigeria, even bambiala beggars dey reject 100 Naira)

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Karnice600: 12:12am On Mar 02

MrProlific95:
Good Ridance, Kucoin soon to follow

Waste of school fees na e your case be.
Top 10 crypto friendly countries are doing far better economically than Nigeria. DeFi systems make up the future the world is heading for. Web3 and the metaverse are intertwined in blockchain frameworks . The US is among the first seven countries with highest crypto holders and transactors, yet they can boast of a robust, almost stable dollar. Singapore is another crypto friendly country with robust economy.
This was why BVAS was rubbished, taking us back to Stone Age, so that a drug criminal can become president.
Sabotaging structural or technological development for greed.

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Greenfusion: 8:52am On Mar 02

abbey621:

Money laundering (Over 20 Billion passed through its infrastructure last year alone but the governemnt does not get access to the people conducting these transactions, that's an AML violation)
Tax Evasion( They charge fees for conversion of crypto and so on but does the government get a cut? )
INFLATION (This na common sense, Dollar is now the official currency of Nigeria, even bambiala beggars dey reject 100 Naira)

Fine, is Binance registered in Nigeria?
Must every online company pay tax to Nigeria just because Nigerians use their services.

Do people access Nairaland outside Nigeria?
Does nairaland pay taxes to every country that it is accessed from?

For the AML, has Nigeria govt verified binance's open ledger or transaction history to know that any transaction violated the AML act? It's just like saying 30 billion dollar passed through firstbank then it has violated AML law, violation is on an individual transaction basis.

On the issue of inflation, it's no news to every nigerian whether learned or not that Nigeria economy and prices is based on petroleum products and we produce less than we consume, hence depending on imports, we don't need a Phd in Economics to know the effects of these.

If you go down history you would discover that every time the prices of petroleum products go high it affects prices generally, a petty trader knows and understands this.
A president cannot be so daft and unconcerned to the extent of taking out petroleum subsidy, floating the naira and increasing taxes in some areas and not expect prices to inflate, even a dull primary school kid knows this.
Prices skyrocketed, life became unbearable then Japa syndrome started, therefore increased the demand for foreign currencies. Have you seen the statistics of people that have JAPAd and intending to Japa?
You cannot have such high figures and expect naira not to depreciate.

GEJ's govt succeeded in pegging the dollar and keeping it in check btw 150 to 180 but as APC assumed office instead of focusing on the job at hand and recruiting the best hands they went political and started the blame game. Today naira has crashed......i don tire to type.

Binance is not Nigeria's problem, the daft and clueless APC govt is just looking for where to get money from which they would eventually steal and share between themselves.

1 Like

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Kingbuhari(m): 12:00pm On Mar 02

emkz:

Read the first sentence and try to open your brain to assimilate.

If you still do not understand, then be aware that criminals use binance to clean their funds without trace.

If you are a criminal or an aspiring one, find another channel to move your funds because binance has collapsed.

once certain ex governor is not wrong.. Nigerians will prefer to take snippers than to protest of hardship... Cowards

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ozo13(m): 12:53pm On Mar 02

ivolt:

Binance fine in the US has nothing to do with the US economy.
It is because it allowed Americans to trade even when it was illegal to do so.

Binance did not and cannot do anything to any economy outside of what the government encourages.

the last time I checked only the CBN is allowed to give value of the naira and not Binance which they have been doing consistently against the law of the land.i ask my question again ,in US will they go scot-free for doing such .In US they allowed criminal elements shortchanged the citizens and govt reason they were asked to pay 4billion dollars fee in the plea bargain they had with US govt/court

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ZionwolSolution: 12:53pm On Mar 02

I want USDT oh!

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by justmondris: 3:14pm On Mar 02

Basicend:

The transactional exchange is facilitated by Binance, therefore, they dictate the price technically.

Look, USDT therein is equivalent to 1$. Therefore, it's a trading option for manipulators and a trap for desperate buyers.

In effect, it creates a very artificial value for the Nigerian currency and the CBN have to control it or ban it.

All Forex transactions within the country must align with the oversight and control of CBN.

Please have you bought or sold USDT on Binance before? Can you explain how they dictate the price technically?

Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ReubenE(m): 3:16pm On Mar 02

fuckJones:
This is a Mallam Nuhu Ribadu appreciation post. His patriotism & ruthless efficiency of how his office under his direction is tackling the free fall of the Naira by shining a much needed light into Binance, is worthy of applause. You’ve made believers out of skeptics.

Onanuga has denied this news

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