Islie:


https://dailytrust.com/how-cbn-can-track-26bn-binance-transactions/

Thanks, Mr Boss, Obinna Iwuno, majority of these things the CBN know all these processes but they like deceiving gullible Nigerians through propaganda to make Binance look like a saboteur and a culprit. That is why Binance is calling their bluff. They know the kind of leaders we have. So the Nigerian Government want to tell Binance they do not follow compliance procedures or they dont know what they are doing.. Even the CEO of Binance, Richard Teng is a financial market regulator. Ok, i am still expecting $1 to #800 fair value , Mr. Cardoso. Yeye Government.

judetov2:
Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

Oga, you are not a Binance user, go sit down. I still traded and withdrew on Binance yesterday. Binance has obligations to its clients which no government can erode . The app still works. Majority of these people especially the CBN dont know and understand blockchain technology they just deceive gullible Nigerians who are not well informed.

ivolt:
The writer has been fooled. He thinks he can help CBN on a goose chase.

The $26 billion is a figment of Cardoso's imagination.
They needed a scapegoat for the falling Naira and they found
Binance a good spot because some group of idiots kept posting Binance's USDT
rates as the true exchange rate even though we know that USDT is not
dollar and you don't need dollar to buy USDT.

With the fact that Binance has been banned in several western and anti-Chinese
countries, the CBN latched on to it and label the platform the face of evil.

If the CBN believes that Binance determines Naira exchange rate, all it need do is
to push its own agents or make deal with some BDC to register on the platform and
manipulatively sell at the lower "true" rate so those quoting the rate will be forced to adapt or leave.
It could alsoe have secretly pressured Binance to remove or limit the activities of the "manipulators".
Binance did about a million dollar-Naira transactions per day. Imagine if the CBN opened its
own kiosk to generate $1 million USDT at the true rate, the "manipulators", would run out of business
or be forced to sell at the "true" rate.

But the government needed the theatrics, an external scapegoat that people can curse and attack for the bad economy.
It is all showmanship.

In few months, the whole Binance issue will not be mentioned anymore and it will be quietly retired.
We won't get any update about the $26 billion or the owners again after that.

You are by this notice appointed nairaland CBN governor..
Congratulations.

judetov2:
Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

you don't know how binnance works,is not mmm but a bank.

flexyrule:
You have not been able to identify the hideouts of loan sharks operating illegally within Lagos and it's environs, it is Binance books that you want to audit.

This man is funny.

So the FG would just order Binance to bring its books for auditing, and Binance would negage on privacy agreement it had with its customers and brings their books...


Oshey!

Nope,he has a point,if any of binnance customer carried out a transaction at the tone of $26billion from Nigeria, binnance will inform him to go defend himself.

Edoziesmart:
Well said my boss Obinna.
But I don't think binance will release any details no matter what.

thy will if confirmed you involved yourself in any illegal transaction that's the essence of kyc.

Never mind those political office holders

He just indicted himself that he is not competent for the job.

ivolt:
The writer has been fooled. He thinks he can help CBN on a goose chase.

The $26 billion is a figment of Cardoso's imagination.
They needed a scapegoat for the falling Naira and they found
Binance a good spot because some group of idiots kept posting Binance's USDT
rates as the true exchange rate even though we know that USDT is not
dollar and you don't need dollar to buy USDT.

With the fact that Binance has been banned in several western and anti-Chinese
countries, the CBN latched on to it and label the platform the face of evil.

If the CBN believes that Binance determines Naira exchange rate, all it need do is
to push its own agents or make deal with some BDC to register on the platform and
manipulatively sell at the lower "true" rate so those quoting the rate will be forced to adapt or leave.
It could alsoe have secretly pressured Binance to remove or limit the activities of the "manipulators".
Binance did about a million dollar-Naira transactions per day. Imagine if the CBN opened its
own kiosk to generate $1 million USDT at the true rate, the "manipulators", would run out of business
or be forced to sell at the "true" rate.

But the government needed the theatrics, an external scapegoat that people can curse and attack for the bad economy.
It is all showmanship.

In few months, the whole Binance issue will not be mentioned anymore and it will be quietly retired.
We won't get any update about the $26 billion or the owners again after that.

Only ignorant people would take your comedic submission as fact.

The obviously observable fact is that naira stopped its free flow depreciation against the dollar after the govt clamped down on binance.

And that’s fact.

judetov2:
Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

That's a joke Naaa. We still sell our usdt via telegram and WhatsApp groups.. So what's the impediment there? Just rest of you don't know how it works.

I dont even use Binance p2p cos their price is somehow low compared to WhatsApp and telegram p2p pricing..

Let's see the progress reports on this...

judetov2:
Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

I don't need to ask were you dropped at

There was a time an audit was carried out on every staff account in a particular bank, and a junior staff account had a turnover of N137m in just a period of one year.
The staff was immediately detained and investigation started on all his affairs but nothing was found.
His whole asset was below N2m.

It was then that we realized that you can have a transaction turnover of N100m with just cash balance of N200k lol.
That was how some embassy stopped using turnover and stated requesting for proof of funds.
Because $26bn was traded on Binance does not mean that $26bn cash is somewhere in Binance from Nigeria.
You know our politicians and their cronnies only see things from their own fraudulent point of view.

KORLAR:


Only ignorant people would take your comedic submission as fact.

The obviously observable fact is that naira stopped its free flow depreciation against the dollar after the govt clamped down on binance.

And that’s fact.

And i guess the price of goods and services also had the same downward projection after the clampdown. you guys are just jokers. come in a few months' time and let's see if you will make this statement again.

ivolt:
The writer has been fooled. He thinks he can help CBN on a goose chase.

The $26 billion is a figment of Cardoso's imagination.
They needed a scapegoat for the falling Naira and they found
Binance a good spot because some group of idiots kept posting Binance's USDT
rates as the true exchange rate even though we know that USDT is not
dollar and you don't need dollar to buy USDT.

With the fact that Binance has been banned in several western and anti-Chinese
countries, the CBN latched on to it and label the platform the face of evil.

If the CBN believes that Binance determines Naira exchange rate, all it need do is
to push its own agents or make deal with some BDC to register on the platform and
manipulatively sell at the lower "true" rate so those quoting the rate will be forced to adapt or leave.
It could alsoe have secretly pressured Binance to remove or limit the activities of the "manipulators".
Binance did about a million dollar-Naira transactions per day. Imagine if the CBN opened its
own kiosk to generate $1 million USDT at the true rate, the "manipulators", would run out of business
or be forced to sell at the "true" rate.

But the government needed the theatrics, an external scapegoat that people can curse and attack for the bad economy.
It is all showmanship.

In few months, the whole Binance issue will not be mentioned anymore and it will be quietly retired.
We won't get any update about the $26 billion or the owners again after that.

Exactly the truth. Cardi B need alot to learn from your writeup. but it is obvious they just employed dunce into this government.

Which people won run $26billion package in naija if not the thieves in govtment houses and offices

xxxx999jon:
oh jeez what a pity . nd you get Sense small ooo.. but where you knocked me off is where you said cbn should open it's own shop too on binance . Abeg how is that different from govt official rates or what exactly do you think is the meaning of official rates vs black market rates and defending the naira

Point is JP Morgan said in November that we have just $7bn total everywhere in the world has a country, how can we defend the naira with $7b .

The govt had no choice under the heaven than to allow floating or else the coffers will be empty

My suggestion was based on CBN's point of view.
If it really believes(I don't) that Binance determines the Naira exchange
rate, then the most rational way to proceed is to work from within Binance itself.

Yes, speculators widens market volatility but they are not the cause.

millionboi2:
thy will if confirmed you involved yourself in any illegal transaction that's the essence of kyc.

Ok

judetov2:
Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

Why are you embarrassing who paid for your school fees? Stop it. When you're not knowledgeable on something, just ignore instead of making a mockery of yourself.

fxexperts:
And i guess the price of goods and services also had the same downward projection after the clampdown. you guys are just jokers. come in a few months' time and let's see if you will make this statement again.

Exactly the truth. Cardi B need alot to learn from your writeup. but it is obvious they just employed dunce into this government.

You need to actually go out and make findings, not just staying online and spewing conjectures as facts.


I can authoritatively tell you that prices of some foods have come down.

If you can’t go to market to find out, haven’t you been following the news?


Opposition must be constructive, not factually bereft.