ADecadeAddict:
Forex and crypto are not the same.

You don't trade USDT in Forex.

And you really can't specualete in the NGNUSD market because of spread unlike NGNUSDT market where there's no spread.

Thanks joor! They're just lazy youths. Who trades USDTNGN? Spreads go kill you.

TheOldGods:
oga, govt are bastard's get the Bleep out. These guys are thieves, bastard's and have no human sympathy.

If government actions hurt you, come out and protest and get shot, you economy destroyer.

pacesetting:
There's what we call speculative business. Those doing forex and investing in stocks, which product or service do they sell?

You be idiot! You are speculating against the Naira to collapse! You are a destroyer. If you want to speculate in Nigeria, you don't bet against the Naira.

You idiots but USDT for keep and resell or wait for USDTNGN to rise and cash out. In other words, you want Naira to collapse to make profit.

Speculators deposit money and trade assets on crypto exchanges not buying and selling USDTNGN like akara.

In fact, a bill should be formulated to criminalise the activities of P2P merchant which should be death penalty!

An economic saboteur, like you, as a P2P merchant, is worse than a murderer.

TheOldGods:
Omo, if we the youths don't come out to protest in this country, this bastard's will ruine us

Keep running your mouth and don't play your game low! Government hat can hurt you and your entire family and nothing will happen, you dey call bastards. Ok, continue. Una go learn by force!

Leave monetary policy to the CBN and do your speculating low-key without hurting the Naira; but you want to be the CBN by determining the exchange rate through manipulations

karkinase:
BTC has flipped bearish in the short term.. the previous low couldn’t take out the last high. we might see a retracement to 70K before another leg down.

Comrade, I greet you!
My wave analysis says the all time high will be broken.

The new wave cycle started from 24664; the first wave peaked at 28150; second wave (corrective) bottomed at 24889; the third wave (impulse) peaked at 73754; the fourth wave (corrective) which is in play isn't expected to go past 49321 (red line).

The last wave begins above 49321 to move past the top of the third wave (73754).

If I would trade this asset, I would buy and set SL below 49321 and TP above the 73754.

Bullish!

Analyse and trade not waiting for Naira to crash to make money.

6/5/2024

Una never see anything! All these lazy youths depending on P2P for survival. The idiots would buy USDT and keep it for resell or pump USDTNGN through their cartel and cash out.

Economy destroyers (P2P merchants) must be destroyed before they achieve their aim.

If you want to speculate, don't speculate against your own currency! There are hundreds of assets to speculate with. No, they wouldn't, because they aren't ready to pass through the pains of trading financial instruments.

What a lazy generation we have these days! They're both physically and mentally lazy; they don't want to work hard too achieve success.

The Federal Government has announced plans to delist the naira from all peer-to-peer (P2P) platforms.

The Director General of the Securities and Exchange Commission, Emomotimi Agama, made this disclosure in a virtual meeting with blockchain stakeholders on Monday.

This decision aims to tackle the manipulation of the local currency’s value in the foreign exchange market.




https://www.google.com/amp/s/punchng.com/just-in-fg-to-delist-naira-from-p2p-platforms/%3famp

Una want fight government! Let's see who wins

https://www.google.com/amp/s/punchng.com/just-in-fg-to-delist-naira-from-p2p-platforms/%3famp

Forex trading isn't crypto P2P the government frowns at! P2P merchants are destroyers of the economy, they want to hijack the CBN function by trying to control and manipulate the exchange rate; and they are very lazy to do analysis, just to USDT at 20 and manipulate it to 30 and cash out. These saboteurs have formed a cartel that they can push up the exchange rate at will.

We traders are hard-workers; we analyse foreign currencies pairs and forecast whether it goes north and or south to make money; we don't trade to wait for Naira to fall before we make money. We don't try to hijack the function of the CBN by manipulating the exchange rate.

Sleekfingers:
You guys better cut supply....maybe our Southwest governors will grow some brains , and start investing hugely in Agriculture.....Oyo state alone can feed the entire southwest......

I concur! Farm settlements should be established and equipped by the government! Jobs will be created and Government will benefit too financially; and there will be food sufficiency.

Any nation that can't feed her citizens but depends on outsiders is doomed!

As the chairman of foodstuff dealers, this man is one of the reasons for the high cost of foodstuff in Nigeria! He should be questioned about the astronomical rise in the prices of corn, beans, guinea corn, etc

Maj196:
Okpa na nonsense, the first time I tasted it I vowed never again. Have you heard of moi-moi elemi meje?

Moin moin with 7 spirits, chai!

Which kind mumu comparison be this? Olele elewe, soft and succulent!

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

By Justice Okamgba, Oluwakemi Abimbola

The Federal Government may consider the suspension of the $56.7bn peer-to-peer cryptocurrency market after a crucial meeting between the Securities and Exchange Commission, and digital asset operators scheduled for Monday.

Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis, a United States of America-based international blockchain analysis firm.

The latest move by the SEC signals a broader effort by the Federal Government to tighten regulatory oversight within the cryptocurrency space amidst growing concerns over illicit activities and the manipulation of the naira exchange rate.

Earlier this week, the Central Bank of Nigeria had stopped major fintech firms from onboarding new customers in an ongoing audit of their Know-Your-Customer process. Following the regulatory action, major fintech firms, including Opay and PalmPay, sent emails to their customers on Friday, warning them against trading in cryptocurrency or any virtual currency on their apps, and threatened to block any accounts found engaging in such activities.


The threat to block accounts has faced heavy criticism, particularly from the 33.4 million individuals actively trading cryptocurrencies; many of whom rely on cryptocurrency trading as their primary source of income.

However, Sunday PUNCH learnt that during the proposed Monday meeting, the government may choose to announce a temporary halt in the P2P crypto trading to enable it come up with a comprehensive set of rules for effective regulation of the space.

Other sources privy to the meeting said the government might choose to engage the crypto stakeholders on a new set of rules that could be deployed to better regulate the space.


They ruled out the possibility of imposing a temporary halt on P2P crypto trading. As of Sunday, details of the exact decision the government might take during or after the meeting with the crypto operators remained sketchy.

However, operators in the crypto market confirmed the meeting, saying the meeting would bother on the current development in the space. The Blockchain Industry Coordinating Committee of Nigeria, in a notice posted on its X handle on Saturday, noted that the meeting had been at the instance of the new Director General of the SEC, Dr Emotimi Agama.

BICCoN said, “The newly appointed Director General of the Nigeria Securities and Exchange Commission has proposed an industry-wide meeting with the Nigeria blockchain community. The meeting will be facilitated by the Blockchain Industry Coordinating Committee of Nigeria.”

Officially, the SEC has yet to confirm the Monday meeting, but sources close to the commission confirmed the meeting on Saturday. They, however, said that ‘nothing was cast in stone yet’.

In 2021, the CBN had restricted banks and other financial institutions from operating accounts for cryptocurrency service providers. However, in December 2023, the financial regulator lifted the ban and announced a reversal of the policy.

Fresh concerns emerged in February over the activities of the largest cryptocurrency exchange in the world, Binance, on its peer-to-peer platform, such as implementing a price cap on USDT trading.

Authorities said those activities contributed to the devaluation of the naira and destabilised Nigeria’s economy.


Worried over the significant volume of transactions through Binance Nigeria, the CBN Governor, Yemi Cardoso, stated that $26bn had passed through the platform over the past year from ‘unidentified sources’.

Amid the crackdown, the crypto exchange ceased all naira services, including deposits, withdrawals, and trading pairs, starting in early March 2024.

In an interview with Sunday PUNCH, the Chairman of BICCoN, Lucky Uwakwe, said that the group would be seeking to reach a middle ground with the regulator, which had so far this year introduced stiffer guidelines for digital asset operators, as well as a proposed increase in the registration fees.

Ukakwe said the meeting “is for us to try and bring the industry to be compliant and remove bad actors who abuse technology, especially the concern raised by the government on those that use the technology for market manipulation of naira.

“We also hope that innovation in the industry is encouraged to enable the industry to gain more foreign inflow that will aid the current administration’s drive for foreign investment into the nation as seen in other countries such as China and the UAE, and not to stifle the industry.”

On his part, the President of Stakeholders in Blockchain Technology Association of Nigeria, Obinna Iwuno, told one of our correspondents that there was no official communication on the ban of cryptocurrency transactions from regulators. He said, “There is a whole lot going on. It is not just clear the direction as we speak, but hopefully, on Monday, we will get to have a position, “What we have done to solidify our position with the Nigerian government is that local exchanges stopped their naira services. The government raised an alarm that cryptocurrency was responsible for naira depreciation; operators stopped,” Iwuno explained.

The ‘Know Your Customer’ compliance level of fintechs has also been a source of worry for regulators. This involves verifying a customer’s identity and understanding their financial activity to prevent financial crimes, such as money laundering, terrorist financing, and fraud. According to the Nigeria Inter-Bank Settlement System’s fraud watch report, fraud losses increased by 496.96 per cent over the past five years, and financial institution customers had lost N59.33bn between 2019 and 2023.


The report read in part, “The amount lost to fraud has increased over the past five years, along with the growth of financial transactions in the digital payments sector.”

A source from one of the major fintechs in the country, who preferred anonymity, disclosed to Sunday PUNCH that the CBN was not declaring cryptocurrency illegal, but was rather focusing on addressing regulatory and identity management issues.

“Some of the expectations from the meeting would be to have a more robust and safer ecosystem that will prevent fraud, and protect the funds of customers.

“The CBN is not saying that cryptocurrency is illegal, but there have been issues surrounding regulations and identity management. Those are the grey areas that the CBN is trying to address. They don’t want a situation where people are getting into Nigerian systems to defraud others, or engage in any negative activity that could harm innocent Nigerians.

“It is more or less about finding a way to make this thing work better. Sometimes, people can simply create a virtual account, and one won’t even know who is behind the account. So, it’s really about ensuring end-to-end verification, from the first line of payment to the very end, with the account holders’ identities attached to it. I think it is necessary at this time,” the source explained.

Nigeria’s volume of crypto transactions grew by nine per cent year-over-year to $56.7bn between July 2022 and June 2023, according to the 2023 Geography of Cryptocurrency Report by Chainalysis. Despite Nigeria now leading in peer-to-peer exchange volume, sub-Saharan Africa accounted for only 2.3 per cent of the global cryptocurrency transaction volume between July 2022 and June 2023, making it the smallest crypto economy in the world.

In an interview with Techpoint Africa, Youssef said most of the P2P transactions did not happen on Binance or any other platform, but on social platforms such as WhatsApp, Telegram, and ‘everywhere on the streets’.

“Most peer-to-peer (transactions) don’t happen on Binance P2P, NoOnes, or any of those other platforms. They happen on WhatsApp, Telegram, coffee shops, and everywhere on the streets. That is where most peer-to-peer is happening. I think most of that is peer-to-peer volume. They are trying to cover up too, because Nigerians are very crafty and have ways of using things for reasons other than what they were created for,” he maintained.

In March, the SEC, under the former DG, Lamido Yuguda, revealed plans to issue updated guidelines for the operations of digital assets and virtual asset service providers in the country, saying the new guidelines would ensure criminals did not gain entry into the country’s capital market.

The SEC notice, dated March 4, 2024, partly read, “The SEC has also developed a new AML/CFT/CPF onboarding manual for licensing, registration, and ongoing screening of digital and VASP beneficial owners to ensure that criminals are not registered as operators in the capital market. The SEC is ready to interface with genuine VASPs based on these clear rules and regulations.”

The SEC also proposed that for virtual (crypto) asset service providers, ‘no person or entity shall provide any virtual asset service unless registered with the Commission; a company seeking to operate as a VASP shall be incorporated and have an office in Nigeria. Its Chief Executive Officer/Managing Director or its equivalent shall be resident in Nigeria.”

When questioned about the SEC’s proposed guidelines in the crypto sector at the last Capital Market Committee meeting that he chaired, the former SEC DG said investor protection was a driving motive.

“We want to ensure that investors who decide to get involved in digital asset products are well protected. We want a platform where certain capital market functions are duly segregated. If you are an exchange, we don’t want you to also be a custodian, and such.

“Also, we are very mindful that AML/CFT considerations are very important when one is dealing with crypto assets. We want to make sure it is not money laundering or funds used to promote terrorist financing,” the former SEC DG said.

The Chief Operating Officer of Fintech Association of Nigeria, Babatunde Obrimah, told Sunday PUNCH, “I am not privy to the circulars sent to the Fintechs, and I am not aware that crypto is illegal. The meeting will put things into perspective.”

“I think the issue is that to trade, one must be licensed by the SEC. So, if one is trading without a license, then one is technically illegal. But, we should talk after the Monday meeting, instead of speculating,” he added.

In March, the SEC proposed a 400 per cent increase in crypto firm registration fees. However, checks by Sunday PUNCH, on Saturday, showed that the proposed guidelines had been deleted from the SEC’s website. It is unclear when the PDF was removed from the regulator’s website.

The proposed amendments to the rules for crypto issuers, exchanges, and custody platforms include hikes to all supervision fees. Instead of a N100,000 application fee and a N30m registration fee, the SEC proposed N300,000 with every application, N1m as a processing fee, and N150m as registration fee, with the sponsored individual fees raised to N300,000 from N100,000.

An economist, Aliyu Ilias, emphasised the need for urgency in addressing the deficiencies within the fintech ecosystem, citing the ongoing struggle of the apex bank to effectively regulate them, as illustrated by the recent case involving Binance.

Ilias argued that in the dynamic tech industry, regulatory clampdowns often led companies to exploit loopholes, stating, “Even the Know Your Customer requirement proves insufficient.”

Another industry stakeholder, who is also the founder and coordinator of Blockchain Nigeria User Group, Chuta Chimezie, expressed hope that the Monday meeting would ‘help the industry significantly, and improve the relationship between regulators and policymakers’.

“The last few months have been nothing short of wars. as the CBN keeps clamping down on P2P platforms,” he lamented.

SEBI you want fight government

https://punchng.com/operation-rescue-naira-fg-plans-strict-rules-for-57bn-crypto-business/

iLegendd:
Just $5 you lost, you've gotten mother involved. You can't even control your emotions. This says a lot about you, rich EFCC worker with solar mansion.

At least, after I have ignored you, no one will take you seriously on this thread.

SEBI you say I no get light, I go sleep rest my brain; but to ou dey online dey scam whites through the night.

Na scammer dey dey online for night, you be yahooboy, right?

Hotice085:


Show us 10kobo wey u don send

Show you for wetin nah? To gain what. How old are you sef?

Hotice085:

Close ya filthy mouth
Bingo wey never chop for days, let us see if the government will not bow to crypto laslas

You be mumu sha! Government bow to what? You no know wetin be government!

iLegendd:
Make we wait. Him battery fit don run down. Most Nigerians don't have constant power supply.

Kiki! Me wey I dey solar? My battery can never get to zero. I no poor like you wey dey depend on NEPA o. I no just want dash Forex my hard-earned money.

Are you a yahooboy/man? Because if you sweat to make money, you wouldn't commit it to the riskiest Investment in the world.

iLegendd:
I have finished it (since you don't want to join me), but drop your wallet let me refund you the $5 you lost in Forex. At least, let the poor masses like us start learning how to bless rich EFCC govt. workers.

I hate to swear, but I swear to God, I'm not joking. I'll send you the money.

You can even sell the $5 and get about 6-7k to buy garri too. Two custards for that matter.

Walai, you be poor man! $5 na him you dey type this epistle.

Send the money to your wretched mother joor.

iLegendd:


I no get shishi? You don catch me. Na true you talk. You need to open a Church. Garri I drank today is still turning my eyes.

My dear, rest. You won. Bye.

Lunatic, bye! Go enjoy your garri without sugar.

iLegendd:


Damn! That's some vengeance right there. The $5 trade still hurts you till this day. Send me your USDT BEP20 wallet lemme refund you the $5. Let's make it 7 Dolz according to a certain comedian.

If I notice you will rant too much I'll ignore you. I no get time for kids.

You get shishi? No wonder you aren't bold enough to show the dollar value of your future profit. It's somebody like you that borrows money to trade futures and ends ups losing. If you commit suicide, na foolishness kill you.

Trade what you can afford to lose.

iLegendd:
Come, take your time o. Don't expose him nah. Don't you know he'll cry? He's still a baby and deserves pampering. Be kind. Someone who lost a WHOLE $5 and you don't want him to vent his frustrations? C'mon!

He's just trying to figure life out and appearing controversial seems to be working for him for now.

You this idiot that encourages morons on this thread to trade futures claiming gaining 500%, whereas he uses 50 cent.

Were only shows the percentage gains without the actual amount to deceive the gullible ones.

The guy that called you a scammer is right after all.

ejosh4:

LMAO No be you for forex thread wey dey trade with $5. LMAO

Yes, that's what I can afford to lose to the market! Abi you want make I sell my house and trade Forex? You must be mad!

Ojimmu95:
😁😁 BURSTED

Olodo! Na busted!

sheanzy:
don't be surprised this boy is just a kid that just finished the recent jamb exam and is just catching fun to kill boredom till he gets admission.

I don do jamb before den born your papa

iLegendd:


You're just making noise and you're insignificant also. Crypto the American govt. and China can't take down, it's a corrupt and rotten agency in Nigeria that can take it down or restrict its people?

Check every employee of EFCC and you'll know at least, 10% of them have wallets and trade once in a while. You think they're fools? People that love money more than life.

Ok o, I hear you.

Anything I post on crypto, the government acts on it! Go check all my threads and posts.

Bitget P2P will go down.

What are they hiding? I am signing up on Bitget to open Una yansh. Who doesn't know bitget is one of the exchanges you use? No hiding place for Una.

EFCC operatives are on all the exchanges.

Bitget
Bitget
Bitget
Bitget

EFCC, food don ready.

If Una mad, government mad pass Una.

Trade assets and make your money, no; na to store USDT and resell den Sabi. Very lazy set of people. Money doesn't come that cheap; you've got to sweat by analysing the financial instrument you want to speculate with.

P2P Ko, Q2Q ni!

If they're even p2ping and quote below the official rate, that would have been better but they keep quoting above the official rate trying to hijack the function of the CBN; what audacity!.