₦airaland Forum

Greenfusion:
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.

You're still confused and comparing apples with oranges. Nairaland is not a fianncial instrument so you cannot compare. The better comparison is Binance and Western Union/Moneygram!

Further AML and KYC works hand in hand, you cannot do AML without knowing your customers/clients! The Nigerian government lackadestical attitude is not an excuse for non complaiance. As a global company, Binance is held to a higher standard, it does not matter if Nigerian government failed to do the right thing, all that matters is that it is now awake and ready to correct the error! The question you should be asking is this, IF BINANCE can pay taxes to U.S and U.K govt, what stops it from paying to Nigerian govt?

Next, you're wrong about petroleum! While that is the major source of production for the nation, human resources is another. Any country that has no control over the influx and output of its currency is bound to fail. The amount of dollars pumped in and out of Nigeria for non petroleum services or products is outrageous and that coupled with clueless government policies is responsible for the Naira crash!

Finally you mentioned GEJ pegging dollars and I laugh.....It's only an ignorant person that would believe Nigeria's current problems is not a result of cummulation of bad decisions from GEJ all the way to Tinubu. You made a fine point about lack of exports and focusing solely on petroleum, was this not the same condition under GEJ? The only thing that has changed is that Nigeria has ran out of money to continue subsidizing the wastage of government and its citizens. The true value of the Naira is here, we are now witnessing the consequences of years of PRETENSE!

Haaland21:
painment....

If u so love binance....go pay for them .

Noisemakers

Fool, foolish fool! You think say tinubu go settle you from the money? Goat! Binance will not pay a dime and nothing will happen!

Agbado gbadokwa gi ebahun.

Davidic1999:
I use binance daily to receive payments for my jobs

You talk too much mate

You're not smart

MrDoGood:
You're not smart

I don't blame you mate

I can't trade words with an arseling

Stop having problem with your clients abroad or having issues with making payment online to foreign sites
Are you an affiliate marketer, producer, content creator, ui/ux, graphics designer.

All you need is a free verified PayPal account.
Check my signature

Davidic1999:
I don't blame you mate

I can't trade words with an arseling

You're still not smart. Period

MrDoGood:
You're still not smart. Period

Just like how it was passed down to you

wirinet:
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.

When many have to use a VPN, the transactions will become few.

DeepSight:
When many have to use a VPN, the transactions will become few.

You don't need VPN for OKX. OKX just saved my life today.
My corporate account was restricted yesterday, that where I leave the money for my operations. I had to borrow money from the wife just to be able to work today. My bank asked me to bring documents like NIN, Nepa bill and TIN before my account can be freed. I honestly don't have TIN, so I am working on that, bit it's likely to take a few days. I don't have shishi in my other accounts
I remember I have about $100 USDT on Binance. I logged into binance with a VPN, transferred the crypto to OKX and sold it at N160,000. All within a span of 30 mins.
You see crypto (that is USDT)is very useful as savings and as a store of value. Far better than the Naira.

wirinet:
You don't need VPN for OKX. OKX just saved my life today.
My corporate account was restricted yesterday, that where I leave the money for my operations. I had to borrow money from the wife just to be able to work today. My bank asked me to bring documents like NIN, Nepa bill and TIN before my account can be freed. I honestly don't have TIN, so I am working on that, bit it's likely to take a few days. I don't have shishi in my other accounts
I remember I have about $100 USDT on Binance. I logged into binance with a VPN, transferred the crypto to OKX and sold it at N160,000. All within a span of 30 mins.
You see crypto (that is USDT)is very useful as savings and as a store of value. Far better than the Naira.

That's cool. I have never touched crypto though.

I have never even heard of OKX. So many I am ignorant of.

TIN is easy from Ikeja or Lagos Island. How can you have corporate clients without it.

DeepSight:
That's cool. I have never touched crypto though.

You are really missing out on cutting edge technology. I mean blockchain technology as a whole of which crypto is just a part of. I only deal with USDT for saving purposes, bit now I am venturing into meme coins particularly on Solana blockchain. If you are lucky, it can make you a millionaire overnight. Also you could lose all your money in a manner of minutes, you just have to know what you are doing.

TIN is easy from Ikeja or Lagos Island. How can you have corporate clients without it.

The company was dormant for almost 10 years, I only revived it 2 years ago and no one demanded for it.

wirinet:
You are really missing out on cutting edge technology. I mean blockchain technology as a whole of which crypto is just a part of. I only deal with USDT for saving purposes, bit now I am venturing into meme coins particularly on Solana blockchain. If you are lucky, it can make you a millionaire overnight. Also you could lose all your money in a manner of minutes, you just have to know what you are doing.
.

The bold is what I fear. It happened massively to my brother a while ago.

wirinet:
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.

so what is difference,is a highly clindestine organization alllowung money laundry to destroy nations Economies.If evil ban them them now,scammers and drug dealers are their patrons.

Davidic1999:
Just like how it was passed down to you

No matter what you say or do, you will still not be smart

MrDoGood:
No matter what you say or do, you will still not be smart

this is a battle you have lost, just give up mate

Jimoh Ibrahim, NIMASA boss is alleged to have stolen 1.5 trillion naira and another 9.55 million dollars.

https://www.youtube.com/watch?v=Q3Oqj9eKB6Q?si=5kIpOVVd4_25HOfK
This is just money allegedly stolen by one person, a DG of one of the close to 1000 government parastatal. The money stolen by all the DGs, chairmen and MDs of all the other parastatals is better imagined.
Meanwhile president Tinubu, CBN governor Cardoso and APC supporters are blaming Binance and bureau de change that is destroying the economy