₦airaland Forum

Sheuns:
500k to make 200M in a month. Abeg teach me how you trade so I can try it.

The 200M figure he mentioned is not turnover or profit. It's from the total number of transactions.

For example, you can buy 300 USDT for N500k, sell that same 300 USDT for 510k. Use the 510k to buy 290 USDT and sell everything for 512k.

Your profit in this example is 12k, however the total sum of transactions is N2m / $1180.

Binance doesn't take any cut from P2P transactions, so they'll make N0/$0 from all of this.

jmoore:
Mumu people!

See blackmailing.

Is turnover a crime?

If you want to sue binance, go for the CEO.

It is foolishness and judicial banditry to kidnap a staff that is not liable.

All the noise about extraditing the Kenyan that escaped has shutdown because you have no case.

Imagine talking about Turnover. Minister of Information and National Orientation, Mohammed Idris think Nigerians are ignorant.
Turnover is different from profit, and this turnover is the result of buying and selling of cryptos by Nigerians. So in effect most of the money is still circulating between Nigerians.

If you are not satisfied with present administration it is understandable but must you be disloyal to Nigeria?
Even advanced country like US, China are clamping on Binance operations yet you refused to fathom the potential economic damages it could cause our dear country.
You are busy following celebrities stories while you leave what matters.
It is a very big task for most of you to read through one page of the Nigerian constitution but you wish for good governance.
You once called people like Sowore clout chasers but you are afraid and impatient to hold on to your civil and human rights in front of Nigerian police
We all gotta play our positive parts in the face many bad leadership because is blessed with great resources humanly and materially.
I AM SUPER PROUD TO BE A NIGERIAN

You have such transactions happening inside Nigeria and you don’t know what to do?

This is a government run by Neanderthals

RisenJoe:
I used to defend these Binance guys b4, but when I made a deeper research i realised that its almost like mmm ponzi scheme and Sam friedman is a real con artist who is using investors funds to fund his girlfriend private company

This is how to spot a very clueless person. Sam Friedman is the founder of FTX exchange, how does he relate to Binance? Your entire post stinks of ignorance

I was laughing at those crying all over Nairaland, claiming that Interpol will help extradite the man back to Nigeria.

Make Una go carry am come na.

Nigeria will be the looser in this case

That guy will be released.

Binance is no longer in Nigeria (this could have earned enough revenue for the country)

100% of crypto inclined Nigerians still use Binance (infact millions of Nigerians signed up on binance recently because of NOTCOIN AND TAPSWAP).

Other crypto platforms will never send representatives to discuss any deals with Nigeria.

Even if you block access to this sites, Nigerians will bypass it with VPN.

Since Naira didn't return back to 800/$ after P2P was shut down, everyone now sees this government as a joke.

Ezemarcel:
Why not tax them and us the proceeds to fix the country ... Nawoo for this government

My thought exactly.

jayce232:
They are throwing out false figures because they heard US lawmakers have written to president Biden to get involved in his release. How can a company that is not registered in your country pay tax?

If so, how come they are doing business in Nigeria
Are they supposed to or is it legal for them to do business in Nigeria without registering?

AlwaysPositive:
I was laughing at those crying all over Nairaland, claiming that Interpol will help extradite the man back to Nigeria.

Make Una go carry am come na.

Nigeria will be the looser in this case

That guy will be released.

Binance is no longer in Nigeria (this could have earned enough revenue for the country)


100% of crypto inclined Nigerians still use Binance (infact millions of Nigerians signed up on binance recently because of NOTCOIN AND TAPSWAP).

Other crypto platforms will never send representatives to discuss any deals with Nigeria.

Even if you block access to this sites, Nigerians will bypass it with VPN.

Since Naira didn't return back to 800/$ after P2P was shut down, everyone now sees this government as a joke.

How?
But they don't pay tax
Unless you are talking about new negotiation

AlwaysPositive:
I was laughing at those crying all over Nairaland, claiming that Interpol will help extradite the man back to Nigeria.

Make Una go carry am come na.

Nigeria will be the looser in this case

That guy will be released.

Binance is no longer in Nigeria (this could have earned enough revenue for the country)

100% of crypto inclined Nigerians still use Binance (infact millions of Nigerians signed up on binance recently because of NOTCOIN AND TAPSWAP).

Other crypto platforms will never send representatives to discuss any deals with Nigeria.

Even if you block access to this sites, Nigerians will bypass it with VPN.

Since Naira didn't return back to 800/$ after P2P was shut down, everyone now sees this government as a joke.

A progressive government would have discussed with Binance how to regulate and tax crypto transactions. But it seems that the government is clueless on cryptos and blockchain technology.

As an addition, the age of physical (fiat) currencies is gradually coming to an end. Governments no longer need to be printing paper money, before you even start talking about backing those currencies with gold or any other thing. Most transaction are becoming digital, banks only need to keep ledgers of transactions. This is where blockchain technology comes in.
The CBN tried introducing the e-naira.

whitejs:
If so, how come they are doing business in Nigeria
Are they supposed to or is it legal for them to do business in Nigeria without registering?

They are not doing business in Nigeria, they don't have any physical branch here, but it is Nigerians that are investing with them, because they trust them. We have people buying shares & investing in different foreign companies not domiciled in Nigeria, samething apply to binance. Everyone has an inalienable right to invest their funds in whatever they deem fit at their own risk.

wirinet:
A progressive government would have discussed with Binance how to regulate and tax crypto transactions. But it seems that the government is clueless on cryptos and blockchain technology.

Exactly!
I really don't know who is advising this govt.
This was suppose to be a great revenue generating opportunity for this country. But because of their impatience & greed for quick cash, they think they can blackmail the company & get something huge, instead of taxing them which will even pay more in the long run & will be a sustainable source of revenue for country.

RisenJoe:
I used to defend these Binance guys b4, but when I made a deeper research i realised that its almost like mmm ponzi scheme and Sam friedman is a real con artist who is using investors funds to fund his girlfriend private company

Are you joking? So every blame is on binance.

With this ban of naira on binance, I've been unable to Usdt and it has stopped so many things .. I so much need to buy ..

If This 🤡 of politicians are not benefiting from bet9ja, tell me what’s stopping them from banning and probing them? Gullible Nigerians and dying everyday from thi shading scheme

20billion what? Damn!

jayce232:
These people don't know what they are doing & can never win such case! If the company is not registered in Nigeria, why should they pay tax?? Those trading with them are doing so at their own risk, because they trust binance. So on what ground do u expect a company that is not registered in your country to pay tax?

Thank you, whenever I read comments of Nigerians supporting FG with little or no knowledge I am dumbfounded.
I now understand why Nigeria is backwards. I don't get it.

RisenJoe:
I used to defend these Binance guys b4, but when I made a deeper research i realised that its almost like mmm ponzi scheme and Sam friedman is a real con artist who is using investors funds to fund his girlfriend private company

Don't just type because you want to contribute gibberish to issues beyond your knowledge.

Shikini:
What about the billions of dollars stolen by govern officials?
.

So we should allow an entity to operate without regulation and payment of relevant taxes. Can they try this in their home country.

rasputinn:
Most of that 23 billion dollars apparently came from politicians and government officials doing money laundering

So they use this system to move money.

Sheuns:
These people throw figures around as if we can’t verify what they say. How can Binance have a turnover of $20bn from Nigeria alone? How?

These guys should be reasonable na.

Exactly. Like how much is the entire company worth sef?

Tech na your mate!

Answer somebody that I don't know maybe he has managed his own life well, giving opinion to people who have achieved probably more than his lineage.

lexy2014:
But if you know better than the person you responded to, why didn't you answer his question?

RisenJoe:
I used to defend these Binance guys b4, but when I made a deeper research i realised that its almost like mmm ponzi scheme and Sam friedman is a real con artist who is using investors funds to fund his girlfriend private company

That's FTX, not Binance.. do your research again.

scriptures01:
Thank you, whenever I read comments of Nigerians supporting FG with little or no knowledge I am dumbfounded.
I now understand why Nigeria is backwards. I don't get it.

They're paid agents on nairaland

Nigeria government. Let them run healter sketer against binance. Crypto has come to stay there is nothing they can do about it. Naira was traded before the present government . They used their policies to kill the naira.

RisenJoe:
I used to defend these Binance guys b4, but when I made a deeper research i realised that its almost like mmm ponzi scheme and Sam friedman is a real con artist who is using investors funds to fund his girlfriend private company

Lol, mr researcher.... What research did you do?

TossTos:
With this ban of naira on binance, I've been unable to Usdt and it has stopped so many things .. I so much need to buy ..

Use Bybit, their NGN P2P is still open. I sold USDT just yesterday.

jayce232:
They are not doing business in Nigeria, they don't have any physical branch here, but it is Nigerians that are investing with them, because they trust them. We have people buying shares & investing in different foreign companies not domiciled in Nigeria, samething apply to binance. Everyone has an inalienable right to invest their funds in whatever they deem fit at their own risk.

Don't mind them, of the thousands of sites accepting money from Nigerians, how many of them have physical presence here. Do aliexpress or alibaba have branches here?

whitejs:
If so, how come they are doing business in Nigeria
Are they supposed to or is it legal for them to do business in Nigeria without registering?

This is the internet age, it's near impossible to stop Nigerians from using the Internet to trade and do business with any site on the Internet. The government should have deviced innovative ways of taxing these companies. Imagine the revenue the government should have gotten from taxing Facebook, Google, Binance, alibaba/aliexpress, in fact any site that receive money from Nigerians.

Imagine Google was to pay the French government close to €1 billion in 2019. Just Google o, by the time you add Facebook, alibaba, ebay and others, you can imagine how much France is raking in from taxing Internet companies.

Even the US issue with Binance has to do with taxes and not currency manipulation shit. The US permitted Binance to operate a US subsidiary different from the parent company for monitoring and tax purposes. The US government wants to collect their own share of the crypto largesse.

Kingsnairaland:
So they use this system to move money.

Oh yea
Untraceably