<div class="text-justify"> New projects are often backed by sentiments and risks. A few daring individuals and organizations do take the leap of faith, some as reckless and others as calculated risks. Little wonder the Nigerian government took drastic steps against cryptocurrency when it felt threatened by its existence in the economy. The decision to investigate the status of cryptocurrency, digital asset transactions, and online peer-to-peer was made by the federal House of Representatives as it feels such are national threats due to poor regulations and control over them. A $10 billion fine had been leveled against Binance management after two of its executives were arrested by the National Security Agency. Binance further announced its termination of transactions with the Naira Fiat and urged users to withdraw their assets immediately. Binance has been widely used by Nigerians to exchange crypto for fiat, and this development, as hurtful as it is, will be circumvented sooner or later. https://i.imgur.com/cT7uQxK.jpeg IMAGE TAKEN BY ME See <a href='https://www.google.com/amp/s/punchng.com/just-in-binance-ends-services-in-naira/%3famp'> source </a> <br> Nigeria claims that Binance has facilitated about $56.7 billion worth of transactions that the government was unable to regulate. The government's bid aims to regulate the crypto space to prevent money laundering and fraudulent activities, which is plausible yet affects innocent users gravely. Nigeria transitioned from different phases, ranging from the ban on crypto to partial adoption with strict regulations. This, however, seems like good news, as the Nigerian government has obviously seen that it cannot do without cryptocurrency and, rather than outright rejection, has considered regulations that hopefully will gradually be less toxic to crypto users. The Nigerian government currently seeks to block trade pending proper regulations are put in place. The government of Nigeria has blamed binance on the naira devaluation, as it has constantly and progressively depreciated, worsening the economy and cost of living for the populace. The withdrawal of Binance's service to Nigerian Naira Fiat may have seen a fair price change, but it quickly reverted to the near-high it was before now. <br> Before now, blockchain users such as Hive Friends have utilized Binance Exchange to easily trade crypto and have fiats in their accounts within minutes. Binance users have verified their accounts through measures such as Know Your Customer (KYC). Crypto users have begun to seek alternatives to trading, such as engaging directly with traders with whom they have established cordial relationships (however, this is very risky). Hive users have equally approached me to trade their tokens for fiats, and I have had to redirect them to trusted hive users willing to buy the token. This approach seems fair, yet it is not totally reliable. My withdrawal of Hive to Binance still pulls through, and afterwards, the token is traded for USDT or any other coin of choice (other than Naira). <br> An alternative has been to register and get verified on BYBIT, though I am yet to try it, but sooner or later, I'm certain I will, and my interaction with users on such a platform has been positive as it was populated to be seamless. Thankfully, the anticipated bull run has limited and cautioned withdrawals, unless for those powering down or keeping their assets in USDT or trading other cryptos. <br> One of the things I have come to realize in Nigeria is the instability of the government. Nigeria has formerly banned Twitter (now X), crypto, etc. Over time, either by deliberations or consensus, the government has reverted to its stance, and like I said from the onset, rather than panicking, a way forward would prevail as the majority always prevails. I hope we can stay calm and have a bountiful yield as the bull run rains upon us. <hr> <a href='https://punchng.com/fg-detains-two-binance-executives-report/'> source </a> <a href='https://news.bitcoin.com/the-nigerian-government-and-binance-the-way-forward-cmo-of-flincap/'> source </a> <a href='https://punchng.com/just-in-binance-ends-services-in-naira/'> source </a> Thank you for reading. I would love to have your comments and contributions. </div> Posted Using [InLeo Alpha](https://inleo.io/@jjmusa2004/nigerian-governments-10bn-fine-on-binance-effect-on-nigerian-hive-users-and-alternatives-)
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Wow, If I was living there, probably my wife would forbid me to use hive hehehe! Hopefully your government will change after big countries legalize everything .
author | gwajnberg |
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Hehehe I am optimistic our government would embrace crypto space fully someday soon. Thank you sir
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Congratulations @jjmusa2004! You received a personal badge! <table><tr><td>https://images.hive.blog/70x70/http://hivebuzz.me/badges/pud.s1.png?202403052204</td><td>You powered-up at least 10 HIVE on Hive Power Up Day! This entitles you to a level 1 badge.<br>Participate in the next Power Up Day and try to power-up more HIVE to get a bigger Power-Bee.<br>May the Hive Power be with you!</td></tr></table> <sub>_You can view your badges on [your board](https://hivebuzz.me/@jjmusa2004) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub> **Check out our last posts:** <table><tr><td><a href="/hivebuzz/@hivebuzz/recovery"><img src="https://images.hive.blog/64x128/https://imgur.com/mDUAyyk.png"></a></td><td><a href="/hivebuzz/@hivebuzz/recovery">Rebuilding HiveBuzz: The Challenges Towards Recovery</a></td></tr></table>
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Thank you very much. I'm grateful dear loyal friend 🤗🫂🤗
author | jjmusa2004 |
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You're welcome @jjmusa2004. BTW, may we ask you to support our proposal so our team can continue its work? You can do it on [Peakd](https://peakd.com/me/proposals/248), [ecency](https://ecency.com/proposals/248), [Hive.blog](https://wallet.hive.blog/proposals) or [using HiveSigner](https://hivesigner.com/sign/update_proposal_votes?proposal_ids=%5B%22248%22%5D&approve=true) https://peakd.com/me/proposals/248 Thank you.<div><a href="https://engage.hivechain.app">![](https://i.imgur.com/XsrNmcl.png)</a></div>
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Trying to continue centralization in a decentralized future is one change the Nigerian government are not ready for because they will lose with the current way they are running the economy. They are not seeing the huge impact it could have on the economy if they adopt it and form their own digital asset
author | kilvnrex |
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Unfortunately, we focus on misplaced priorities rather than exploring opportunities
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Yeah right
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They hate cryptocurrency so much because it's something that's not within their control. They have tried so many times to regulate it but failed to do so. This current Binance saga is just temporary, other exchanges has replaced the role of Binance just within a day of it shutting down its p2p market and now I wonder what the government will do next
author | kushyzee |
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You're right, sooner or later, they will understand and revert their stand. Rather than reject crypto, they'll be compelled to embrace it
author | jjmusa2004 |
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I think the instability of the government's decisions can be bad for their reputation. It seems they're not knowledgeable enough on what they're doing, since they will make a decision only to later revert on it. I hope the Binance issue gets resolved soon, because clearly, this is not the main reason why the Naira's devaluation.
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You're right, they do not want to invest in professionals that can align the government with crypto which has been our poor nature as a nation. I hope Binance's issue gets resolved too. The exchange has been very friendly to use
author | jjmusa2004 |
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