More bad news for Binance makes me worried about Nigeria

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In yet another horrible PR situation, Binance exchange has been giving the boot in Malaysia. Every time I read about a country kicking out Binance, I read it with a high level of apprehension because I'm heavily reliant on them.

I've taken steps to move away from my overdependency on the exchange but it really can't be helped because they seem to be the only exchange that's very connected to the Nigerian population. They're quite popular around here and virtually everyone that gets onboarded goes in through Binance.

Constant hounding

The exchange has been facing scrutiny from financial watchdogs in various parts of the world. Recently, Malaysia joined the list of countries that have it in for the exchange.

According to the publication, Binance exchange has been operating illegally in the Asian country, and so they'll be booted out of the country. This is coming after previous warnings in 2020.

Binance has already been facing scrutiny in countries like UK, USA, Italy, and Germany, to name a few. This bad rep is definitely not good for business.

Targeting crypto

Binance is no saint but we can't deny its immense impact on the world of cryptocurrencies. It might be a bit of a stretch to say this but attacking Binance feels like an attack on the entire crypto community.

I don't think there's anyone in the world that hasn't had some level of dealings with Binance exchange. I mean, there's a reason why they're regarded as the biggest exchange in the world.

What will Nigeria do?

Well, for now there's not been any issues with Binance in the country. I think there's some level of romance between the "common man" and the exchange, which in turn makes me very nervous because everything that improves life often gets destroyed by this particular administration.

There's no sign of Binance facing any sort of sanction in the country but that doesn't mean everything is clear. Remember that Nigeria still has that annoying crypto policy that prevents financial institutions from touching it.

With a policy like that still in effect, it's not out of the question for the administration to randomly accuse Binance of 'operating illegally" in the country.

It's not like it's out of the question, especially when you consider the Twitter ban that was put in place that has invariably hampered the growth of many businesses that depend on the social network. If something like Twitter can be banned, what's stopping them from going after Binance?

Bright spot

Anyway, thanks to the crypto ban by the government, people in the country realised that crypto might be good for them. In an ironic twist, the ban increased interest in crypto trading within the country.

In countries like Nigeria that run on a "kakistocracy", well-meaning individuals simply just do the opposite of whatever the government says. Banning crypto is just one of many decisions that the government has unwittingly led the people on the right path.

Anyway, since financial institutions can't officially touch crypto, people have turned into financial institutions. Other than Binance, many companies now offer P2P services in buying and selling of crypto.

P2P trading has grown into a source of employment within the country. I mean, it's gotten to the point that there retail traders of cryptocurrencies with physical presence. So you can literally walk into the shop and exchange your crypto for Naira without stress.

Thanks to the ban, crypto has more physical presence in Nigeria. You know what they say, when life gives you cryptoban, you make cryptobannade.




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19 comments
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I won't deny the fact that it's been scary for me too. Binance is big player in this space, so if it were to go down, it would be like bringing a huge percentage of cryptocurrency investors to a push in mid-way.

Other exchanges just feels stressful for me.

So you can literally walk into the shop and exchange your crypto for Naira without stress.

That sounds amazing, but I've really not come across any, where exactly is this?


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I've seen a few in Yenagoa, Lagos, Kaduna and Warri

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Binance need to watch it because all these PR issues that are having will likely affect the free flow of their business in more decent countries. Of course, not in Nigeria ✌️.

Nigeria works differently. The central body may not care much about Binance and their business but the subsectors will try to do something shady.

On Monday, l met some silly uniformed touts (police) that claimed that Crypto is fraud, forcefully searched People's phones for Binance app, Trust wallet, or anyother Crypto related stuff.

The rest of the story remains a history.

Nigerians are doing well in Crypto but this is not a conducive environment for Crypto projects.


Posted via proofofbrain.io

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We're living in scary times man.

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P2P trading has grown into a source of employment within the country. I mean, it's gotten to the point that there retail traders of cryptocurrencies with physical presence. So you can literally walk into the shop and exchange your crypto for Naira without stress.

Now that's the kind of thing you don't hear about in the mainstream media, interesting.

It's a tough one, I can't see any reason for the Nigerian government banning Binance, but then again there's often no rational reason to government decisions.

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The government is full of shit man. They could wake up one day and pull it out of their ass

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Binance is by no means some innocent little crypto fund, they’ve pulled a lot of shit in recent years one in Uganda with their pink care token! They just like Bitfinex no one even knows where they are headquartered

Probably a big ass fraud in any case like many companies that came out of Hong Kong and China! Binance can implode for all I care it’s just a sleazy shitcoin casino

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lol. If Binance implodes, it will lead to the demise of crypo in many countries

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If a crypto does because of its tether to binance then was it worth keeping around in the first place if its that fragile that it needs to cling to life on a wash traded shit show? lol I can't wait for the regulators to nail these guys and for stable coins to implode, going to be fun.

Just because I hold Bitcoin doesn't mean I support blatant frauds that also hold Bitcoin

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It's not necessarily about the crypto. I'm actually talking about access.

For example, in Nigeria and many countries like Nigeria that are heavily dependent on Binance's facilities, If the exchange stops offering their service, people like me will feel the effect because there will be one less way to convert crypto into Naira.

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Yeah I'm worried to about binance future but I think everything will be alright

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I don't understand why are they so compliant. It's a website after all 😁. It doesn't have location.

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Been thinking about how I'll move my funds and what other option I have. I'm just not ready to pay too much attention to it yet.

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Yea, as bad as it is, Binance is still one of the best options to a lot of people.

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The current situation is worrisome and their PR failures are leading to difficult situations for many users in different countries. The search of alternatives should be the correct idea to get away from binance at the moment.

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Yeah I think so too. Right now, there are some alternatives within the country. They're not as reliable as Binance but at least they work

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