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Some Nigerians were shocked when crypto exchange Binance announced they would discontinue all services in Nigeria by March 8. Despite facing scrutiny from regulators before the announcement, many people still asked how the biggest exchange in crypto could just disappear from the world’s fastest growing market for Bitcoin adoption. I wasn’t shocked because I’ve been predicting this for years. Entrepreneurs in the Global South are under attack and the frontline is a currency war being played out right before our eyes.
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I founded NoOnes, a peer-to-peer Bitcoin trading platform based in the Global South, because I foresaw the problems facing the crypto industry. Three years ago, I saw this day coming. I knew it was coming because I was the CEO of a Bitcoin company based in the United States, and I saw the financial apartheid and all the regulatory problems up close. American regulators hold Africans in such low regard they make rules to suit Westerners and don’t care too much about anyone else. I knew it would be more and more difficult to serve Africans and the rest of the Global South if my company was based in the US. That’s why I created NoOnes.
My only option was to turn my back on a business I had built into a Bitcoin P2P platform with over 10 million users. The problems I saw back then are exploding right now, but blaming governments alone is not the path forward. We must understand the pressures our leaders are under because only when we do that can we come to the table with them to forge a new path ahead. Right now, all we have is a bunch of people cursing each other and that is not the way forward.
This war is about the financial system and the power to control the levers that decide whose money is good and whose money is bad.
