A few Nigerians were taken aback when cryptocurrency exchange Binance announced that it would suspend all operations in Nigeria by March 8. Despite facing scrutiny from controllers some time lately the declaration, many people still wondered how the greatest trade in crypto seem fair evaporate from the world's quickest growing market for Bitcoin selection. I wasn't startled because I'd been anticipated this for a long time.
Businesspeople in the Global South are under attack, and it appears like a money war is taking place right in front of our eyes.
I founded NoOnes, a peer-to-peer Bitcoin trading platform focused in the Global South, since I predicted the challenges facing the cryptocurrency sector. I anticipated this day three years ago.
My only an alternative was to abandon the business I had created into a Bitcoin P2P platform with over ten million members. The problems I saw back then are exploding right now, but blaming governments is not the solution. We must comprehend the pressures that our leaders face because only then can we join them at the table to construct a fresh route forward. Right now, all we have is a bunch of people cursing each other, which is not the way ahead.
The conflict is about the financial system and the ability to control the levers that determine who has excellent money and who doesn't. Entrepreneurs in the Global South are locked in their own markets, making it difficult to make payments or conduct business with neighbouring countries. It is virtually impossible for the average African entrepreneur to scale a business by moving beyond the African continent. And now that Binance has departed Nigeria, some local firms are asking what will happen next.
To effectively tap the value-creation potential of Global South entrepreneurs, we must nurture them and provide a climate in which they may thrive. That is only conceivable if we do what I have been recommending for years: secure free trade by establishing a free-flowing money system. Making it happen won't be easy, which is why I had to make some difficult decisions. I had to leave the United States, give up a profitable firm I built, and start over in the Global South.
I understand why Binance had to leave Nigeria, and I think it will happen to other crypto companies in different countries too. Running a crypto business or a bitcoin marketplace in Africa from a different continent is very difficult because you need to be there in person to understand the problems and come up with solutions. I knew we couldn't help people who don't have bank accounts if we didn't have people working directly in the Global South. That's why we set up NoOnes there from the beginning. I'm not a crazy person who spent eight years working for a company and then suddenly quit. I made NoOnes so I could be present for this.
I understand why Binance had to leave Nigeria, and I think it will happen to other crypto companies in different countries too. Running a crypto business or a bitcoin marketplace in Africa from a different continent is very difficult because you need to be there in person to understand the problems and come up with solutions. I knew we couldn't help people who don't have bank accounts if we didn't have people working directly in the Global South. That's why we set up NoOnes there from the beginning. I'm not a crazy person who spent eight years working for a company and then suddenly quit. I made NoOnes so I could be present for this.
I've met many Nigerian entrepreneurs who are good with technology, and I think there's a reason why so many people here use Bitcoin. They have been held back by a bad global money system for a long time, which keeps them from growing. Bitcoin and NoOnes allow entrepreneurs to demonstrate their abilities when the markets are open and money is able to move freely. All they need to grow is a fair chance. They just need a chance to succeed, and when we give them an opportunity, they take it. That's why NoOnes is not just making the best website to purchase Bitcoin. We are doing everything we can to provide them with life-changing opportunities.
When I talk to groups of people in Africa about Bitcoin and our peer-to-peer platform, they get really excited. When I speak to them alone, I am amazed at how hardworking and business smart they are. Our next goal is to help these business owners grow their businesses. We are making a product that will help people start businesses in their own country and make money for themselves and their country.
Even though Binance Nigeria is leaving, there are still many opportunities available. NoOnes was created for now, and we are ready to help smart Nigerians who understand Bitcoin and want to be part of the new era of success in the Global South. The challenges we face could be difficult, but the chances in the fastest growing continent on Earth are worth it.
This post was written by Ray Youssef. The opinions are their own and may not be the same as BTC Inc or Bitcoin Magazine.
Original: Read the latest news from Bitcoin Magazine for valuable insights and updates on all things related to Bitcoin and cryptocurrency. " Rewritten: "Find the newest information about Bitcoin and cryptocurrency in Bitcoin Magazine for helpful tips and updates.
Binance left Nigeria, and now no one is helping.
#BinanceleaveNigeria #BTC #Binance
