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#Write2Earn Binance Implements a #USDT. Price Cap in Order to Comply with #Nigerian Regulations
♦️ In order to comply with Nigerian local authorities, Binance has placed a cap on the price at which Tether USDT tokens may be sold on its peer-to-peer (P2P) network. Currently, traders on Binance are unable to sell USDT for more than a ceiling of 1,802 naira per USDT.
🔶 The cryptocurrency exchange assured its Nigerian users that it would collaborate closely with legislators, local authorities, and regulators to make sure that users who violate the price cap are taken seriously. Users can transact directly with other users to buy and sell cryptocurrency for fiat money using Binance P2P.
🔷 The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.
♦️ The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser in Nigeria launched a cooperative effort to address the problems harming the nation’s economic stability and stop FX speculation.
🔶 The campaign emphasizes how speculators’ actions, both locally and abroad and via various channels, have contributed significantly to the depreciation of the naira, escalating inflation and creating economic instability in Nigeria.
🔷 The naira significantly declined against the US dollar on the foreign exchange rate market when the Nigerian government unified the forex windows in the middle of 2023. It doubled from roughly 700 naira/$1 to a record high of over 1,500 naira/$1.
♦️The Nigerian Securities and Exchange Commission (SEC) advised domestic investors not to use Binance in July 2023. The organization said that the platform’s activities were unlawful and that it lacked a license to operate in the nation. It also served as a reminder to the general public of the high degree of risk and possible complete loss of investments:
♦️ In order to comply with Nigerian local authorities, Binance has placed a cap on the price at which Tether USDT tokens may be sold on its peer-to-peer (P2P) network. Currently, traders on Binance are unable to sell USDT for more than a ceiling of 1,802 naira per USDT.
🔶 The cryptocurrency exchange assured its Nigerian users that it would collaborate closely with legislators, local authorities, and regulators to make sure that users who violate the price cap are taken seriously. Users can transact directly with other users to buy and sell cryptocurrency for fiat money using Binance P2P.
🔷 The price cap prevented traders from selling above it, forcing them to switch to other exchanges where they could transact without limitations.
♦️ The Central Bank of Nigeria (CBN) and the Office of the National Security Adviser in Nigeria launched a cooperative effort to address the problems harming the nation’s economic stability and stop FX speculation.
🔶 The campaign emphasizes how speculators’ actions, both locally and abroad and via various channels, have contributed significantly to the depreciation of the naira, escalating inflation and creating economic instability in Nigeria.
🔷 The naira significantly declined against the US dollar on the foreign exchange rate market when the Nigerian government unified the forex windows in the middle of 2023. It doubled from roughly 700 naira/$1 to a record high of over 1,500 naira/$1.
♦️The Nigerian Securities and Exchange Commission (SEC) advised domestic investors not to use Binance in July 2023. The organization said that the platform’s activities were unlawful and that it lacked a license to operate in the nation. It also served as a reminder to the general public of the high degree of risk and possible complete loss of investments:
🔴🔴 SYMPATHY ALERT 🔴🔴
#Nigerian users on Binance, it's time to raise our voices about the challenges of funding our accounts from Nigeria! Too many of us are losing our hard-earned money to scams under the guise of funding or withdrawing from Binance. This needs to change!
We call on the Binance team to provide a viable solution to ensure the safety and accessibility of our funds. Other countries manage to use Binance despite similar challenges, so why can't we?
Let's come together and push for a secure and seamless experience. Our money matters, and our voices do too!
#Write2Earn #CryptoPCEWatch #Megadrop #CertiKvsKraken
#Nigerian users on Binance, it's time to raise our voices about the challenges of funding our accounts from Nigeria! Too many of us are losing our hard-earned money to scams under the guise of funding or withdrawing from Binance. This needs to change!
We call on the Binance team to provide a viable solution to ensure the safety and accessibility of our funds. Other countries manage to use Binance despite similar challenges, so why can't we?
Let's come together and push for a secure and seamless experience. Our money matters, and our voices do too!
#Write2Earn #CryptoPCEWatch #Megadrop #CertiKvsKraken
Nigerian crypto community split over govt’s bid for Binance user data
"Chukwumaeze Dike, a crypto enthusiast and cybersecurity specialist, said he finds the request for the top 100 users surprising and doubts Binance will comply.
Nigerian cryptocurrency stakeholders are weighing in on the government’s request for Binance to disclose details about its top 100 users in the country amid a crackdown on the exchange. Opinions in the crypto community vary, with some supporting the government’s actions while others disagree.
In interviews with Cointelegraph, local crypto stakeholders shared their opinions about the situation. Crypto analyst Rume Ophi said that the government was well within its rights, as requests like this are always made when the government is trying to investigate national security matters.
However, Ophi’s opinion doesn’t sit well with that of other local crypto enthusiasts who took to X to express their disagreement. Chukwumaeze Dike, a crypto enthusiast and cybersecurity specialist, said he finds the request for the top 100 users surprising and doubts Binance will comply.
However, Nigerian finance professional Olumide Adesina took to X to inform Binance users about the specified terms for disclosing such information via the company’s Government Law Enforcement Request System.
The Binance Government Law Enforcement Request System states that Binance may share user information with courts, law enforcement authorities, regulators, attorneys or other third parties to comply with laws and respond to law enforcement and regulatory requests, especially when compelled to by a subpoena, court order, search or seizure warrant."
Published by AMAKA NWAOKOCHA on Cointelegraph
#NigerianTraders #NigeriaNews #Nigerians #Nigerian
Nigerian cryptocurrency stakeholders are weighing in on the government’s request for Binance to disclose details about its top 100 users in the country amid a crackdown on the exchange. Opinions in the crypto community vary, with some supporting the government’s actions while others disagree.
In interviews with Cointelegraph, local crypto stakeholders shared their opinions about the situation. Crypto analyst Rume Ophi said that the government was well within its rights, as requests like this are always made when the government is trying to investigate national security matters.
However, Ophi’s opinion doesn’t sit well with that of other local crypto enthusiasts who took to X to express their disagreement. Chukwumaeze Dike, a crypto enthusiast and cybersecurity specialist, said he finds the request for the top 100 users surprising and doubts Binance will comply.
However, Nigerian finance professional Olumide Adesina took to X to inform Binance users about the specified terms for disclosing such information via the company’s Government Law Enforcement Request System.
The Binance Government Law Enforcement Request System states that Binance may share user information with courts, law enforcement authorities, regulators, attorneys or other third parties to comply with laws and respond to law enforcement and regulatory requests, especially when compelled to by a subpoena, court order, search or seizure warrant."
Published by AMAKA NWAOKOCHA on Cointelegraph
#NigerianTraders #NigeriaNews #Nigerians #Nigerian
To all #Nigerian reading this message:
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Joining our group is your gateway to hassle-free crypto transactions. Whether you're a seasoned trader or just dipping your toes into the world of cryptocurrency, you can rest assured that your assets are in safe hands with me as your trusted escrow.
Don't miss out on this opportunity to experience a new standard of security and convenience in your crypto transactions. Click the link below to join our platform group and start trading with confidence:
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Thank you for considering my Escrow service. I look forward to serving you and building a thriving crypto community together.
Warm regards,
Abubakar
Greetings! My name is Abubakar, and I am excited to introduce you to a groundbreaking Escrow service tailored specifically for our community. In an era where trust and security are paramount, I have developed a new Escrow service that facilitates seamless transactions for buying and selling crypto-related assets.
Why should you trust me? Allow me to assure you that I operate with the highest level of integrity and professionalism. With years of experience in the crypto space and a deep understanding of our unique market needs, I am committed to providing a safe and reliable platform for all your transactions.
Joining our group is your gateway to hassle-free crypto transactions. Whether you're a seasoned trader or just dipping your toes into the world of cryptocurrency, you can rest assured that your assets are in safe hands with me as your trusted escrow.
Don't miss out on this opportunity to experience a new standard of security and convenience in your crypto transactions. Click the link below to join our platform group and start trading with confidence:
talk to me I will add you to the group +2348066061198
Thank you for considering my Escrow service. I look forward to serving you and building a thriving crypto community together.
Warm regards,
Abubakar
The fluctuating stance of the Nigerian government on cryptocurrency has left investors in limbo. With conflicting messages from regulatory bodies like the SEC and the CBN, clarity is elusive. Despite attempts to regulate, Nigerians remain drawn to digital currencies, particularly Bitcoin.
#CryptoNigeria #SEC败诉 #Nigerian #cryptoniteuae
#CryptoNigeria #SEC败诉 #Nigerian #cryptoniteuae
🔥🔥🔥 #Nigerian Civil Society Groups Praise Crypto Tax Proposal
A coalition of Nigerian civil society organizations (CSOs) has applauded Zacch Adedeji, head of the Federal Inland Revenue Service (FIRS), for his proposal to incorporate cryptocurrencies into the tax system. The CSOs believe this move will enhance confidence in the crypto market and attract foreign investment. They also stress the need for a regulatory framework specifically designed for #CryptocurrencyTrading to manage the sector effectively.
Nigerian Tax Laws Outdated for Digital Economy
- The coalition has praised Zacch Adedeji, the executive chairman of FIRS, for his initiative to integrate #Cryptocurrencies into Nigeria’s tax system. According to Mallam Yakubu Mohammed, the coalition’s national secretary, and Barr Godspower Ebi, the national coordinator, this proposal is expected to increase confidence in the cryptocurrency market & safeguard consumers. They also believe it will help curb tax evasion related to cryptocurrencies and draw foreign investors.
- Adedeji first introduced this proposal during his appearance before the Nigerian National Assembly joint committee. He highlighted that current Nigerian tax laws are outdated and do not align with the realities of the modern digital economy.
- Mohammed & Ebi supported this view, emphasizing the need to update tax regulations to keep pace with the evolving digital financial landscape. They noted, “Adedeji’s approach aligns with global best practices & demonstrates leadership in adapting Nigeria’s tax policies to the digital economy. This move will foster a more transparent, secure, and vibrant financial system for Nigeria.”
- The CSOs pointed out that existing Nigerian tax regulations, including the Stamp Duty Act of 1939, are obsolete & inadequate for addressing the complexities of digital currencies. They also stressed the necessity of developing a regulatory framework tailored specifically for cryptocurrency trading to effectively manage the sector.
Source - news.bitcoin.com
#CryptoMarkets #BinanceSquareTalks
A coalition of Nigerian civil society organizations (CSOs) has applauded Zacch Adedeji, head of the Federal Inland Revenue Service (FIRS), for his proposal to incorporate cryptocurrencies into the tax system. The CSOs believe this move will enhance confidence in the crypto market and attract foreign investment. They also stress the need for a regulatory framework specifically designed for #CryptocurrencyTrading to manage the sector effectively.
Nigerian Tax Laws Outdated for Digital Economy
- The coalition has praised Zacch Adedeji, the executive chairman of FIRS, for his initiative to integrate #Cryptocurrencies into Nigeria’s tax system. According to Mallam Yakubu Mohammed, the coalition’s national secretary, and Barr Godspower Ebi, the national coordinator, this proposal is expected to increase confidence in the cryptocurrency market & safeguard consumers. They also believe it will help curb tax evasion related to cryptocurrencies and draw foreign investors.
- Adedeji first introduced this proposal during his appearance before the Nigerian National Assembly joint committee. He highlighted that current Nigerian tax laws are outdated and do not align with the realities of the modern digital economy.
- Mohammed & Ebi supported this view, emphasizing the need to update tax regulations to keep pace with the evolving digital financial landscape. They noted, “Adedeji’s approach aligns with global best practices & demonstrates leadership in adapting Nigeria’s tax policies to the digital economy. This move will foster a more transparent, secure, and vibrant financial system for Nigeria.”
- The CSOs pointed out that existing Nigerian tax regulations, including the Stamp Duty Act of 1939, are obsolete & inadequate for addressing the complexities of digital currencies. They also stressed the necessity of developing a regulatory framework tailored specifically for cryptocurrency trading to effectively manage the sector.
Source - news.bitcoin.com
#CryptoMarkets #BinanceSquareTalks
Trading on Binance: Exploring Alternatives for Nigerian Users Post P2P Function Disabling
In the wake of the disabling of the Peer-to-Peer (P2P) function for Nigerian users on Binance, many traders are left wondering about their options. However, with this feature now unavailable, Nigerian users may feel stranded and unsure of how to continue trading.
But fear not, Nigerian traders! There are still avenues available for you to engage in cryptocurrency trading on Binance, even without the P2P function. Here's how:
1. Switching to Other Supported Currencies:
While the Nigerian Naira (NGN) may no longer be available as a default currency for P2P trading on Binance, users can explore other supported currencies such as USD, EUR, or GBP. By switching to these currencies, Nigerian users can continue trading on the platform without the need for the P2P function.
2. Creating AirTM or Skrill Accounts:
For those looking to trade in USD, creating an AirTM or Skrill account can provide a solution. These platforms allow users to send, receive, and exchange currencies, making it convenient for Nigerian traders to receive payments for P2P trades in USD.
3. Exploring Other Foreign Accounts:
In addition to AirTM and Skrill, Nigerian users can also consider creating accounts on other foreign payment platforms that support cryptocurrency trading. Platforms such as PayPal, Payoneer, and others may offer solutions for receiving payments in foreign currencies.
While the disabling of the P2P function for Nigerian users on Binance may initially seem like a setback, it's important to remember that there are still alternatives available. By exploring different currencies and leveraging external payment platforms, Nigerian traders can continue to participate in the cryptocurrency market on Binance and beyond.
With determination and adaptability, Nigerian users can navigate this new landscape and continue to thrive in the world of cryptocurrency trading.
Read more on Miahzworld.com.ng
#TrendingTopic #BTC #NigeriaCrypto #Nigerian #p2p-market
In the wake of the disabling of the Peer-to-Peer (P2P) function for Nigerian users on Binance, many traders are left wondering about their options. However, with this feature now unavailable, Nigerian users may feel stranded and unsure of how to continue trading.
But fear not, Nigerian traders! There are still avenues available for you to engage in cryptocurrency trading on Binance, even without the P2P function. Here's how:
1. Switching to Other Supported Currencies:
While the Nigerian Naira (NGN) may no longer be available as a default currency for P2P trading on Binance, users can explore other supported currencies such as USD, EUR, or GBP. By switching to these currencies, Nigerian users can continue trading on the platform without the need for the P2P function.
2. Creating AirTM or Skrill Accounts:
For those looking to trade in USD, creating an AirTM or Skrill account can provide a solution. These platforms allow users to send, receive, and exchange currencies, making it convenient for Nigerian traders to receive payments for P2P trades in USD.
3. Exploring Other Foreign Accounts:
In addition to AirTM and Skrill, Nigerian users can also consider creating accounts on other foreign payment platforms that support cryptocurrency trading. Platforms such as PayPal, Payoneer, and others may offer solutions for receiving payments in foreign currencies.
While the disabling of the P2P function for Nigerian users on Binance may initially seem like a setback, it's important to remember that there are still alternatives available. By exploring different currencies and leveraging external payment platforms, Nigerian traders can continue to participate in the cryptocurrency market on Binance and beyond.
With determination and adaptability, Nigerian users can navigate this new landscape and continue to thrive in the world of cryptocurrency trading.
Read more on Miahzworld.com.ng
#TrendingTopic #BTC #NigeriaCrypto #Nigerian #p2p-market
Binance executive #TigranGambaryan appeared in a #Nigerian court on crutches, reportedly in severe pain, as his trial for money laundering resumed.
Held for six months, Gambaryan's health has deteriorated significantly, suffering from a herniated disc, pneumonia, malaria, and tonsillitis. 😷
His family and lawyers claim he has been denied adequate medical care and access to legal counsel.
The case has drawn criticism from Binance and Gambaryan’s family, with calls for U.S. intervention on humanitarian grounds. 🧐
#DOGSONBINANCE #TON #TelegramCEO $BNB
Held for six months, Gambaryan's health has deteriorated significantly, suffering from a herniated disc, pneumonia, malaria, and tonsillitis. 😷
His family and lawyers claim he has been denied adequate medical care and access to legal counsel.
The case has drawn criticism from Binance and Gambaryan’s family, with calls for U.S. intervention on humanitarian grounds. 🧐
#DOGSONBINANCE #TON #TelegramCEO $BNB
⛔️⛔️ SYMPATHY ALERT ⛔️⛔️
#Nigerian users on Binance, are we going to remain silent about the challenges of funding our accounts from Nigeria? Many of us are losing our hard-earned money to scams under the guise of funding or withdrawing from Binance.
It's crucial for the Binance team to offer a viable solution to this issue. While we understand the government's role, other countries manage to use Binance despite similar challenges.
Let's work together to find a solution that ensures the safety and accessibility of our funds.
#BinanceTournament #MicroStrategy #Write2Earn! #altcoins
#Nigerian users on Binance, are we going to remain silent about the challenges of funding our accounts from Nigeria? Many of us are losing our hard-earned money to scams under the guise of funding or withdrawing from Binance.
It's crucial for the Binance team to offer a viable solution to this issue. While we understand the government's role, other countries manage to use Binance despite similar challenges.
Let's work together to find a solution that ensures the safety and accessibility of our funds.
#BinanceTournament #MicroStrategy #Write2Earn! #altcoins