Anguldi:


You and long questions. It's for those that know the history

Anguldi:

Brutal Ribadu and his Boss , President Bola Ahmed Tinubu whom is ever ready to deal with who so ever.
Just like General Abacha jailed bankers and Sanusi sacked and jailed bank executives .

The heat go reach everybody. Watched for sacking and arrest during this Qatar visit.

Donsheddy:


When i read some comments from some individuals here.... Im convinced deep down that Nigeria can never get better....
I wish things was different but its the truth....
Binance or bdc isn't the cause of our problem but our leaders and a lot of people are still hell bent on defending them ....
I begin to wonder like how....

Its simple there's too much unproductive naira in circulation which has lead to this increased exchange rate.....

Previous govt took series of loans (unproductive loans that wasn't properly utilized or should i say looted and that's what we are suffering today)

And the current administration is doing the same thing if anybody tells you the naira wont keep falling then he's a liar.......

Its simple the govt takes a loan at 20% interest to be paid in 8 year....
What this means js that we have practically devalued the naira by 20%

Now imagine the govt is already clearing up the naira at almost 30% interest...
It means more naira will be chasing the dollar soon....

If those loans are looted and isnt used properly....

But we all know it will be looted as usual

fortune1968:
But ,if such huge amount of dollars disappeared ,what are they doing with it ? Where is the National interest of those who are involved ?

emkz:


You really do not get it.

By not having any operating license in Nigeria, that itself means that they have breached Nigeria's financial regulations by even operating within Nigeria and listing our currency!

Do you even know the implications of that?

You must have heard that United States impose punitive sanctions on banks like UBS AG Switzerland, BNP Paribas SA France. You'd also recall that USA FBI went after Hushpupi. Did you ever ask yourself what gives US the powers and jurisdiction to fine or arrest those people?

https://www.cnn.com/2023/07/24/business/credit-suisse-ubs-archegos-fined/index.html


https://www.washingtonpost.com/news/monkey-cage/wp/2014/06/30/an-8-9-billion-fine-shows-that-foreign-banks-evade-u-s-laws-at-their-peril/

[b]If you go and use the US dollars for any transaction outside US soil that violates the US laws against such use, including attempting to use it to manipulate another country's currency pegged against the US dollars, the US SEC will assume jurisdiction immediately and fine you. [/b]If you are not registered in Nigeria and you are using your platform to manipulate Nigeria's currency value using the US dollars, you'd have problems with US and Nigeria. Incase you are not aware, Binance ex-CEO is awaiting jail sentence in the US for money laundering. Then let it be established that Binance was used for terrorism financing.

You can imagine what the US would do to them.

Please make una dey try read. It is tiring to be explaining these basic things to apparently educated people.

ogaontop:

Hahaha, you need to top up your crypto knowledge bro!
1. Do you even know that USDT is not the same as USD?
2. The US is already regulating cryptocurrency and has strict laws on crypto
3. Which Nigerian law is regulating crypto?
4. Do you know USDT can be traded against USD itself and every other world currency in Binance?
5. Do you also know how many lawsuits those that floated USDT have won based on a similar analysis of yours?
6. Do we have adequate laws regulating what happens in our internet space (Binance inclusive)
7. Do you know there are many other crypto firms currently operating in Nigeria operating freely doing exactly same things as Binance, even as we speak, many people have diverted to these crypto exchanges doing p2p and govt is pursuing Binance!

PS:
1. If Nigeria has wise lawyers, they should only find a way and pin money laundering on Binance and not on other things they are saying!
2. When CBN printed 30 trillion Naira out of nowhere from last 8 years, what were you even expecting of our currency?

iichidodo:
If the dollar is so valuable in Nigeria, why can't the Nigerian state gear up it's institutional machinery and print the Dollar. What's the worse America can do?

lexy2014:


which crimes did the BDCs commit that makes them part of the problem?

GoodSpirit:



What has Nigerians making income on Binance has to do with been saboteurs? You guys should use your frontal lobe properly it's not for fancy.

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

emkz:


"Went through" is the phrase I used. But in your rush to peddle your hare-brained thinking, you claimed I said binance held $26billion.

Now my bank account analytics tells me I have done transactions worth 6.8 million naira between October 2023 and today. In your hare brain, you'd interpret that to mean that I have 6.8 million naira in my account.

Return your degree to the university that awarded it to you and go and register to become a prostitute.

Phineky:

I wanted to reply him actually but arguing with people like Theunbothered?
Hell no!!

emkz:


You really do not get it.

can imagine what the US would do to them.

Please make una dey try read. It is tiring to be explaining these basic things to apparently educated people.

ElasmoBranchii:


I have done my research and those banks you mentioned have operational licenses in the USA. The link you provided even stated it many times about UBS.

I no know wetin bring hushpuppi for this discussion but I hope you know hushpuppi's fraudulent schemes were also in the USA if not they won't have any interest in him just like they don't have any interest in these our polithiefcians.

Also don't compare the influence the USA has with that of Nigeria
These are quotes taken from one of your links:
Only a few states have any real capacity to enforce their own laws extraterritorially on a wide scale.

Also this
For private entities that fear becoming targets of U.S. extraterritorial regulation, the bite is this: The very ties that provide a basis (under U.S. law) for U.S. jurisdiction in the first place are often connected to assets that later can be seized to satisfy penalties for violations.

Which I have told you before is one of the reasons Nigeria can't collect any fine from Binance. They don't have any assets here. Which is why the Nigerian government resorts to kidnapping.

Now let's come to Binance CZ. Binance has a US subsidiary called Binance US and they made an agreement in which no US citizens should be able to trade on the official Binance.com platform only on Binance US but Binance CZ didn't stick to this rule and allowed some high profile US citizens to trade on the official site there by escaping the eyes of US regulator. CZ was aware of what he was doing because the evidence that the US had been gathering and uncovered was overwhelming that was why CZ pleaded guilty to money laundering and stepped down.

When you see news headlines abeg try read the full details no just read headline. It is tiring to be explaining these basic things to apparently educated people

lexy2014:


which crimes did the BDCs commit that makes them part of the problem?

emkz:


It was the parallel market that operated without any regulation.

When banks refused to fulfill their fx obligations to customers, they referred customers to the BDCs and until today, there has been no explanation for the spike of dollar exchange rate which happened in the BDCs.

No central bank can afford to lose control of the market. Like I argued, floating the currency is not equivalent to floating the market. You do not trade dollars like you trade guguru and ekpa where all sorts of himan beings access dollars without trace.

Countries like Japan, the US and in the EU where their currencies are floated, BDCs are heavily regulated so that every forex trade can be traced. It was not the case with Nigeria.

Like an economist argued, Nigeria's exports exceeded her imports in the last year, which meant there was supposed to be dollar liquidity in the system. Where are the dollars?

They disappeared through the BDCs.

There is a possibility that more than $100billion cannot be found.

Also recall that Yemi Cardoso said $26billion went through binance without trace. If these things happen in certain countries, people would be quietly assassinated.

adabaraabdul:

the BDCs that followed guidelines are safe, simple! The government is taking several steps and our naira is gaining value, are u not happy with these gains? let us try to support the government to work pls.

Asswipemod:


Incredible! What a question!

lexy2014:


Incredible! so you mean you dont have the answer to the question?

which crimes did the BDCs commit that makes them part of the problem?

AngelicBeing:


Like seriously, are you not in Nigeria , reading the havocs eg round-tripping, hoarding of dollars, shortchanging, mago mago / connoivance with different dodgy bank executives etc that BDC operators are involved in , if you ask me further questions again after educating you, l will ban and bin your account for a long time

emkz:

CBN Revokes Operational Licenses of 4,173 BDCs

The Central Bank of Nigeria (CBN), in exercise of the powers conferred on it under the Bank and Other Financial Institutions Act (BOFIA) 2020, Act No. 5, and the Revised Operational Guidelines for Bureaux De Change 2015 (the Guidelines), has revoked the licenses of 4,173 Bureaux De Change Operators.

The list of affected BDC operators is available on the Bank's website (www.cbn.gov.ng).
The affected institutions failed to observe at least one of the following regulatory provisions:

• Payment of all necessary fees, including licence renewal, within the stipulated period in line with the Guidelines.

• Rendition of returns in line with the Guidelines.

• Compliance with guidelines, directives and circulars of the CBN, particularly Anti-Money Laundering (AML), Countering the Financing of Terrorism (CFT) and Counter-Proliferation Financing (CPF) regulations.

The CBN is revising the regulatory and supervisory guidelines for Bureau de Change operations in Nigeria. Compliance with the new requirements will be mandatory for all stakeholders in the sector when the revised guidelines become effective.

Members of the public are hereby advised to take note and be guided accordingly.

March, 01, 2024
Sidi Ali, Hakama (Mrs.) Ag. Director, Corporate Communications

lexy2014:


since you are in Nigeria, then answering the question should not be difficult for you.

where is the education that you have educated?

what are the "mago mago"?

what was the "connoivance" they had with "different dodgy bank executives"?

who are these "different dodgy bank executives "? can you pls name them?

did you witness any BDC round-tripping, hoarding of dollars, shortchanging?

how much dollars is in the Nigerian economy and how much of that do BDCs control?

when the CBN accused banks of hoarding dollars, how many banks were closed?

what does "etc" entail?

by the way, your dress is lovely

AngelicBeing:

emkz:


What is the difference between your point 1 and point 4 highlighted?

Where did I argue that USD and USDT are the same? Exactly why is your submission regarding this relevant to what you responded to?

As to your point that Nigerian lawyers should hold Binance for money laundering, is that not what I argued when I mentioned binance? Or your just cherrypick what you want? Is the ex-CEO of binance not being held in the US for money laundering?

You people who seemingly support Binance, what do your stand to gain if Nigeria's economy collapses?

You are right on one thing. I am not a crypto expert. Infact, some people approached me and asked me to invest in it. I attended some seminars and the facilitators were confused about it. So I refused to invest my funds in something I did not understand.

However, I saw a thread where someone explained how the forex market was being manipulated through binance. Since you are a binance and crypto expert, you can please explain the limitations of his analysis.

https://www.nairaland.com/8007585/how-binance-p2p-contributes-plummeting

lexy2014:


since you are in Nigeria, then answering the question should not be difficult for you.

where is the education that you have educated?

what are the "mago mago"?

what was the "connoivance" they had with "different dodgy bank executives"?

who are these "different dodgy bank executives "? can you pls name them?

did you witness any BDC round-tripping, hoarding of dollars, shortchanging?

how much dollars is in the Nigerian economy and how much of that do BDCs control?

when the CBN accused banks of hoarding dollars, how many banks were closed?

what does "etc" entail?

by the way, your dress and your slippers are lovely

AngelicBeing:
You want to tow this path again today,

lexy2014:


since you are in Nigeria, then answering the question should not be difficult for you.

where is the education that you have educated?

what are the "mago mago"?

what was the "connoivance" they had with "different dodgy bank executives"?

who are these "different dodgy bank executives "? can you pls name them?

did you witness any BDC round-tripping, hoarding of dollars, shortchanging?

how much dollars is in the Nigerian economy and how much of that do BDCs control?

when the CBN accused banks of hoarding dollars, how many banks were closed?

what does "etc" entail?

by the way, your dress and your slippers are lovely. so you are still in primary school?