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Nairaland Forum / Nairaland / General / Business / FOREX Crisis: FG Slams $10 Billion Fine On Binance (30737 Views)
Forex Crisis: FG Plans Clampdown On Binance, other Crypto Firms - Premium Times / FCCPC Imposes $110 Million Fine On British American Tobacco / FOREX Crisis: Naira Plunges To 1,025/$, Job Losses, Factory Shutdown Loom (2) (3) (4)
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Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by adecz: 1:30pm On Mar 01 |
What do you expect when you decide to float the currency of an economically weak country with limited foreign exchange earnings and a big appetite for foreign goods❓❓ Tinubu and his crew are always looking for who to blame on everything they do wrong... 😒😒😒 2 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Killermamba: 1:32pm On Mar 01 |
Mrzed:🤣🤣🤣🤣🤣🤣🤣🤣 The useless federal government is just looking for a way to raise money nothing else, only USA government can drag you till you pay, for Nigeria just bribe the officials with $10m the case will become DOA. 5 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Judolisco(m): 1:33pm On Mar 01 |
Gboom:if they can do that it would be very fine now |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by jubrilELsudan: 1:35pm On Mar 01 |
AS E BE SO NA FOR BINANCE TO PACK GO VILLAGE SO OOOOO
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Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Haaland21: 1:37pm On Mar 01 |
Nice decision Binance is a fraud....more than 15 countries have already banned them. 2 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by poster0001: 1:38pm On Mar 01 |
Ola9ja23:explain how |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by justmondris: 1:38pm On Mar 01 |
Nonsense, It's a P2P trade and sellers are the ones fixing the prices and not Binance. |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Chibzynj: 1:38pm On Mar 01 |
Mrzed: It is unfortunate that binance had to take all the blames of bad policies initiated by government over the past years. I may not be in support of all the activities of binance in Nigeria, especially running business in Nigeria without proper registration, but I m quite sure the government of Nigeria created room for it. Before the advent of cryptocurrency, in which binance is a major stakeholder, international transactions were being carried out over the counter in banks, with Nigerians having the ability to directly convert the money in their Naira account to dollar at official exchange rate without any difficulty. Today or will I say before the the era of FX reform, no Nigerian can carry out FX transactions over the counter in Nigerian bank without having a domicilary account. Nigerian banks started making it difficulty for peoples fund in Naira account to be directly converted to foreign currency for international transactions. The banks choose to sell the dollar allocated to them, to bureau de change (BDC) and then direct their customers to buy form BDC, claiming no foreign currency (dollar) to sell. The emergency of binance saved Nigerians the stress and security risk involve in going to bank to withdraw their money, in order to go to BDC that will offer the best price, to make exchange, then return back with the foreign currency to the same bank they withdraw the money from, to carry out same international transactions at an exorbitant charge. Binance, maybe taking all the blames today, but it still remains one of the cheapest means of send and receiving funds internationally. Peace ✌ 4 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by poster0001: 1:38pm On Mar 01 |
Ola9ja23:but the double dollar exchange isnt shey 2 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by laprince(m): 1:38pm On Mar 01 |
IbeOkehie: I agree with you. I know two men (cousins), they wanted to build a gas plant in Naija, but with what Buhari was doing, they just didn’t even send their money to Nigeria again, let alone invest their resources. These are Nigerians living in the US. They have their families members back in Nigeria. They come home (Naija) few times, but have a strong connection back home. They best they do now is to give few students some scholarship. Now, how on earth can you woo an investor that has no sentimental attachment or family affiliation with Nigeria to invest in Nigeria? They are pushing investors away with their policies. I pray that Nigeria succeeds through all these trials. 8 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by saddler: 1:40pm On Mar 01 |
unclejb2:How will Nigerian government collect the fine? 1 Like |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by andy1(m): 1:42pm On Mar 01 |
Ola9ja23:how exactly bros ![]() ![]() 2 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ArcSEMPECJ(m): 1:43pm On Mar 01 |
LordIsaac: And you are not ashamed that the Government you support, never had any monitoring gadgets or special teams to counter any such development before it happens ![]() No wonder Trump said " it is a shithole Country" 3 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by twosquare(m): 1:43pm On Mar 01 |
whitestar01:Binance will close down operations and not give access to Nigerians. 1 Like |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Verbtips(m): 1:44pm On Mar 01 |
Trab set by tinubu has finally catch one
meat
after being denied meat in the market
![]() ![]() |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 1:46pm On Mar 01 |
RepoMan007:Typical kidnap for ransome. Tinubu is learning from bandits. If the Binance representatives broke Nigerian law, they should charged to court. If the company Binance broke Nigerian laws, they can be banned and blocked from operating in Nigeria, but extra judical holding of their executives until a fine is paid is banditry. 2 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by grandstar(m): 1:46pm On Mar 01 |
Ola9ja23: Nobody sabotaged the economy except the CBN governor who printed lots of new money and operated a loose monetary policy in the face of high inflation. Bad workman blames his tools, but in this case, others. 9 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by marlow1962(m): 1:50pm On Mar 01 |
MrProlific95:Bianance doesn't give a fucck about Nigeria, they already have lawsuits going on, a shit hole country slamming them with fine won't do shit. 2 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IbeOkehie: 1:51pm On Mar 01 |
laprince: Remittances from the diaspora is one of the major pillars of the Nigerian economy. I've observed some changes in long term trends that point in one direction, that the volume of those remittances will be drastically lower within a generation, which is about 25 years. I've made some comments about my reasons on other threads. The Nigerian government and elites have made a business out of buying dollars for cheap and exporting it abroad. They print worthless naira and give it a high legal value that is only available at CBN. The elites embezzle the naira via government contracts, fraud and cheating. Then they use it to buy dollars at that CBN rate that ordinary people can't get. It's high level exploitation of hard working Nigerians. I myself have drastically reduced money I send to Nigeria and that will not change until the naira is COMPLETELY FLOATED. These people don't realize their 419 has been exposed by the markets in a way they can't refute. Good Luck to Nigeria. 4 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by wirinet(m): 1:52pm On Mar 01 |
Haaland21:No one has accused Binance of fraud. In fact binance transactions is more transparent than our so called banks. The reason they are banned in many countries is because they are very difficult to regulate. 4 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Adebowalay(m): 1:52pm On Mar 01 |
GBAGAUN.... Wahala Wahala Wahala Wahala Wahala 😂 |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Artscollection: 1:53pm On Mar 01 |
inoki247: Binance n that their oga did Bleep up with their greed honestly. |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ClearFlair: 1:55pm On Mar 01 |
LordIsaac: You get light na why you dey type rubbish 2 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IbeOkehie: 1:57pm On Mar 01 |
wirinet: Why should they be regulated? Crypto currency is self regulating. Nobody can wake up and create more bitcoin beyond the limits set by the block chain formula. This is a better regulated money than the fiat currency issued by ANY OTHER COUNTRY. Fiat currency is THEFT. Some national fiat currencies steal less than others but it's ALL theft. Any government can just print print print all they money they like for any reason, thus reducing the value of all savings accumulated in that currency!!!! It's happening in Nigeria and it's happening in the USA right now. Good Luck to Nigeria. 4 Likes |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by ElasmoBranchii(m): 1:59pm On Mar 01 |
Dey play binance no go pay anything. Highest they will tell Nigerians to withdraw their money from their platform. Nigerians will migrate to another platform. They no know say decentralized platform dey. Make binance no pay them shi shi 6 Likes 1 Share |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by baby124: 2:00pm On Mar 01 |
Good. Binance will turn over the wallets of everyone who benefitted from the arbitrage and who transferred money illegally through their platform. After that they will japa. I am sure in the agreement before creating accounts, they have all these in the fine print. But because Nigerians don’t like reading, they will learn the hard way. |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Truthshotcrazy: 2:00pm On Mar 01 |
FireUpNow: ![]() |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by IPDGP: 2:00pm On Mar 01 |
How I wish I really understand the whole thing |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by baby124: 2:01pm On Mar 01 |
ElasmoBranchii:Binance will pay with your money. No be dem send you to do illegal business on their platform. |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Basic123: 2:02pm On Mar 01 |
adecz: 1 Like
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Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by BenuePolitician(m): 2:03pm On Mar 01 |
And it took Nigeria almost 100 years to discover Bitcoin, Binance, Crypto are all Scams!!! ![]() |
Re: FOREX Crisis: FG Slams $10 Billion Fine On Binance by Lifestone(m): 2:04pm On Mar 01 |
Zupay:It will soon be their turn, for now Binance you pay up and leave Nigeria |
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