I am not a cryptocurrency person but with my little knowledge I know that there's no relationship between the cryptocurrency and normal currency. I also know that Binance in particular don't have a direct way of dealing with normal currency but leaves exchange for it's user. I believe that the arrest of Binance executives is to give list of users. I am not very sure. If I were in there shoe all I will write in my police statement is "Charge to Court ". However knowledge is power, perhaps I don't know some other things. Is there anyone that can explain to me how Binance is destroying our economy. I have typed 'binance destroy economy ", in Google search and discovered that only Nigeria economy is affected. How is it that Binance decided to attack Nigeria economy out of the economy of multiple nation where they exist. How can Binance dictate what our exchange rate is? The little economic I studied in school made me understand that the economy of a nation depends on their productive power.

It was a move by the master economist, who when he was floating naira was telling us how it would benefit fx trader. But it backed fired now he is chasing people that did not change policy

So what is ur problem with binance??
Is binance ur family business??

Does it stop ur importation and exportation of ur yam powder or flour??

The police will ask you to give them the list, all you will write is charge to court.

Lots of people believe binance is a fair place to get rate of forex but it turns out there are manipulators on the platform.
They always place large amount of forex for sales at higher rates above market average, something people will see but can may never close a deal with, and then use that leverage to trade smaller amount above market average. Repeat that step and you can send the rates higher than it actually is.

2special:
The police will ask you to give them the list, all you will write is charge to court.

Yes. That's all I will say. Other agument will continue in the court. See, it's time we Nigeria learn how to fight back military rule with civilian clothes. The only thing that they can do is detain me and prolong the case. I am sure to win the case

tonicyril:
So what is ur problem with binance??
Is binance ur family business??

Does it stop ur importation and exportation of ur yam powder or flour??

Although I don't use cryptocurrency but I know its importance to development in a nation cannot be overemphasized. You see since 2015 FG destroys SMEs by what I call evil policies. They jump into policies without thinking
1. It's not all SME's that requires importation and exportation
2. Some SME's requires to pay small fund as little as $1 for services that cannot be rendered in Nigeria as the registrar is not in Nigeria
3. FG without thinking suddenly stopped naira masterCard crashing small SME'sat their budding stage
5. That seems not enough they blocked other means these SME's could pay their vendors for services claiming naira fall. One of which is cryptocurrency. Although I have domiciliary account so I don't need cryptocurrency but I suffered in the past of bad monetary policy which never made naira recover since 2015 till date. If these policies are workable naira should have bounced back to what it was before 2015. I believe FG is deceiving us
6. The only good policy I will clap for FG is trying to make bank rate equal to black market rate. Which was shortlived for reason not well understood.
7. Some business owners have the technical knowledge to do some things but bad government policies and lack of fund is a serious limiting factor. We have great thinkers in Nigeria no need for foreign investors. Empower your people to build the nation. No one will help you build your house

I don't know when we will wake up ooo

RepoMan007:
Lots of people believe binance is a fair place to get rate of forex but it turns out there are manipulators on the platform.
They always place large amount of forex for sales at higher rates above market average, something people will see but can may never close a deal with, and then use that leverage to trade smaller amount above market average. Repeat that step and you can send the rates higher than it actually is.

Thanks for your reply. But how is it done in other nation. I believe that we have licensed BDC. Are you saying that Nigerian licensed BDC depends on a foreign website, Binance to determine the exchange rate. If that's what's happening then its the fault of the licensed BDC. Rather than clamp down on cryptocurrency, it would have been better if the licensed BDC come together to study how it's done in other nation and follow the method. I might not know the method. I believe rather than depend on speculation we should concentrate on local biz exportation of product and services. That's what I thought controls forex. This is the first time I am hearing that speculation can affect a nation's forex

dykechukwunedum:


Although I don't use cryptocurrency but I know its importance to development in a nation cannot be overemphasized. You see since 2015 FG destroys SMEs by what I call evil policies. They jump into policies without thinking
1. It's not all SME's that requires importation and exportation
2. Some SME's requires to pay small fund as little as $1 for services that cannot be rendered in Nigeria as the registrar is not in Nigeria
3. FG without thinking suddenly stopped naira masterCard crashing small SME'sat their budding stage
5. That seems not enough they blocked other means these SME's could pay their vendors for services claiming naira fall. One of which is cryptocurrency. Although I have domiciliary account so I don't need cryptocurrency but I suffered in the past of bad monetary policy which never made naira recover since 2015 till date. If these policies are workable naira should have bounced back to what it was before 2015. I believe FG is deceiving us
6. The only good policy I will clap for FG is trying to make bank rate equal to black market rate. Which was shortlived for reason not well understood.
7. Some business owners have the technical knowledge to do some things but bad government policies and lack of fund is a serious limiting factor. We have great thinkers in Nigeria no need for foreign investors. Empower your people to build the nation. No one will help you build your house

I don't know when we will wake up ooo

Are u trying to play deaf to the fact that people are using the platform for nefarious activities??

Dollar was at 1940, but immediately they put embargo on binance and its likes dollar dropped to 1300 to 1500...does that pose a problem to u or what??

tonicyril:
Are u trying to play deaf to the fact that people are using the platform for nefarious activities??

Dollar was at 1940, but immediately they put embargo on binance and its likes dollar dropped to 1300 to 1500...does that pose a problem to u or what??

Well maybe I don't understand the mechanism of this exchange rate. However the dance might last for a short time and might be due to users being forced to send forex to their loved ones through the bank. What I think that happened is that, FG is jealous that Binance has large numbers of users and forex influx is great. So they use brute force to block that influx via Binance so that users are forced to use the bank. The improvement might be due to the fact that users are forced to use bank inflow and not Binance making forex to be available in the bank. If brute force is used then the forex changes to 1500 or 1300 will be short lived. Some years back it was abokifx. Now it's Binance. Why's Coinbase not crashing the us economy? Telling us that Binance crash Nigeria naira is like the tale we heard in the past that python swallowed a large sum of money. Time will tell. Since 2015, the kind of excuses we get from FG will never be acceptable in developed economy. Sometimes they blame Good luck Jonathan. At a point they start stealing money forcefully from corporate account business that's still growing to repair the Nigeria economy. They give it a fanciful name, etc. It's time we learn how to build our nation as no foreign investors will build it for us.

Time will tell if FG is telling us the truth