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Nigeria's Crypto Exchange Ban: A Polarizing Move


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Since the crypto ban took effect on February 5, 2021, the Nigerian government's actions have seemed off-target. Initially citing concerns about money laundering and terrorist financing, the decision to restrict commercial banks from processing crypto transactions has failed to produce the desired outcomes. Instead, it has inflicted significant financial losses on both banks and the country, diverting funds that could have fueled peer-to-peer (P2P) operations.

Despite Nigeria's reputation as Africa's leading crypto hub and a top 10 global player, the government's attempts to curtail crypto transactions appear futile in the face of widespread adoption. This latest move seems to be yet another miscalculation.

The decision comes across as callous, particularly considering the positive impact of crypto on the lives of many unemployed graduates. A more constructive approach could have involved allowing commercial banks to operate within a regulated framework, but such solutions seem to be disregarded.

The suspension of exchanges like Binance, Coinbase, and Kraken raises eyebrows: Why target these particular platforms? Why not others such as Bitget and Kucoin? These disparities cast doubt on the government's motives and decision-making process, further fueling the ongoing debate.

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5 hours ago, Wakanda said:

Since the crypto ban took effect on February 5, 2021, the Nigerian government's actions have seemed off-target. Initially citing concerns about money laundering and terrorist financing, the decision to restrict commercial banks from processing crypto transactions has failed to produce the desired outcomes. Instead, it has inflicted significant financial losses on both banks and the country, diverting funds that could have fueled peer-to-peer (P2P) operations.

Despite Nigeria's reputation as Africa's leading crypto hub and a top 10 global player, the government's attempts to curtail crypto transactions appear futile in the face of widespread adoption. This latest move seems to be yet another miscalculation.

The decision comes across as callous, particularly considering the positive impact of crypto on the lives of many unemployed graduates. A more constructive approach could have involved allowing commercial banks to operate within a regulated framework, but such solutions seem to be disregarded.

The suspension of exchanges like Binance, Coinbase, and Kraken raises eyebrows: Why target these particular platforms? Why not others such as Bitget and Kucoin? These disparities cast doubt on the government's motives and decision-making process, further fueling the ongoing debate.

Exchange rate on Binance P2P platform has always been on the high side while that of Bitget is relatively ok, may be thats why the exchange was not targeted by the Nigeria Government. Also Bitget has always been mindful with compliance with regulations.

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  • 2 weeks later...
On 23/02/2024 at 20:18, XTRAVAGANZA said:

Exchange rate on Binance P2P platform has always been on the high side while that of Bitget is relatively ok, may be thats why the exchange was not targeted by the Nigeria Government. Also Bitget has always been mindful with compliance with regulations.

This is not the first time Nance is facing issues with regulators! It's not available on many regions.... Canada...UK... & Some regions of US, on India as well! While Bitget is still operating nicely over there. Dunno how they managed to do that!

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