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Nigeria claims that Binance has facilitated about $56.7 billion worth of transactions that the government was unable to regulate. The government's bid aims to regulate the crypto space to prevent money laundering and fraudulent activities, which is plausible yet affects innocent users gravely. Nigeria transitioned from different phases, ranging from the ban on crypto to partial adoption with strict regulations. This, however, seems like good news, as the Nigerian government has obviously seen that it cannot do without cryptocurrency and, rather than outright rejection, has considered regulations that hopefully will gradually be less toxic to crypto users. The Nigerian government currently seeks to block trade pending proper regulations are put in place. The government of Nigeria has blamed binance on the naira devaluation, as it has constantly and progressively depreciated, worsening the economy and cost of living for the populace. The withdrawal of Binance's service to Nigerian Naira Fiat may have seen a fair price change, but it quickly reverted to the near-high it was before now.
Before now, blockchain users such as Hive Friends have utilized Binance Exchange to easily trade crypto and have fiats in their accounts within minutes. Binance users have verified their accounts through measures such as Know Your Customer (KYC). Crypto users have begun to seek alternatives to trading, such as engaging directly with traders with whom they have established cordial relationships (however, this is very risky). Hive users have equally approached me to trade their tokens for fiats, and I have had to redirect them to trusted hive users willing to buy the token. This approach seems fair, yet it is not totally reliable. My withdrawal of Hive to Binance still pulls through, and afterwards, the token is traded for USDT or any other coin of choice (other than Naira).
An alternative has been to register and get verified on BYBIT, though I am yet to try it, but sooner or later, I'm certain I will, and my interaction with users on such a platform has been positive as it was populated to be seamless. Thankfully, the anticipated bull run has limited and cautioned withdrawals, unless for those powering down or keeping their assets in USDT or trading other cryptos.
One of the things I have come to realize in Nigeria is the instability of the government. Nigeria has formerly banned Twitter (now X), crypto, etc. Over time, either by deliberations or consensus, the government has reverted to its stance, and like I said from the onset, rather than panicking, a way forward would prevail as the majority always prevails. I hope we can stay calm and have a bountiful yield as the bull run rains upon us.
Thank you for reading. I would love to have your comments and contributions.