Quote from: Wiwo on June 14, 2023, 09:17:57 PM

Quote from: Crypt jnr on June 12, 2023, 05:30:34 PM

So like dis now Fg don ban Binance way we sti de manage for crypto exchanges chia
Guys what is the next move to make oo
Because abandoning crypto no b option o

You may have misunderstood the news and the development, and just to correct you, binance have not been ban and every Nigerian is free to trade the cryptocurrency on binance but shouldn't use the exchange to store their coins most especially Bitcoin which can be readily held in a custodial wallet even hardware bitcoin wallets device which is the most secured form of self custody wallet.

The binance Nig subsidiary should respond to the lawsuit and try to comply with the governmental demand in other to operate a cryptocurrency exchange in the Nigeria business environment and I think this new development will help the government to be able to tax the cryptocurrency exchange and even it users, so at that, Binance users will be subject to taxation unless for those who hold decentralized coins like Bitcoin in their wallet and trade them on P2P manner that one can avoid tax, there has always been Tax invasion in the Nigeria system, and the emergence of cryptocurrency has helped many to avoid paying tax most especially most decentralized Bitcoin coin and its transactions may be untraceable.

I at some point was thinking that the lawsuit against Binance only was targeted at the Binance U.S.
I know the lawsuit against Binance Nig. is just to ensure the public is made more aware and of course inclusion of tax for traders I believe specifically.

Even if we get taxed, I wonder if the investors who invest to HoDL get affected too? and those who use P2P transactions to receive payments?

This lawsuit is also the beginning of how cryptocurrencies, mostly Bitcoin, as the first and most dominant coin in the country becomes recognized as legal tender.