Quote from: sunsilk on May 09, 2024, 09:07:17 PM

Quote from: legendbtc on May 09, 2024, 10:05:26 AM

Quote from: sunsilk on May 08, 2024, 09:36:05 PM

The government is doing the right thing based on what they think about it. But of course for the people, they're doing something against them.

The Nigerian government has been strict lately. Despite that they're having a large volume that's coming from their country, the government noticed that and they don't want any other platform benefit from that.

And that's why, they're banning exchanges and these p2p crypto apps. That's what they think is the right thing to do so that their people would be relying on their own country's platform if ever they have this kind of tradable apps.

I'm not from Nigeria so I don't know exactly what the reason behind it is, but my guess is that this issue is more related to taxes. Perhaps the government feels the amount of tax collected is not commensurate with the amount of money Binance earns, and when an agreement cannot be reached between the two sides, it is understandable for them to ban Binance or other exchanges.

What's more interesting than the word I realized is that many investors have always criticized and slandered centralized exchanges but when centralized exchanges were banned in their countries, they started criticizing the government. This makes me suspicious of people who always say they only use decentralized exchanges as well as non-custodial wallets. Because if they use centralized exchanges, I don't think Binance being banned is a serious problem for them.

Possible about the taxes and these platforms aren't registered in Nigeria and that's why they're taking them down and starting to ban most of them.

There can be some negotiations and then compliance with requirements to make them legally operate in their country.

But even so, if the government has already discouraged its citizens from using these platforms. I guess that there will still a lot of citizens gonna find a way for them to trade whether with p2p or exchanges.

Of course, investors will not accept their fate and will find ways to trade if the government and Binance cannot reach any agreement. But I think the Nigerian government's crackdown on Binance or other exchanges has another purpose, in addition to wanting to collect higher taxes from exchanges, I think they also want to send a warning to investors in their country. I wouldn't be surprised that many bitcoin investors are using bitcoin to avoid taxes because this is also happening in my country. Most people do not want to pay taxes to the government and the government does not like this.