Nigerian Fine For Binance Is $10 Billion Following Exchange Crackdown

Key Points:

• The Nigerian fine for Binance is $10 billion following a crackdown on the cryptocurrency exchange platform.
• Binance executives were detained after failed negotiations with Nigerian authorities over demands for transaction data.

According to PREMIUM TIMES, the Nigerian government is seeking retribution from cryptocurrency exchange platform Binance, demanding at least $10 billion amid a crackdown aimed at stabilizing the nation’s local currency value.

Read more: Binance Account: Detailed Instructions On How To Delete Safely

Nigerian Fine For Binance: $10 Billion from The Exchange in Retribution

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the Nigerian fine for Binance during an interview with the BBC, citing substantial profits by Binance from “illegal transactions” in Nigeria while causing significant losses to the nation.

The Office of the National Security Adviser (ONSA) confirmed an ongoing investigation into Binance’s operations, with Zakari Mijinyawa, head of Strategic Communication, stating the coordination of interagency efforts to scrutinize the platform’s activities.

The Nigerian fine for Binance follows the detention of two Binance executives in Abuja after failed negotiations with Nigerian authorities. Requests included providing transaction data involving the Nigerian Naira over seven years and deleting certain Nigerian-related data from the platform, to which the executives sought embassy intervention.

Central Bank of Nigeria Raises Concerns Over $26 Billion Cryptocurrency Trades through Binance

Meanwhile, Olayemi Cardoso, governor of the Central Bank of Nigeria, disclosed that approximately $26 billion had passed through Binance Nigeria in cryptocurrency trades, with many transactions from unidentifiable sources.

Onanuga emphasized Binance‘s disruption to the economy, including the arbitrary fixing of exchange rates detrimental to the local currency’s value. He noted Binance’s cessation of naira-related transactions and cooperation with Nigerian authorities, indicating efforts to rectify the situation.

Highlighting the severity of Binance’s impact, Onanuga stressed the illegality of the platform setting exchange rates, solely reserved for the Central Bank of Nigeria. He condemned Binance for harboring individuals who manipulated exchange rates, weakening economic stability efforts.

As the government intensifies its scrutiny, the outcome of investigations and negotiations with Binance remains critical for Nigeria’s financial landscape.