Express

Nigeria Government Demands $10 Billion in Fines From Crypto Exchange Binance

Katie Lin

Summary: Bayo Onanuga, special adviser on information and strategy to Nigerian President Bola Tinubu, revealed in a British Broadcasting Corporation (BBC) interview that Nigerian authorities have demanded a $10 billion fine from Binance, the world's largest cryptocurrency trading platform. The accusation stems from alleged exchange rate violations, asserting that Binance manipulated and caused significant losses to the ...

Bayo Onanuga, special adviser on information and strategy to Nigerian President Bola Tinubu, revealed in a British Broadcasting Corporation (BBC) interview that Nigerian authorities have demanded a $10 billion fine from Binance, the world's largest cryptocurrency trading platform. The accusation stems from alleged exchange rate violations, asserting that Binance manipulated and caused significant losses to the country. The government asserts that Binance played a role in influencing the surge in foreign exchange rates by engaging in speculative activities on Nigeria's currency, resulting in a nearly 70% depreciation of the naira in recent months. Onanuga emphasized the presence of currency manipulators on the Binance platform and expressed concerns about the potential impact on the Nigerian economy when attempting to stabilize it. 

As part of the investigation, a Binance executive was detained in Nigeria earlier this week. However, officials have not disclosed the expected duration of the investigation or provided details about the ongoing discussions between the government and Binance regarding a potential resolution.

Author: Katie Lin

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