The Nigerian government has imposed a $10 billion fine on Binance as part of its increasing crackdown on the cryptocurrency exchange platform. This action follows efforts to stabilize the value of the Naira, Nigeria’s local currency. Bayo Onanuga, Special Adviser on Information and Strategy to President Bola Tinubu, revealed this development during an interview with the BBC on Friday.
Onanuga alleged that Binance engaged in illegal transactions in Nigeria, profiting significantly while the nation suffered losses. He stated that Binance is not registered in Nigeria and lacks a physical presence in the country, asserting that users exploited the platform to manipulate dollar-naira exchange rates.
Onanuga suggested that Binance is cooperating with the Nigerian government by providing information and has suspended naira-related transactions on its platform.
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