Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown
The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nation’s local currency.
Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the fine in an interview with the BBC, according to a report Premium Times reported on Friday .
According to Onanuga, Binance has allegedly profited significantly from “illegal transactions” in Nigeria while the country has suffered substantial losses.
The Nigerian government’s move comes after the Office of the National Security Adviser (ONSA) confirmed that it is investigating the operations of Binance and other cryptocurrency platforms.
The ONSA stated that it is coordinating an interagency investigation into Binance’s activities.
Earlier this week, the Nigerian government detained two executives of Binance who had flown into the country to negotiate with authorities amid the crackdown.
However, the meetings reached an impasse as Binance officials declined to meet some of the government’s demands.
The executives were accused of operating a business worth billions without the necessary registrations and documentation.
The Nigerian authorities demanded that Binance provide data on transactions involving the Nigerian Naira on its platform over the past seven years.
They also requested the removal of certain data relating to Nigeria from the platform.
However, the Binance executives insisted on being taken to their respective countries’ embassies before complying.
It is worth noting that Binance is not registered in Nigeria and has no physical presence in the country, according to Onanuga.
He alleged that people had been arbitrage
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