FG Hits Binance With $10 Billion Fine

The federal government has slammed a $10 billion fine on popular cryptocurrency trading platform, Binance.

The fine was over allegations of fueling the country’s forex crisis.

The punitive measure was made known by the special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, during his interview with BBC on Friday.

Onanuga alleged that the crypto giant profited immensely from its “illegal transactions” at the expense of the country’s fortune.

He added that Binance is not registered in Nigeria and has no presence in the country.

He alleged that people used the platform to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency.

He explained further that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform.

His words: “The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.

“Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.”

He added that Binance influenced the increase in foreign exchange rates through currency speculations which made the Naira value to fall by almost 70% in recent months.

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