Alleged Illegal Transactions: $10 Billion Fine Slammed On Binance

As a result of its alleged involvement in influencing the country’s forex crisis, the Federal Government of Nigeria (FGN) has slammed a $10 billion fine on the crypto trading platform, Binance.

The decision was made public by the Special Adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, on Friday, March 1, 2024, while fielding questions from BBC.

Onanuga, who insisted that Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, noted 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.

All rights reserved. This material and other digital volumes on this website, may not be reproduced, published, broadcast, rewritten, or redistributed in whole or in part without prior express written permission from THE NEWS ACCELERATOR NETWORK.

For advert placement, please contact thenewsacceleratornetwork@gmail.com or 08033599492. For news coverage or press releases, call 08022717838.