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🔴 Just In: Binance Slapped With $10 Billion Fine by Nigerian Government
In recent months, the government's stance on Binance, a cryptocurrency exchange, has become explicit. The Nigerian government, led by President Bola Tinubu, has imposed a $10 billion fine on Binance for engaging in "illegal transactions," as revealed by Bayo Onanuga, a special advisor to the President, in a recent BBC interview. The government's firm position is evident, having already apprehended Binance officials earlier this week in its crackdown on unpaid taxes from unregistered exchanges.
Binance has faced challenges in recent months, including a significant U.S. investigation resulting in substantial penalties and a change in leadership. Now, the Nigerian government's imposition of a substantial financial penalty adds to the cryptocurrency exchange's woes.
Onanuga, in his BBC interview, emphasized the platform's role in determining exchange rates, which he deems illegal. He highlighted that the Central Bank of Nigeria (CBN) is the sole authority to fix exchange rates for the country. Allegedly, Binance harbors individuals influencing exchange rates, adversely affecting the Nigerian economy during a crucial period of stabilization efforts.
As the Naira experiences depreciation against the US dollar, Nigeria grapples with a currency crisis. Onanuga, even before his BBC interview, had been pressing Binance for an explanation regarding its impact on the Nigerian economy amidst these challenging circumstances.
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