In a strict regulatory move, the Nigerian government has fined $10 billion against Binance as its crackdown on the crypto exchange platform escalates.
The development comes amid desperate moves to salvage the value of Naira, the nation’s local currency.
This was made known on Friday by Bayo Onanuga, who serves as the special adviser on information and strategy to President Bola Tinubu, during an interview with the BBC.
According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.
He claimed that the crypto platform is not registered in Nigeria and has no presence in the country, alleging that people used the platform to arbitrarily fix dollar-naira rates.
Onanuga hinted that the Binance team were already cooperating with the Nigerian government by providing useful information, and had already suspended naira related transactions on the platform.
The Governor of Central Bank of Nigeria, Olayemi Cardoso had raised concern over the activities of Binance in Nigeria.
