Nigerian Government fines Binance $10billion

CRYPTOCURRENCY: Binance has legally registered with Italy's financial company
CRYPTOCURRENCY: Binance has legally registered with Italy's financial company

The Nigerian government has imposed a $10 billion fine on Binance as it continues to tighten down on the cryptocurrency exchange site.

President Bola Tinubu’s Special Adviser announced this on Information and Strategy, Bayo Onanuga.

Onanuga was speaking in an interview with the BBC.

The revelation comes amid desperate efforts to restore the value of the Naira, the country’s indigenous currency.

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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.

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