The Federal Government has imposed a hefty $10 billion fine on Binance as part of its intensifying crackdown on the cryptocurrency exchange platform.
This action comes amidst urgent efforts to stabilize the value of the Naira, Nigeria’s local currency.
Bayo Onanuga, the Special Adviser on Information and Strategy to Chief Bola Tinubu, revealed this development during an interview with the BBC on Friday.
According to Onanuga, Binance has reaped significant profits from its “illegal transactions” in Nigeria, while the nation has incurred substantial losses.
He alleged that the crypto platform operates without registration in Nigeria and lacks a physical presence in the country, asserting that users utilized the platform to manipulate dollar-naira exchange rates.
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Onanuga indicated that the Binance team has begun cooperating with the Nigerian government by furnishing valuable information and has already halted naira-related transactions on the platform.
