The Federal Government has imposed a staggering $10 billion fine on the popular cryptocurrency trading platform, Binance, as confirmed by Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, in an interview with the BBC on Friday morning.
The substantial penalty comes in response to Binance’s alleged involvement in illicit activities, which have significantly contributed to the recent devaluation of Nigeria’s currency, the naira.
Onanuga highlighted that Binance has been operating with unauthorized exchange rates for the country, a prerogative solely held by the Central Bank of Nigeria (CBN). He further emphasized that the platform’s actions, including harboring individuals responsible for manipulating exchange rates, have had swift and adverse effects on Nigeria’s economy during its stabilization efforts.
While acknowledging Binance’s cooperation in providing information, Onanuga expressed concerns about the platform’s potential to destabilize the Nigerian economy if its activities remain unchecked.
