Global Cryptocurrency Giant Binance Denies $10 Billion Fine Negotiations with Nigerian Government Amid Regulatory Dispute, Faces Accusations of Economic Sabotage

Binance Holdings Ltd has refuted claims of engaging in discussions with the Nigerian government regarding potential fines amounting to $10 billion. The contradiction comes in response to a statement made by a government spokesman to the BBC, sparking confusion over the situation.

A Binance official, speaking to Peoples Gazette, clarified, “We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.” The cryptocurrency giant, based in the Cayman Islands, asserted that it had not entertained talks regarding payment to either restore its services, which were recently suspended, or release its executives allegedly involved in market manipulation accusations.

“Our aim is to foster a positive relationship with the government and the people of Nigeria. While we seek the restoration of our services, we have no intention of acquiescing to fines for personnel or services,” Binance emphasized.

Responding to Binance’s stance, the government spokesman, Mr. Bayo Onanuga, clarified his earlier statement to the BBC, indicating that it had been misrepresented. He clarified, “I said our government may impose heavy fines on Binance for what happened. I never said Binance had been informed about the fines or that it would definitely be $10 billion.”

Mr. Onanuga, a media aide to President Bola Tinubu, accused the cryptocurrency platform of facilitating illegal practices affecting Nigeria’s economy. He alleged, “Binance platform harbours people who fix the exchange rate which quickly affects the Nigerian economy at a time when Nigeria is trying to stabilize the economy.”

The statement by Mr. Onanuga underscores the Nigerian government’s concern over the role of platforms like Binance in influencing exchange rates, which are typically under the purview of the Central Bank of Nigeria (CBN).

The situation highlights the ongoing tension between cryptocurrency platforms and regulatory authorities, as governments grapple with the complexities of digital currencies within traditional financial frameworks.

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