Nigeria Hits Binance with $10 Billion Penalty Amid Forex Crisis Allegations

The Nigerian federal government has wielded its regulatory hammer, imposing a staggering $10 billion fine on the cryptocurrency trading giant Binance according to reports. The punitive measure comes amidst allegations of the platform’s involvement in exacerbating the nation’s ongoing foreign exchange crisis.

In a startling revelation, Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, unveiled the hefty fine in an exclusive interview with the BBC on Friday morning.

According to Onanuga, Binance stands accused of reaping significant profits from what he termed as “illicit transactions” within Nigeria, while the nation grappled with monumental financial losses.

Highlighting a critical point, Onanuga emphasized that Binance is not officially registered within Nigeria and lacks any physical presence in the country. This absence of formal authorization raises serious concerns over the platform’s operations and accountability within the Nigerian financial landscape.

Elaborating on the accusations, Onanuga alleged that Binance facilitated the manipulation of dollar-naira exchange rates, an egregious practice that inflicted severe damage on the value of the domestic currency.

“It is imperative to understand that Binance orchestrated the fixing of exchange rates within Nigeria, a flagrant violation of regulatory protocols. The exclusive prerogative to set exchange rates rests solely with the Central Bank of Nigeria, and any deviation from this mandate is deemed unlawful,” Onanuga asserted.

Moreover, Onanuga underscored that Binance has harbored individuals who engage in illicit exchange rate manipulations, thereby exacerbating the country’s economic challenges during a critical period of stabilization efforts.

He further revealed that Binance has taken initial steps towards cooperation with the Nigerian government by furnishing valuable information and suspending naira-related transactions on its platform.

“The detrimental impact of Binance’s actions cannot be overstated. The rampant speculation and manipulation of foreign exchange rates have precipitated a precipitous decline in the value of the Naira, reaching alarming levels of nearly 70% depreciation in recent months,” Onanuga lamented.

As Nigeria grapples with the formidable task of economic recovery and stability, the imposition of this colossal fine on Binance signals the government’s unwavering commitment to upholding regulatory integrity and safeguarding the nation’s financial interests.

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