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HomeFinanceFederal Government Imposes $10 Billion Fine on Binance for Illicit Transactions

Federal Government Imposes $10 Billion Fine on Binance for Illicit Transactions

The Federal Government has announced a hefty $10 billion fine against Binance for its involvement in illicit transactions within Nigeria. This move comes as part of a broader crackdown on crypto exchange platforms, including Binance.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed in an interview with the BBC that Binance had profited significantly from its operations in Nigeria, despite lacking proper registration and presence in the country.

Onanuga highlighted Binance’s role in manipulating exchange rates, adversely affecting Nigeria’s economy. He emphasized that Binance’s actions contravened regulations set by the Central Bank of Nigeria (CBN), which is the sole authority authorized to fix exchange rates.

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Furthermore, Onanuga underscored Binance’s cooperation with the government in providing crucial information and halting naira-related transactions on its platform. He emphasized the detrimental impact of Binance’s activities on Nigeria’s economy, particularly amidst efforts to stabilize it.

The fine imposed on Binance reflects the government’s commitment to curbing illegal practices in the financial sector and safeguarding the country’s economic interests. This decisive action aims to address concerns regarding price manipulation and currency speculation, ultimately promoting transparency and stability in Nigeria’s financial markets.

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