The Nigerian government has imposed a $10 billion fine on Binance, a major cryptocurrency exchange, citing allegations of exacerbating the nation’s forex and currency depreciation crisis.
Bayo Onanuga, special adviser to President Bola Tinubu, disclosed this during a BBC interview, claiming Binance engaged in unlawful transactions in Nigeria, lacked proper registration and a physical presence, and allowed manipulation of exchange rates.
Onanuga highlighted that Binance’s actions contributed to a 70% depreciation in the Naira’s value.
The Office of the National Security Adviser is conducting an inter-agency investigation into Binance’s operations.
Two senior Binance executives were reportedly arrested for manipulative practices in foreign exchange trading.
