FG slams Binance with $10 billion fine

The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis.


The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this in an interview with the BBC on Friday.


According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.


He noted that Binance is not registered in Nigeria and has no presence in the country.


According to Onanuga, people used the platform to arbitrarily fix dollar-naira rates. He said the practice negatively impacted the value of the local currency.


He further noted that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform.


Blaze Fm

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