July 16, 2024

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Binance Ban: Binance Receives $10 Billion Dollar Fine From Tinubu

The federal Government of Nigeria has imposed a huge fine of $10 billion on crypto currency trading platform Binance for its involvement in exacerbating the country’s foreign exchange crisis.

 The special adviser to President Bola Tinubu on information and strategy, Mr Bayo Onanuga revealed this during a Friday morning interview with the BBC. My Bayo alos revealed that Binance engaged in “illegal transactions” in Nigeria, reaping substantial profits while the nation endured significant losses.

Going further Onanugu said that Binance had cooperated with the Nigerian government by providing information and had already suspended naira-related transactions on its platform.

 He also said that the platform harbored individuals who manipulated exchange rates, contributing to a detrimental impact on the economy during the government’s efforts to stabilize it.

In response to all these, Onanuga called for the ban of Binance, along with other trading platforms like Kucoin, in Nigeria and also compelled the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to act swiftly.