The Nigerian government has frowned at the crypto exchange platform called Binance and slammed it with a fine of $10 billion.
Binance is alleged to have profited from “illegal forex transactions” in Nigeria while the nation suffered huge losses.
Hence, the fine of $10 billion on the crypto exchange platform.
Crypto trading platform, Binance has been fined $10 billion, by the Federal Government for influencing the country’s forex crisis.
This was made known by the Special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, in an interview with the BBC on Friday.
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According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.
Onanuga 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.
Binance team has already suspended naira-related transactions on the platform while providing useful information to the Nigerian government
Onanuga said, “The platform fixes the exchange rate in Nigeria, which is illegal.
The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.
“Binance harbours a lot of people who fix exchange rates which impact the country badly at a time when the government is trying to stabilize the economy,” he added.
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Binance influenced the increase in FX rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.
