The Federal Government has slammed a $10 billion fine on the widely-used cryptocurrency trading platform, Binance. Bayo Onanuga, the Special Adviser on Information and Strategy…
The Federal Government has slammed a $10 billion fine on the widely-used cryptocurrency trading platform, Binance.
Bayo Onanuga, the Special Adviser on Information and Strategy to President Bola Tinubu, confirmed this to the BBC on Friday morning.
According to Onanuga, the substantial fine is imposed due to Binance’s illicit activities, significantly contributing to the devaluation of Nigeria’s currency, the naira, in recent times.
He highlighted that the platform sets an unauthorized exchange rate for the country, a prerogative exclusively held by the Central Bank of Nigeria (CBN).
Onanuga emphasized that the actions of Binance, including harboring individuals responsible for manipulating exchange rates, have a swift and adverse impact on Nigeria’s economy during its efforts to stabilize.
While acknowledging Binance’s cooperation with the government by providing information, Onanuga expressed concerns about the platform’s potential to destabilize the Nigerian economy if left unchecked.
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