The Federal Government has fined the crypto trading platform Binance $10 billion for alleged involvement in the country’s forex crisis.
According to Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, Binance is accused of profiting from “illegal transactions” in Nigeria, impacting the nation’s economy negatively.
Onanuga mentioned that Binance is not registered in Nigeria and has no physical presence in the country. Allegations include arbitrary fixing of dollar-naira rates, which, according to him, led to a decline in the value of the local currency.
Binance has reportedly cooperated with the Nigerian government by providing information and suspending naira-related transactions on its platform. Onanuga emphasized that only the Central Bank of Nigeria has the authority to fix exchange rates, condemning Binance for allegedly influencing rates in Nigeria.
The government attributes the recent 70% drop in the Naira’s value to Binance’s activities, particularly through currency speculation.