The Federal Government has imposed a hefty $10 billion fine on the cryptocurrency trading platform, Binance, accusing it of contributing to the country’s forex crisis.
Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, revealed this during a Friday interview with journalists.
Onanuga asserted that Binance had significantly profited from what he deemed “illegal transactions” within Nigeria, causing substantial losses to the nation.
Notably, he highlighted that Binance is not registered in Nigeria and lacks a physical presence in the country.
According to Onanuga, the platform facilitated arbitrary fixing of dollar-naira rates, adversely impacting the value of the local currency.
He clarified that Binance is cooperating with the Nigerian government by providing valuable information and has already suspended naira-related transactions on its platform.
The special adviser alleged that Binance played a role in manipulating foreign exchange rates, contributing to a nearly 70 percent depreciation in the value of the Naira in recent months.
The government’s imposition of the substantial fine underscores its stance on addressing alleged malpractices and their impact on the nation’s economic stability.