Binance Reacts To $10 Billion Fine From Nigerian Govt

March 2, 2024

1.3 min readCategories: News

 

 

By Our Correspondent

 

Cryptocurrency exchange Binance Holdings Ltd has denied allegations made by the Nigerian government claiming it has been fined $10 billion for illegal operations contributing to the devaluation of the naira.

 

The Nigerian government’s Special Adviser on Information and Strategy, Bayo Onanuga, said that the hefty fine was imposed on Binance as part of efforts to salvage the value of the national currency.

 

In an interview with the BBC, Onanuga disclosed that the government’s actions were aimed at addressing the impact of Binance’s activities on the country’s economic stability.

 

However, in response to these claims, a Binance official speaking to Peoples Gazette emphasized that while discussions were held with the Nigerian government to address concerns, no demand for a $10 billion fine was made.

 

“We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion,” stated the official.

 

Furthermore, the official clarified that Binance is not currently engaged in negotiations with the Nigerian government to reinstate its services or release detained executives.

 

Despite the ongoing dispute, the company said it remains committed to fostering positive relations with the Nigerian government and its citizens. However, it reiterates its firm stance against paying fines for personnel or services.

 

“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” the Binance official said.

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About the Author: Yetunde Ogunmola

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