The cryptocurrency trading platform Binance has come under fire, with the Federal Government imposing a hefty $10 billion fine.
The allegations revolve around Binance’s purported role in exacerbating Nigeria’s forex crisis.
Bayo Onanuga, the special adviser to President Bola Tinubu on Information and Strategy, revealed the fine during an interview with the BBC on Friday.
According to Onanuga, Binance engaged in “illegal transactions” within Nigeria, reaping substantial profits while the nation grappled with significant losses.
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Also, he stated, Binance lacks registration in Nigeria and maintains no physical presence within the country.
Regardless, individuals utilized the platform to manipulate dollar-naira exchange rates, resulting in adverse effects on the local currency’s value.
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 impacted the country badly at a time when the government is trying to stabilize the economy.”
