Sodeinde QuadriThe Federal Government is considering seeking a penalty of over $10 billion from Binance in an effort to address the depreciation of the naira. Bayo Onanuga, the Special Adviser to the President on Information and Strategy, disclosed this during a Friday morning interview with the BBC.
Onanuga asserted that Binance engaged in “illegal transactions” in Nigeria, reaping significant profits while the nation incurred substantial losses.
Highlighting the absence of official registration or physical presence of Binance in Nigeria, Onanuga emphasized that some users exploited the platform to manipulate dollar-naira exchange rates, contributing to the sharp decline in the value of the naira.
Clarifying his statements, Onanuga stated, “I said compensation is being discussed and a fine is being contemplated. I used the word โMayโ.”
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The Presidential Spokesperson affirmed that Binance is cooperating with the Nigerian government, providing useful information, and has suspended naira-denominated transactions. The Office of the National Security Adviser confirmed that Nigerian authorities are currently investigating the cryptocurrency exchange platform.
This development follows Binance’s earlier admission of guilt, wherein the company agreed to pay $4.3 billion to settle criminal money laundering charges brought forth by the U.S. Department of Justice several months ago.
