Nigeria Disputes $10B Binance Fine Amidst Cryptocurrency Regulatory Strife

    Nigeria denies reports of a $10 billion fine for Binance, citing misquotation. Regulatory scrutiny on cryptocurrency exchanges intensifies amidst government actions in Nigeria.

    • Nigerian government denies the existence of a $10 billion fine for Binance, refuting BBC reports.
    • Special adviser Bayo Onanuga claims misquotation, clarifying that no final decision has been made regarding the alleged fine.
    • Binance faces increased scrutiny in Nigeria as the government imposes regulatory measures on cryptocurrency exchanges.

    Government Denies $10 Billion Binance Fine

    In a recent development, a representative of the Nigerian government dismissed speculations surrounding a rumored $10 billion fine imposed on cryptocurrency exchange Binance. Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, refuted the claims, attributing the misinformation to a misquotation. Onanuga clarified that he did not confirm Binance’s awareness of the fines or the exact amount but rather acknowledged the possibility of a fine, emphasizing that nothing has been finalized.

     Regulatory Scrutiny Intensifies on Binance in Nigeria As Nigeria

    intensifies its regulatory oversight on cryptocurrency exchanges, Binance finds itself under increased scrutiny. Recent actions include the removal of the Nigerian naira from Binance’s peer-to-peer (P2P) service, aligning with the government’s crackdown on the crypto exchange. The P2P feature, allowing direct trading between users, gained popularity in Nigeria following the ban on the crypto industry in 2021. The Central Bank of Nigeria (CBN) expressed concerns about “suspicious flows” of funds through Binance’s Nigerian arm in 2023, highlighting a substantial $26 billion passing through the exchange from unidentified sources.

    latest news

    Read More