1st March 2024 2:54:46 PM
1 min readThe Federal Government might seek over $10 billion from Binance as a penalty in efforts to bolster the value of the naira.
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In an interview with the BBC on Friday morning, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, disclosed this potential action.
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Onanuga asserted that Binance reaped significant profits from what he termed as "illegal transactions" in Nigeria, causing substantial losses to the nation.
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He further contended that Binance lacks registration or physical presence in Nigeria. Moreover, he highlighted how certain users exploited the platform to manipulate dollar-naira rates, leading to a drastic depreciation of the naira's value.
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In further clarification to Punch's correspondent, Onanuga emphasized, "I mentioned compensation discussions and potential fines. I used the term 'May'."
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The Presidential Spokesperson affirmed Binance's cooperation with the Nigerian government, providing valuable information and suspending naira-denominated transactions.
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The Office of the National Security Adviser confirmed Nigerian authorities' investigation into the cryptocurrency exchange platform.
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This development follows Binance's guilty plea and agreement to pay $4.3 billion to settle criminal money laundering charges brought by the U.S. Department of Justice.
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