The Federal Government has intensified its crackdown on Binance by imposing a hefty fine of $10 billion on the crypto exchange platform. This move comes amidst efforts to stabilize the value of the naira.
Bayo Onanuga, President Bola Tinubu's Special Adviser on Information and Strategy, revealed this in an interview with the BBC.
Onanuga disclosed that Binance had significantly profited from what he termed "illegal transactions" in Nigeria, while the nation incurred substantial losses.
He alleged that individuals used the platform to manipulate dollar-naira exchange rates arbitrarily.
Onanuga also indicated that the Binance team had begun cooperating with the Nigerian government, providing valuable information. Furthermore, they had suspended transactions related to the Naira on their platform.
Binance is not registered in Nigeria and lacks a physical presence in the country.
