Nigerian Government Fines Binance $10B for ‘Illegal Transactions’

The Nigerian Government has fined cryptocurrency exchange Binance $10 billion for profit on ‘illegal transactions” according to Bayo Onanuga, a special advisor to President Bola Tinubu. Onanuga disclosed the financial penalty in an interview with the BBC that took place Friday.

The government has not been shy about its stance against the exchange in recent months. Indeed, the country had previously detained Binance executives earlier this week as it sought a large crackdown on unpaid taxes from unregistered exchanges.

Also Read: Nigeria Detains Binance Executives Following Cryptocurrency Ban

Binance Facing $10 Billion Fine From Nigeria Government

The last several months have been difficult for one of the largest cryptocurrency exchanges on the planet. Binance has faced a years-long investigation from the United States that ultimately resulted in hefty fines and a leadership change. Now, it is facing a massive financial penalty from another country.

The Nigerian government has fined Binance $10 billion according to a BBC interview with President Tinubu’s special adviser. Specifically, the country is stating that the exchange profited from “illegal transactions.” The fine was issued a day after reports of the detention of Binance executives in the country.

Also Read: Judge Fines Binance $4.3 Billion in US Plea Deal

“The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the change rate for the country,” advisor Onanuga told BBC Friday. Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy.”

Nigeria is currently facing a crisis with its currency, as the Naira has fallen to record lows against the US Dollar. Moreover, before the BBC interview, Onanuga has long called for Binance to be held to account for his views on its effect on the Nigerian economy.