Nigeria’s Government Dismisses Speculation of $10 Billion Fine on Binance Amid Ongoing Crypto Crackdown

Nigerian Authorities Refute Claims of $10 Billion Fine on Binance

In response to recent rumors circulating about the Nigerian government imposing a hefty fine of $10 billion on cryptocurrency exchange Binance, government officials have dismissed these speculations. The special adviser to the Nigerian president, Bayo Onanuga, clarified that his previous statements were misinterpreted.

“I never stated that Binance had been officially notified about the fines or that the amount would be $10 billion. I merely mentioned that such a penalty could be imposed as no final decision has been made yet,” Onanuga explained.

Despite the regulatory challenges faced by Binance, the exchange has expressed its commitment to resolving the issues with Nigerian authorities. Binance has confirmed ongoing discussions with the government, emphasizing that there has been no request for a $10 billion fine.

The regulatory environment surrounding crypto exchanges in Nigeria has become increasingly stringent, resulting in the recent ban on major platforms like Binance, Coinbase, and Kraken. Concerns about user privacy and regulatory oversight have been raised, leading to a lawsuit filed against Binance by the National Agency for Potential Initiatives of Uzbekistan. Binance, however, denies these allegations and remains optimistic about resolving the issues through continued dialogue.

This recent crackdown marks a significant departure from the previous approach of encouraging crypto investments to support the national economy. It has also resulted in the temporary detention of two Binance executives residing in Nigeria. The exact details regarding the alleged $10 billion fine on Binance have yet to be confirmed by Nigerian authorities.

Tags: Binance, Crypto Regulations