The Federal Government of Nigeria has imposed a $10 billion fine on a popular crypto trading platform, Binance over alleged involvement in Nigeria’s forex crisis.
Special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, revealed this development during an exclusive interview with the BBC on Friday morning.
Onanuga accused Binance of reaping significant profits from what he described as “illegal transactions” within Nigeria, leading to substantial losses for the nation.
Highlighting the gravity of the situation, Onanuga pointed out that Binance operates without proper registration or physical presence in Nigeria. He alleged that the platform was used to manipulate dollar-naira exchange rates, adversely affecting the value of the local currency.
In response to these allegations, Binance has reportedly been cooperating with the Nigerian government by sharing vital information and halting naira-related transactions on its platform. Despite these measures, Onanuga emphasized that Binance’s actions were highly detrimental to Nigeria’s economy.
“The platform manipulates exchange rates in Nigeria, a practice that is strictly prohibited. Only the Central Bank of Nigeria has the authority to determine exchange rates in the country,” stated Onanuga.
He further accused Binance of housing individuals who engaged in rate-fixing activities, contributing to a significant economic downturn during a period when the government was striving to stabilize the economy.
Onanuga asserted that Binance’s speculative currency activities had fueled an alarming surge in foreign exchange rates, resulting in a drastic 70% depreciation of the Naira in recent months.
