Forex Crisis: FG Slaps $10 Billion Fine on Binance

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The Federal Government has imposed a $10 billion fine on cryptocurrency platform Binance, accusing it of exacerbating Nigeria’s forex crisis.

According to Bayo Onanuga, special adviser to President Bola Tinubu, Binance engaged in illegal transactions in Nigeria, profiting while the nation suffered losses. Onanuga claimed that Binance, unregistered in Nigeria, manipulated dollar-naira rates, negatively impacting the local currency’s value.

Allegations against Binance include fixing exchange rates in Nigeria, a practice deemed illegal as only the Central Bank of Nigeria holds authority in this matter. Onanuga emphasized the detrimental effects of Binance’s operations, attributing the Naira’s nearly 70% depreciation to the platform’s currency speculations.

Despite Binance’s cooperation with the government and suspension of naira-related transactions, the government urges swift action from the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to halt crypto exchanges’ activities in the country.

Source: Parrot Nigeria

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