Tuesday, April 16, 2024
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HomeBusiness NewsFG Slams $10 Billion Fine On Binance

FG Slams $10 Billion Fine On Binance

According to reports, Nigerian authorities are suing cryptocurrency exchange platform Binance for $10 billion, claiming the company’s operations have caused the nation to suffer enormous losses.

This occurs months after Binance entered a guilty plea and consented to pay $4.3 billion to resolve criminal allegations brought by the US Department of Justice for money laundering.

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The most recent event is reportedly a desperate attempt to preserve the worth of the country’s currency. In an interview with the BBC on Friday morning, Bayo Onanuga, the president’s special adviser on information and strategy, disclosed this.

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According to Mr. Onanuga during an interview, Binance made a significant profit from its “illegal transactions” in Nigeria while the country faced significant losses.

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The Office of the National Security Adviser reportedly announced on Friday that the Nigerian government is looking into the cryptocurrency exchange site. [CONTINUE READING HERE]

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