Amid recent misunderstandings and crypto exchange regulations, the Nigerian government clarifies the $10 billion fine imposed on Binance.
The government of Nigeria has denied rumors that cryptocurrency exchange Binance could be subject to a $10 billion sanction. In contrast to the Premium Times’ assertions, which are corroborated by Bayo Onanuga, the special adviser to the Nigerian president on information and strategy, the government refutes these accusations because they are the product of misquotation.
Onanuga modifies his statement to inform the People’s Gazette that his words have been misrepresented and that Binance still needs to be assessed a definitive sanction.
Onanuga clarified in response to the Gazette: “I never said Binance had been informed about the fines or that it would be $10 billion. I only said the amount might be imposed because nothing is final yet.”
The quantity could be imposed because nothing is yet final. This clarification is provided in light of the growing regulatory scrutiny that cryptocurrency exchanges are facing in Nigeria, including the recent prohibition of multiple platforms in an effort to safeguard the national currency.
Since last week, when Nigeria banned major cryptocurrency exchanges, including Binance, Coinbase, and Kraken, the situation has become more contentious.
The objective of the action was to prevent an additional devaluation of the Nigerian naira. The crackdown represents a significant departure from the government’s previous position, which regarded cryptocurrencies as a means to entice investors and bolster the national economy.
Moreover, the ongoing dispute between the Nigerian authorities and the cryptocurrency sector has been exacerbated by the recent change in approach, which also led to the temporary detention of two high-ranking Binance executives who had visited the nation.
However, the matter was recently brought to light when Binance was sued by the National Agency for Prospective Projects of Uzbekistan for non-compliance with a sanction for operating without a license.
Nuhu Ribadu, the national security adviser, additionally apprehended two Binance representatives under ambiguous circumstances. It has been reported that these officials were compelled to reveal information about the Nigerian users on their platform, raising concerns regarding privacy and regulatory supervision.
Binance in Talks For Settlement With Nigerian Authorities
Nonetheless, Binance agreed to resolve the dispute with Nigerian authorities. In response to the allegations, Binance told the Peoples Gazette, “We recently talked about ways to settle matters with Nigeria, but we never heard any request for $10 billion.”
The statement implies that the cryptocurrency exchange and Nigerian authorities are engaged in a dialogue that could serve as a pathway to resolving the dispute between the regulatory bodies and the cryptocurrency industry.
