The Federal Government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis.

The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC.

According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.

Onanuga claimed that Binance is not registered in Nigeria and has no presence in the country. He alleged that people used the platform to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency.

He explained further that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform.

Binance accused of fixing rates
While noting that the government has been seeing the negative impacts of Binance’s operation in Nigeria, Onanuga said:

“The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.
“Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.”
He added that Binance influenced the increase in foreign exchange rates through currency speculations which made the Naira value to fall by almost 70% in recent months.

Binance under investigation
Earlier on Friday, the Office of the National Security Adviser (ONSA) confirmed that the crypto exchange platform is being investigated by the Nigerian authorities. In its first official confirmation of the clampdown efforts on the activities of Binance and other crypto platforms, a top official of the ONSA told Premium Times that the security adviser’s office is coordinating an interagency investigation into the operations of Binance.

“I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” the paper quoted Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser.

Nairametrics had earlier reported the arrest and detention of two top executives Binance on Wednesday over alleged manipulations in foreign exchange trading and speculative activities.

The executives visited Nigeria in response to the country’s recent crackdown on various cryptocurrency trading platforms.

Onanuga’s call for the ban of Binance, others
Based on the accusation of influencing the Naira crisis, Mr Onanuga had earlier called for the ban of Binance, Kucoin, and other trading platforms in Nigeria.

The President’s Adviser urged the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to take swift action to end the operations of the crypto exchanges in the country.

While accusing Nigerians trading currency on the Binance platform of unpatriotism, Onanuga said:

“Binance which is blatantly setting exchange rates for Nigeria, hijacking CBN role, is a cryptocurrency trading platform and suffers access limitations from multiple jurisdictions, such as the US, Singapore, Canada and the UK.
“According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval.

[b]“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. [/b]The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.”
He added that Binance, which is facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira on its crypto exchange platform.

https://www.google.com/amp/s/nairametrics.com/2024/03/01/forex-crisis-fg-slams-10-billion-fine-on-binance/%3famp=1

Good Ridance, Kucoin soon to follow

Kidnapped their representatives and slammed a technical ransom of $10Bn on their assés.
This is Intl corporate banditry, though it favours me. At least he won't tax the he'll out of me.

some people now appear to have more sympathy for Binance than for Nigeria and the Naira

It should be $30b

Binance has made more profits from sabotaging our economy


Enemy of Nigeria are not happy though

Obidients will not be happy with this news o

Thief

You dey whyne

Wait for their response

LordIsaac:
Obidients will not be happy with this news o

Yamayama fall on your dirty bald head

RepoMan007:
Kidnapped their representatives and slammed a technical ransom of $10Bn on their assés.
This is Intl corporate banditry, though it favours me. At least he won't tax the he'll out of me.

Double face

The platform enable saboteurs to cause havoc on our economy

This is a Mallam Nuhu Ribadu appreciation post. His patriotism & ruthless efficiency of how his office under his direction is tackling the free fall of the Naira by shining a much needed light into Binance, is worthy of applause. You’ve made believers out of skeptics.

Una wan destroy binance with una wahala

First, it was $125millon fine on cz now its Nigeria 😂

Even if the government ban p2p, telegram and whatsapp is there

Yeye people

Temporary measures

Time to go and buy more dollars and USDT

Good

Okay

Very funny

Hold them for blokos... I don't know who introduced politicians into crypto... Na only God know how much some Nigerian politicians dey hide for their crypto wallet...

Lobatan

Yimu, I guess Binance is also responsible for the reckless government spending and the ones they are stealing!

Make it hot, smoke them harder

fuckJones:
some people now appear to have more sympathy for Binance than for Nigeria and the Naira

Yes
They are enemies of Nigeria

They were praying for Nigeria to crumble so that they can laugh at patriotic Nigerians

But God keep humiliating them back to back since 1999

If you do not support the FG's efforts to regulate the financial space, you are an enemy of Nigeria. If you feign ignorance of how the binance platform is used to manipulate the country's exchange rate because it favours you, you are a wicked person.

If you defend binance, you don't love Nigeria. Gather your things and go to a lawless country.

Indeed. No be only Binance to pay $10bn

This Bayo of a man, he get as he be ooo?

Can the so called federal government win the case? Some of these people don't have knowledge of what they are doing.

Lol na people wey turn the Platform to where dey speculate rates and Launder money through the platform spoil the platform and Binance should av try to be more strict....

Imagine trying to buy Dollar from Aboki nd Aboki dey open Binance before he give rate....


Normal normal before wey I know dey will call different state to assertain rate buh now dem come dey use Binance jus come use dere own spoil platform for others....


Platform wey men don dey use since buh some people pack dem sef come spoil am all of a sudden...


Nothing wey dey last for this country once people shook eyes on that thing....

$10 billion Lol. Political bandits

Ola9ja23:


Double face

The platform enable saboteurs to cause havoc on our economy

I guess reckless spending and misappropriation of public funds by APC since 2015 in no way caused havoc to our economy?