The cryptocurrency giant said it was not in the mood to discuss paying the Nigerian government either to restore its services that were cut off recently or free its executives.

Binance Holdings Ltd said on Friday that it was not in any talks with the Nigerian government about potentially paying up to $10 billion in fines, contradicting a government spokesman’s statement to the BBC hours earlier.

“We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion,” a Binance official told Peoples Gazette shortly after the BBC said Bayo Onanuga purportedly announced the enormous penalties.

“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” Binance added.

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators
“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” Binance added.
.

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

MrProlific95:
Onanuga is a shameless Liar

ivolt:

Chai Onanuga just deflated his supporters ego.

As for those who would cite the US fine on Binance founder.
Binance have a an actual US Business and the fine was arrived at through lengthy negotiations and not arbitrary statement.
Also, Binance founder was charged for a real crime after years of investigation which is
that he was encouraging money laundering by
letting Americans trade on the platform when it was illegal to do so.

In Nigeria, it is not illegal to trade on Binance. There is no law against it yet.
So, the only fine the government can impose is of encouraging money laundering.
The real fine will be very small compared to the rash $10 billion dollar.

For the government to get any fine at all, Binance will have to be convinced that it
would be allowed to continue operating after the fine.

As to the detained Binance executives, they are definitely not worth $10 billion in ransom.
Maybe $10 million dollars.

Unlike the US with global financial reach, Nigeria cannot sanction Binance outside of Nigeria.

Ola9ja23:
The we place permanent ban on Binance and other cryptocurrencies


Enough of economy sabotage