Nigeria demands $10 billion fine from Binance

The Nigerian government is demanding a fine of at least $10 billion from global cryptocurrency exchange platform, Binance.

The government believes that the country has incurred massive losses due to the platform’s activities.

A few days ago, two Binance Holdings Ltd. executives were detained, which was not long after the central bank governor said that the nation is losing out on taxes from unregistered crypto exchanges.

The two were intercepted by national security officers after arriving in the country on the grounds that Binance operates illegally in Nigeria.

Special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, made the penalty known Friday morning in an interview with the BBC.

Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, Mr Onanuga said during the interview.

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