The Nigerian government has denied reports that it will slap a $10 billion penalty on Binance, the major cryptocurrencycurrency exchange. This week, claims surfaced that presidential adviser Bayo Onanuga announced the fine during a BBC interview.
Onanuga later stated that his words were misconstrued. He said that conversations over sanctions against Binance are still underway, and nothing has been resolved. The exchange also acknowledged that it had not received formal notified of a $10 billion fine from Nigerian authorities.
The misconception stemmed from Onanuga’s comments slamming Binance for purportedly benefitting from unlawful trades, resulting in significant losses for Nigeria’s economy. His comments come after Nigeria banned several major cryptocurrencycurrency exchanges, including Binance, last week to prevent further naira depreciation.
The issue remains unclear as Nigerian regulators continue their investigations into Binance. Two of the exchange’s top executives were recently detained in the country as part of the investigation. Binance states that it intends to fully work with local authorities to resolve difficulties.
More From Crypto SA
