Binance Says it will not Pay any fines to Nigerian Government

Confidence UbaniMarch 1, 20241 Mins read395

Contrary to the Nigerian government’s claim of potential $10 billion fines, Binance Holdings Ltd stated on Friday that it is not engaged in discussions with the government about such penalties.

A Binance official clarified that while discussions occurred to resolve issues with Nigeria, there was no demand for the alleged hefty fines. The cryptocurrency giant emphasized its commitment to fostering a positive relationship with the Nigerian government and people.

Speaking to a Nigerian news platform about the matter, a Binance official said:

“We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion. 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”.

The response came after President Tinubu’s Special Adviser on Information and Strategy, Bayo Onanu, announced the enormous fines. Onanuga later clarified his statement, asserting that he did not confirm the imposition of fines or inform Binance about them.

He said there was uncertainty surrounding the amount and noted that discussions revolved around the possibility of heavy fines rather than a finalized $10 billion penalty. Onanuga further accused Binance of providing dubious individuals with a platform to manipulate the exchange rate.

This followed Olayemi Cardoso’s, the Central Bank of Nigeria governor, revelation at a recent meeting that over $26 billion had passed through Binance in the past year.

Although Binance has faced increased scrutiny as part of Nigeria’s recent clampdown on cryptocurrency exchange, its officials dismissed the notion of paying fines for its personnel or services.