FG Mulls Slamming Binance with Fine of over $10 Billion, after Detaining Executives

Special Adviser to the President on Information and Strategy, Bayo Onanuga, has stated that Nigeria may slam Binance with a fine of over $10 billion.

He disclosed this during an interview with BBC on Friday, wherein he asserted that Binance neither holds registration nor has a presence in Nigeria.

The huge retribution is hinged on accusations that the cryptocurrency exchange platform is profiting from “illegal transactions” that caused significant losses to the country.

As West Africa Weekly earlier reported, on Tuesday, two top Binance executives were detained in Nigeria in a move to clamp down on cryptocurrency transactions. The Binance executives, who flew to Nigeria last week following the government’s decision to ban several cryptocurrency trading websites, were detained by the Office of the National Security Adviser. Notably, the crypto exchange suspended naira-denominated transactions in its peer-to-peer platform after the event.

The Office of the National Security Adviser has confirmed that an investigation into Binance is part of its recent regulatory efforts.

Speaking on Friday, Onanuga added that discussions with the crypto exchange company involve compensation and a contemplated fine. Further explaining to a PUNCH correspondent, he said:

 “I said compensation is being discussed and a fine is being contemplated. I used the word ‘May’.

Nigeria’s retribution claim follows earlier reports that Binance pleaded guilty in the United States, agreeing to pay $4.3 billion to settle criminal money laundering charges. In a similar move, the Nigerian government has demanded data on Naira transactions while accusing Binance of operating a multi-billion business without proper registrations. The ongoing regulatory scrutiny keeps heightening tensions between Binance and Nigerian authorities.

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