A representative from the Nigerian government, Bayo Onanuga, has recently addressed rumors regarding a supposed $10 billion fine against the cryptocurrency exchange, Binance. Onanuga, who serves as a special adviser to the Nigerian president on information and strategy, emphasized that reports by the BBC about the fine were based on a misinterpretation of his comments.
Misinterpretation of Comments
Onanuga pointed out that his remarks had been misconstrued, leading to incorrect reports. He clarified that he never confirmed the imposition of a $10 billion fine on Binance nor did he inform the crypto exchange about such a penalty. The People’s Gazette, a local news source, highlighted Onanuga’s statement, indicating that the advisor only discussed the potential for a fine, noting that nothing has been finalized.
Binance’s Response to Allegations
In response to the allegations of a hefty fine, Binance has expressed that it remains uninformed about any penalties from the Nigerian government. The exchange has also shown reluctance to engage in negotiations regarding any proposed fines. This stance reflects the ongoing challenges Binance faces amidst increasing regulatory scrutiny within Nigeria.
Increased Regulatory Scrutiny
The backdrop to these developments is Nigeria’s heightened regulatory oversight of cryptocurrency exchanges. This move aims to protect the national currency, the Nigerian naira, leading to the recent ban of multiple crypto platforms. In a significant response to this regulatory pressure, Binance discontinued its peer-to-peer (P2P) service for the Nigerian naira on Wednesday, February 28, marking a pivotal moment in the exchange’s operations within the country.
