{"id":11232,"date":"2024-03-01T17:14:25","date_gmt":"2024-03-01T15:14:25","guid":{"rendered":"https:\/\/forklog.com\/en\/binance-denies-10-billion-fine-from-nigerian-authorities\/"},"modified":"2024-03-01T17:14:25","modified_gmt":"2024-03-01T15:14:25","slug":"binance-denies-10-billion-fine-from-nigerian-authorities","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/binance-denies-10-billion-fine-from-nigerian-authorities\/","title":{"rendered":"Binance Denies $10 Billion Fine from Nigerian Authorities"},"content":{"rendered":"

The Nigerian government has demanded $10 billion in damages from the cryptocurrency exchange Binance for allegedly manipulating the exchange rate of the naira (NGN), according to a report by the BBC<\/a>.<\/p>\n

A Binance representative told Peoples Gazette<\/a> that the company has not received any fine from local authorities for such an amount.<\/p>\n

\n\u201cWe recently discussed ways to resolve issues with Nigeria, but we have not heard of any $10 billion demands. [\u2026] Our goal is to maintain good relations with the government and people of Nigeria. We want to resume services in the country as soon as possible, but we do not intend to pay fines for employees or services,\u201d he said.<\/cite><\/p><\/blockquote>\n

Presidential adviser Bayo Onanuga stated that his comments to the BBC were misrepresented in the media.<\/p>\n

\n\u201cI said that our government might impose large fines on Binance for what happened. I never said that Binance was informed about fines or that it would definitely be $10 billion,\u201d he clarified.<\/cite><\/p><\/blockquote>\n

Binance declined to comment when approached by ForkLog.<\/p>\n<\/div>\n

According to the authorities, the trading platform has influenced the rise of foreign currencies within the country through NGN speculation, leading to a nearly 70% drop in the naira over the past few months.<\/p>\n

\"Binance
Naira to US Dollar exchange rate. Data: Forbes<\/a>.<\/figcaption><\/figure>\n

Presidential adviser Bayo Onanuga noted that the government observed a negative impact from the operations of the largest exchange by trading volume:<\/p>\n

\n

\u201cPeople on the Binance platform are fixing the exchange rate [NGN], which quickly affects Nigeria’s economy at a time when the country is trying to stabilize it.\u201d<\/p>\n<\/blockquote>\n

He also added that Binance and other cryptocurrency companies are not registered in accordance with Nigerian laws.<\/p>\n

\n

\u201cWe are asking for about $10 billion as compensation for the damage that almost ruined our economy in a very short time,\u201d said the presidential adviser.<\/p>\n<\/blockquote>\n

Earlier, the Financial Times reported<\/a> on the detention of Binance executives who traveled to the country following the authorities’ decision to ban several digital asset trading sites.<\/p>\n

According to Onanuga, the company’s top managers are currently cooperating with the local government to \u201cprovide additional information.\u201d<\/p>\n

In an interview with the BBC, presidential spokesperson Zakari Midjinyawa noted that exchange employees are under investigation and \u201care being questioned as part of an investigation conducted by security agencies on currency market regulation issues.\u201d<\/p>\n

\n

\u201cDiscussions and drafting of agreements with Binance representatives are ongoing. They are cooperating,\u201d added Midjinyawa.<\/p>\n<\/blockquote>\n

In 2023, Nigeria’s central bank lifted the ban on cryptocurrency operations and emphasized the need for market regulation.<\/p>\n

However, restrictions on trading and storing digital assets remain in place for local banks, effective since February 2021.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Nigerian government has demanded $10 billion in damages from the cryptocurrency exchange Binance for allegedly manipulating the exchange rate of the naira (NGN), according to a report by the BBC. March 3, 2024 | 12:32Update: A Binance representative told Peoples Gazette that the company has not received any fine from local authorities for such […]<\/p>\n","protected":false},"author":1,"featured_media":11231,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[744,150],"class_list":["post-11232","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-binance","tag-nigeria"],"aioseo_notices":[],"amp_enabled":true,"views":"28","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11232","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=11232"}],"version-history":[{"count":0,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/11232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/11231"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=11232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=11232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=11232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}