The Federal Government might seek over $10 billion from Binance as a penalty in efforts to bolster the value of the naira.
In an interview with the BBC on Friday morning, Bayo Onanuga, the Special Adviser to the President on Information and Strategy, disclosed this potential action.
Onanuga asserted that Binance reaped significant profits from what he termed as “illegal transactions” in Nigeria, causing substantial losses to the nation.
He further contended that Binance lacks registration or physical presence in Nigeria. Moreover, he highlighted how certain users exploited the platform to manipulate dollar-naira rates, leading to a drastic depreciation of the naira’s value.
In further clarification to Punch’s correspondent, Onanuga emphasized, “I mentioned compensation discussions and potential fines. I used the term ‘May’.”
The Presidential Spokesperson affirmed Binance’s cooperation with the Nigerian government, providing valuable information and suspending naira-denominated transactions.
The Office of the National Security Adviser confirmed Nigerian authorities’ investigation into the cryptocurrency exchange platform.
This development follows Binance’s guilty plea and agreement to pay $4.3 billion to settle criminal money laundering charges brought by the U.S. Department of Justice.