Binance executive dismisses Nigerian government $10 B fine rumour 

A Binance executive confirmed that the recent news around Binance vs Nigerian government fine was fake news. 

Binance is a top-ranked crypto exchange. The services of this crypto trading platform are available in almost every country. In the last week of Feb 2024, Nigeria blocked the access of many Crypto exchanges, including Coinbase & Binance exchange. 

Just a day ago, BBC reported that the Nigerian government demanded a $10 Billion fine from the Binance exchange, as the exchange allegedly generated a huge amount of profit from illegal crypto trading services in the jurisdiction of Nigeria. 

That report was based on some statements of Nigeria’s presidential adviser Bayo Onanuga. 

On 2 March, People Gazette reported that a Binance executive informed that the Binance is unaware of the $10 billion fine and also they had the intention of paying to restore suspended services or to release two Binance executives, detained by the Nigerian government agencies. In short the Nigerian government didn’t asked any fine amount from Binance.

Following this latest report on this matter, Nigeria’s presidential adviser said that people used his statement wrongly & misrepresented it.

All these things are showing a very terrible picture of Nigeria’s crypto industry, as a part of the latest crackdown on the crypto companies. 

Earlier this Binance was accused of manipulating the value of Nigerian fiat currency Naira (NGN) against the US dollar. To tackle the problem, Binance suspended NGN trading as well as deactivated P2P trade services for Nigerians.

In the present time, the majority of Nigerian crypto traders are using restricted crypto platforms via VPN services but here it will not be bad to say that unethical ways to engage with cryptocurrencies are very bad for the development growth of the crypto & blockchain sector in any country.

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