FG Slams $10 billion fine on Binance

The Nigerian government has levied a substantial fine of at least $10 billion on the crypto exchange platform Binance as punishment for its alleged involvement in “illegal transactions” within Nigeria. Bayo Onanugu, the Special Adviser to the President on Information and Strategy, made this announcement during an interview on Friday.

Onanugu stated that Binance is neither registered nor does it have a physical presence in Nigeria. However, he asserted that the platform has been utilized for speculative activities and foreign exchange rate manipulation within the country.

This action against Binance mirrors similar legal challenges faced by the platform in the United States. Binance’s founder and CEO, Changpeng Zhao, recently pleaded guilty to criminal money laundering charges brought forth by the US Department of Justice, agreeing to pay a hefty settlement of $4.3 billion.