Allegations that Binance, a cryptocurrency trading platform, influenced the nation’s FX crisis have resulted in a $10 billion fine from the Federal government.
This Friday morning, March 1, President Bola Tinubu’s special information and strategy adviser, Bayo Onanuga, said in a BBC interview.
In Nigeria, Onanuga claims, Binance made significant profits from its “illegal transactions,” while the country sustained enormous losses. He continued by saying that Binance has no presence or registration in Nigeria.
He said that users were unilaterally fixing dollar-naira exchange rates on the platform, which had a detrimental effect on the value of the local currency. Onanuga went on to say that the Binance team had already stopped naira-related transactions on the platform and was working with the Nigerian authorities by giving helpful information.
Onanuga said “The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria. Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.”
