Federal Government may ask foreign crypto currency firm, Binance to pay over $10bn as a penalty for sabotaging the Naira, Nigeria’s currency.
This is coming amid moves by the FG to salvage the value of the Naira.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, disclosed this on Friday morning in an interview with the BBC.
Onanuga accused Binance of profiting substantially from its “illegal transactions” in Nigeria while the nation suffered heavy losses.
The presidential spokesperson also argued that the company is neither registered in Nigeria nor has any presence in the country, adding that some users leveraged the platforms to arbitrarily determine dollar-naira rates which saw a sharp decline in the value of the naira.
In further clarifying the matter, Onanuga told Punch correspondent, “I said compensation is being discussed and a fine is being contemplated. I used the word ‘May’. “
Onanuga affirmed that the cryptocurrency exchange platform is cooperating with the Nigerian government by providing useful information, and has since suspended naira-denominated transactions.
Office of the National Security Adviser confirmed that the crypto exchange platform is under investigation by Nigerian authorities.
The development comes months after Binance pleaded guilty, agreeing to pay $4.3bn to settle criminal money laundering charges levied by the U.S. Department of Justice.