Binance is hit with a $10 billion fine from the Nigerian government. This is because they profit from facilitating illegal transactions in the country.
On (March 1), the BBC news agency reported that The Nigerian government has levied at least $10 billion in fines from Binance amid a crackdown on crypto exchanges in the country and the depreciation of the naira currency.
By Bayo Onanuga, spokesman for President Bola Tinubu, said in an interview: The fine comes because Binance profits from facilitating illegal transactions in Nigeria. It also operates a digital asset trading center without registration in the country.
Olayemi Cardoso, Governor of the Central Bank Binance Nigeria has seen as much as $26 billion in unidentified funds flow through in 2023 as the country faces a foreign currency crisis, a source said on Tuesday. and are looking for ways to stop money from flowing out of the country
Moreover, Nigerian authorities say Binance has caused widespread economic change. and caused the naira currency to depreciate nearly 70% over the past month.
It is reported that after the fine was demanded, Binance removed the naira from its peer-to-peer (P2P) platform.
