A Binance executive confirmed that the recent news surrounding the Binance versus Nigerian government fine was fake news.
Binance is a highly regarded crypto exchange. The services of this crypto trading platform are available in almost every country. In the last week of February 2024, Nigeria blocked the access of many Crypto exchanges including Coinbase and Binance exchange.
Just a day ago, the BBC reported that the Nigerian government was demanding a $10 billion fine from the Binance exchange as the exchange allegedly generated a huge amount of profit from illegal crypto trading services in Nigeria’s jurisdiction.
That report was based on some statements by Nigerian presidential advisor Bayo Onanuga.
On March 2, People Gazette reported that a Binance executive said that Binance is not aware of the $10 billion fine and that they also planned to pay to restore suspended services or release two Binance executives , held by Nigerian government authorities. In short, the Nigerian government has not requested any fine amount from Binance.
Following this latest report on the matter, Nigeria’s presidential advisor said people were misusing and misrepresenting his statement.
All these things paint a very terrible picture of the Nigerian crypto industry, as part of the recent crackdown on the crypto companies.
Binance was previously accused of manipulating the value of the Nigerian fiat currency Naira (NGN) against the US dollar. To address the issue, Binance has suspended NGN trading and deactivated P2P trading services for Nigerians.
In today’s time, majority of Nigerian crypto traders are using limited crypto platforms through VPN services but here it cannot be bad to say that unethical ways of dealing with cryptocurrencies are very bad for the development growth of the crypto and blockchain sector in any country. country.
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