Buy Биткоин BTC
Bitcoin (BTC)
Buy Эфир ETH
Ethereum (ETH)
Buy Ripple XRP
Ripple (XRP)
Buy Tron TRX
Tron (TRX)
Buy Polygon Matik
Polygon (MATIC)
Buy Solana SOL
Solana (SOL)
Buy Dogecoin DOGE
Dogecoin (DOGE)
Buy Avalanche AVAX
Avalanche (AVAX)
Buy Cardano ADA
Cardano (ADA)
Buy Polkadot DOT
Polkadot (DOT)
Buy Syscoin SYS
Syscoin (SYS)

Nigerian authorities threaten Binance with a fine of $10 billion

Regulation: Nigerian authorities threaten Binance with a fine of $10 billion

Nigerian authorities say cryptocurrency exchange Binance is operating without proper authorization, which has caused the value of the country's official currency to plummet, the BBC reports, citing Special Adviser to the President Bayo Onanugu, and that the government is considering fining the company up to $10 billion.

Onanugu alleges that digital asset exchanges, including Binance, are manipulating the value of Nigeria's currency, the naira, to the detriment of #Nigeria's financial stability. According to the official statement, the Central Bank has the sole authority to determine the exchange rate and such practice is illegal.

In addition, the regulator's director general, Olayemi Cardoso, raised concerns when he discovered that the equivalent of about $26 billion dollars had passed through Binance in 2023. This led to a joint investigation involving the Office of the National Security Advisor, the Central Bank and law enforcement agencies to scrutinize Binance's activities.

Recent developments on February 28, 2024 revealed that two senior officials of Binance were detained in Nigeria. Prior to this, the Nigerian Communications Commission had imposed restrictions on access to the websites of prominent cryptocurrency exchanges such as #KuCoin and Binance. As a result, Binance made changes to its #P2P service by excluding naira.

Despite these developments, Binance has not made an official statement in response to the allegations. The Nigerian economy is struggling, with inflation at 29.9% in January 2024.

Attempts by the central bank to stabilize the value of the naira by introducing a digital currency have failed due to limited citizen interest.

Share this news and win 10 USDT with daily contest on CryptoFingers Telegram.
Make crypto bots for trading
Press Releases: Announces Lead Asia Demo Day to Empower Innovative Blockchain Projects, the world's leading crypto exchange, is excited to announce the Lead Asia Demo Day in Seoul, a strategic initiative aimed at propelling the future of blockchain technology..
Press Releases: ChainGPT Pad launches $COOKIE to introduce MarketingFi - a transparent, decentralized, and user-centric approach to marketing
$COOKIE, powered by Cookie DAO, is a token that enters the Cookie3 three-platform stack, creating a complete Cookie MarketingFi ecosystem. As the “Google Analytics” of Web3, Cookie3 helps..
Press Releases: Blockchain Life 2024 to Take Place in Dubai at the Peak of the Bull Run
The legendary Blockchain Life 2024 will return for its 13th edition on October 22-23. As Dubai gains a reputation as a global crypto hub, the forum is set to be the central event of this..
Market and Events: Mastercard has created a service for P2P cryptocurrency transfers
Payment giant Mastercard has announced the launch of Crypto Credential, a trial project to transfer cryptocurrency between users.