Forex crisis: FG Slams $10 Billion Fine on Binance

The Federal Government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, made the penalty known Friday morning in an interview with the BBC.

The Nigerian government detained two Binance Holdings Ltd. executives, days after the central bank governor said that the nation is losing out on taxes from unregistered crypto exchanges.

The two were intercepted by national security officers after arriving in the country on the grounds that Binance operates illegally in Nigeria.

Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, Mr Onanuga said during the interview, which was monitored in Lagos.

According to sources, Binance is currently under investigation for various serious allegations, including money laundering involving billions of dollars, currency speculation, tax evasion, operating without a license in Nigeria despite being banned, terrorism financing, and involvement in organized crime. The source concludes by stating that the situation is highly concerning.

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The focal point of the investigation revolves around terrorism financing and organized crime, prompting the Office of the Security Adviser to request user data and transaction records from Binance.

“They are showing good faith and cooperating with relevant agencies( ONSA, NFIU, EFCC, DSS). They are ready to right their wrongs.

“They already admitted and linked the huge “passed-through funds” to terrorism and organised crime financing, “ the source disclosed.