The Nigerian government has denied reports that it will impose a $10 billion penalty on the leading cryptocurrency exchange, Binance. Claims had emerged this week that presidential aide Bayo Onanuga announced the fine in a BBC interview.
Onanuga has since clarified that his statements were misunderstood. He affirmed discussions are ongoing, and nothing has been finalized regarding sanctions against Binance. The exchange also confirmed it has not received formal notification of a $10 billion fine from Nigerian authorities.
The confusion originated from remarks Onanuga made criticizing Binance for allegedly profiting from illegal transactions, leading to substantial losses for Nigeria’s economy. His comments came from Nigeria banning several major crypto exchanges last week, including Binance, to curb further naira depreciation. Â
The situation remains fluid as Nigerian regulators continue investigations against Binance. Two of the exchange’s senior executives were recently detained in the country as part of the probe. Binance asserts it aims to cooperate fully with local authorities to resolve issues.
