In efforts to stabilize the value of the naira, the Federal Government is contemplating demanding a compensation of over $10 billion from Binance as a penalty.
Bayo Onanuga, the Special Adviser to the President on Information and Strategy, disclosed this in an interview with the BBC on Friday morning.
Onanuga alleged that Binance had significantly profited from its “illegal transactions” in Nigeria, resulting in substantial losses for the nation. He further pointed out that the company is neither registered in Nigeria nor has any physical presence in the country. He noted that some users exploited the platform to manipulate dollar-naira rates, leading to a sharp decline in the value of the naira.
Clarifying the matter, Onanuga stated, “I mentioned that compensation is being discussed and a fine is being contemplated. I used the word ‘May’.” He emphasized that the cryptocurrency exchange platform is cooperating with the Nigerian government by providing useful information and has suspended naira-denominated transactions.
The Office of the National Security Adviser confirmed that Nigerian authorities are investigating the crypto exchange platform.
This development follows Binance’s earlier guilty plea, wherein it agreed to pay $4.3 billion to settle criminal money laundering charges brought by the U.S. Department of Justice.