The federal government has slammed a $10 billion fine on popular cryptocurrency trading platform, Binance.<\/p>\n
The fine was over allegations of fueling the country\u2019s forex crisis.<\/span><\/p>\n The punitive measure was made known by the special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, during his interview with BBC on Friday.<\/span><\/p>\n Onanuga alleged that the crypto giant profited immensely from its \u201cillegal transactions\u201d at the expense of the country\u2019s fortune.<\/span><\/p>\n He added that Binance is not registered in Nigeria and has no presence in the country.<\/span><\/p>\n He alleged that people used the platform to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency.<\/span><\/p>\n He explained further that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform.<\/span><\/p>\n His words: \u201cThe platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.<\/span><\/p>\n \u201cBinance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.\u201d<\/span><\/p>\n He added that Binance influenced the increase in foreign exchange rates through currency speculations which made the Naira value to fall by almost 70% in recent months.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" The federal government has slammed a $10 billion fine on popular cryptocurrency trading platform, Binance.<\/p>\n","protected":false},"author":1,"featured_media":17887,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[8516,4646,4013,8517,200],"class_list":["post-17886","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-10-billion-fine","tag-binance","tag-crypto","tag-cryptocurrency-trading","tag-fg"],"_links":{"self":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17886"}],"collection":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=17886"}],"version-history":[{"count":1,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17886\/revisions"}],"predecessor-version":[{"id":17888,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/posts\/17886\/revisions\/17888"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=\/wp\/v2\/media\/17887"}],"wp:attachment":[{"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=17886"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=17886"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theblogonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=17886"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}