Nigerian Government Refutes $10 Billion Fine Speculation on Binance Amid Crypto Crackdown

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Government officials have refuted recent speculations about the Nigerian government imposing a substantial fine of $10 billion on cryptocurrency exchange Binance. The conflicting statements and regulatory scrutiny come amidst a broader crypto crackdown in Nigeria, including the recent ban on major platforms.

Contrary to earlier reports made by The Premium Times, suggesting a potential $10 billion fine on Binance, the Nigerian government has dismissed these claims. Bayo Onanuga, the special adviser to the Nigerian president, clarified that his words were misquoted. 

Onanuga stated, “I never said Binance had been informed about the fines or that it would be $10 billion. I only said the amount might be imposed because nothing is final yet.”

Amid the regulatory challenges, Binance has expressed its commitment to settling matters with Nigerian officials. Despite accusations and talks of a potential fine, Binance highlighted that discussions with Nigerian authorities are taking place. 

The exchange stated, “We recently talked about ways to settle matters with Nigeria, but we never heard any request for $10 billion.” 

The regulatory environment for crypto exchanges in Nigeria has intensified, leading to the recent ban on platforms like Binance, Coinbase, and Kraken. 

The National Agency for Potential Initiatives of Uzbekistan has filed a lawsuit against Binance, and concerns about user privacy and regulatory oversight have been raised. Binance, however, has denied these allegations and remains positive about solving these issues through ongoing discussions. 

This shift contrasts with the previous stance of encouraging crypto investments to support the national economy. The crackdown has also led to the temporary detention of two Binance executives who resided in the country. The conflicting information regarding the alleged $10 billion fine on Binance is yet to be fully confirmed by Nigerian authorities.