*DOLLAR SCARCITY: FG Slams $10b Fine on Binance.*
Report reached newskingdo that $10 billion fine has been slammed on crypto trading platform Binance by the Federal Government over allegations of influencing the country’s forex crisis.
According to Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, he opened up on this F in an interview with the BBC on Friday.
“The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis”.
Bayo Onanuga asserted further that Binance generated substantial profit from its “illegal transactions” in Nigeria at the expense of the nation that suffered huge losses. According to him, he noted that Binance is not registered in Nigeria and has no presence in the country.
He explained that many people traded on crypto and this platform is used to arbitrarily fix dollar-naira rates. He claimed that the practice negatively impacted the value of the local currency.
Bayo Onanuga reiterated that the Binance team was already cooperating with the Nigerian government by providing useful economical information, and had already suspended naira-related transactions on the platform.
“The platform influence 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. Onanuga affirmed.
“It is reliably gathered that Binance harbours a lot of people who fix exchange rates which negatively impacted the country at a time when the government is trying to stabilize the economy,” he added.
Onanuga concluded that Binance influenced the increase in foreign exchange rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.
