Banking Finance

FG may demand $10bn compensation from Binance over Naira crisis

The Federal Government may demand over $10billion from Binance as a penalty amid moves to salvage the value of the naira.
Special Adviser to the President on Information and Strategy, Bayo Onanuga, revealed this in a Friday morning interview with the BBC.
Onanuga alleged that Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered heavy losses.
He also argued that the company is neither registered in Nigeria nor has any presence in the country, adding that some users leveraged the platform to arbitrarily determine dollar-naira rates which saw a sharp decline in the value of the naira.
Giving further clarification to our correspondent on the matter, Onanuga stated, “I said compensation is being discussed and a fine is being contemplated. I used the word ‘May’. “
The Presidential Spokesperson affirmed that the cryptocurrency exchange platform is cooperating with the Nigerian government by providing useful information, and has since suspended naira-denominated transactions.
The Office of the National Security Adviser confirmed that the crypto exchange platform is under investigation by Nigerian authorities.
The development comes months after Binance pleaded guilty, agreeing to pay $4.3bn to settle criminal money laundering charges levied by the U.S. Department of Justice.

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