Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
Home»TRADING NEWS»Nigeria makes clear its stance on $10 billion Binance fine
TRADING NEWS

Nigeria makes clear its stance on $10 billion Binance fine

By Crypto FlexsMarch 2, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Nigeria makes clear its stance on  billion Binance fine
Share
Facebook Twitter LinkedIn Pinterest Email

Key points:

  • Explanation of fines: The Nigerian government says there is no final decision yet on the $10 billion fine against cryptocurrency exchange Binance. Bayo Onanuga, Special Adviser to the Nigerian President on Intelligence and Strategy, said the previous report was the result of a misquotation.
  • Misrepresentation of Statement: Onanuga emphasized that his previous comments were misrepresented, explaining that he only mentioned a possible fine against Binance and that nothing has been confirmed yet. This contradicts previous reports suggesting a final penalty has been imposed.
  • Binance’s response: Binance has reportedly not been notified of any fines by the Nigerian government, and its reluctance to negotiate fines indicates a disconnect between the exchange and Nigerian authorities.
  • Regulatory Investigations: The situation unfolds against the backdrop of increasing regulatory scrutiny on cryptocurrency exchanges in Nigeria. The government recently took steps to protect the national currency, the Nigerian Naira, by banning several cryptocurrency platforms.
  • Remove Naira from Binance P2P: Amid a regulatory crackdown, Binance has removed Naira from its peer-to-peer (P2P) trading service. The move reflects growing challenges for cryptocurrency exchanges operating in Nigeria.
  • Concerns for the Central Bank of Nigeria: The Central Bank of Nigeria (CBN) has sounded the alarm over “suspicious flows” of funds through Binance’s Nigerian operations, with $26 billion reportedly moving through the exchange from unidentified sources in 2023.
  • Binance officials detained: According to reports, two senior Binance officials have been detained in Abuja, pointing to the Nigerian government’s stepped-up measures against cryptocurrency exchanges.
  • Regulatory developments: Despite these challenges, the CBN lifted a two-year ban on banks’ participation in cryptocurrency trading in December 2023, signaling a complex regulatory environment for digital currencies in Nigeria.

background:

Nigeria’s stance on cryptocurrencies is evolving due to regulatory issues and efforts to integrate digital currencies into the financial system. Vietnam will be one of the first countries to launch a central bank digital currency (CBDC) in 2022, underscoring its commitment to exploring the potential of digital finance while maintaining regulatory oversight.

analyze:

Binance’s situation highlights the delicate balance that countries like Nigeria are trying to achieve between fostering innovation in the cryptocurrency sector and protecting the financial system from potential risks. The Nigerian government’s clarification of the alleged fine against Binance reflects the ongoing negotiations and uncertainty in the regulatory environment surrounding cryptocurrencies.

implication:

For investors and users of cryptocurrency platforms in Nigeria, this development marks a period of uncertainty and potential change in how cryptocurrency exchanges operate in the country. It also highlights the broader challenges facing the global cryptocurrency market as it navigates diverse regulatory environments across multiple jurisdictions.

This is so funny ngl 😂.

Because we cannot get $10 billion in FDI,

Google to see how much Binance pays for payments.
They told me to pay $10 billion in ransom if I kidnapped two employees.

No bandit movement 😂 😂? https://t.co/u3ZKbjy6pf

— def gunzify(𓃵): 🏴‍☠️ (@007Soja) March 1, 2024

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

How to travel to the world with encryption wallet?

July 25, 2025

MemE Coin PEPETO, based on Ether Leeum, has exceeded $ 5.5 million in pre -sales.

July 24, 2025

21Shares submitted ETFs and on major exchange lists ondo price rallies

July 23, 2025
Add A Comment

Comments are closed.

Recent Posts

Bitcoin Market Bullish? DL Mining Launches $100 Bonus + Sustainable Cloud Mining

July 25, 2025

Bybit And Tether Launch Strategic Partnership To Accelerate Crypto Adoption In Brazil

July 25, 2025

Remittix Presale Raises $17M After Revealing Next-Gen Web3 Wallet Beta Launch Date

July 25, 2025

Pioneering Real-World Asset Tokenization In The U.S. Market

July 25, 2025

How to travel to the world with encryption wallet?

July 25, 2025

LFG… Launches AI Alpha Pilot For Meme-Coin Hunters

July 24, 2025

Zircuit Launches AI Trading Engine For Lightning-Fast, Cross-Chain Trading

July 24, 2025

Bybit Card Celebrates Two Million Users With Limited-Edition Collectible And 1 BTC Giveaway

July 24, 2025

MemE Coin PEPETO, based on Ether Leeum, has exceeded $ 5.5 million in pre -sales.

July 24, 2025

Crypto EXEC is not the end of the rally.

July 24, 2025

Big Bob Slot -Self -There fish, bite wins!

July 23, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Bitcoin Market Bullish? DL Mining Launches $100 Bonus + Sustainable Cloud Mining

July 25, 2025

Bybit And Tether Launch Strategic Partnership To Accelerate Crypto Adoption In Brazil

July 25, 2025

Remittix Presale Raises $17M After Revealing Next-Gen Web3 Wallet Beta Launch Date

July 25, 2025
Most Popular

The Next Meme Coin to Explode in 2024 – Is $SMOG the Best Cryptocurrency to Buy Right Now?

February 25, 2024

Binance Futures Launches MORPHOUSDT and CHILLGUYUSDT Perpetual Contracts with 75x Leverage

November 27, 2024

What is Near Protocol? | The Block

July 25, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.