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Home»ADOPTION NEWS»Nigeria reportedly demands $10 billion in damages from Binance: BBC
ADOPTION NEWS

Nigeria reportedly demands $10 billion in damages from Binance: BBC

By Crypto FlexsMarch 2, 20242 Mins Read
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Nigeria reportedly demands  billion in damages from Binance: BBC
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Posted 1 minute ago In ~

The Nigerian government has reportedly demanded at least $10 billion from Binance due to its crackdown on cryptocurrency exchanges and the devaluation of its currency.

The news was shared by President Bola Tinubu’s Special Adviser on Intelligence and Strategy, Bayo Onanuga, in an interview with the BBC. Onanuga claims Binance profited from “illegal transactions” at the country’s expense.

According to multiple reports, Binance is already under investigation in Nigeria. “I confirm that the Office of the National Security Adviser, together with the CBN and other law enforcement and security agencies, is coordinating an inter-ministerial investigation into Binance’s operations as part of our ongoing operations in the foreign exchange market,” said Representative Zakari Mijinyawa. . The Director of Strategic Communications in the Office of the National Security Advisor told Premium Times.

Binance executives were also reportedly detained by Nigeria earlier this week.

The exchange reportedly removed the Nigerian currency, Naira, from its P2P services.

The Block will contact Binance to update this report.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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