Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Nigeria sues Binance for $10 billion in damages
ADOPTION NEWS

Nigeria sues Binance for $10 billion in damages

By Crypto FlexsMarch 1, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Nigeria sues Binance for  billion in damages
Share
Facebook Twitter LinkedIn Pinterest Email

The Nigerian government has demanded $10 billion from Binance, claiming the cryptocurrency exchange’s activities have had a negative impact on the naira and the country’s economy.

According to the BBC, the Nigerian government is demanding a whopping $10 billion in damages from Binance, the world’s largest cryptocurrency exchange platform, over accusations that its activities have significantly destabilized the country’s economy.

The claims center around claims that Binance played a major role in manipulating exchange rates and contributed to the nearly 70% decline in the value of the naira in recent months. President Bola Tinubu’s spokesperson, Bayo Onanuga, emphasized that Binance’s operations have a detrimental impact on Nigeria’s attempts to stabilize its economy.

According to Onanuga, “The platform is fixing the country’s exchange rate at an illegal rate. The Central Bank of Nigeria (CBN) is the only institution that can set the exchange rate in the country.”

Security agencies also detained two foreign executives of Binance as part of an ongoing investigation into allegations that the platform was involved in money laundering and terrorist financing.

Nigeria’s Central Bank Governor Olayemi Cardoso said about $26 billion in cryptocurrency transactions were transacted through Binance Nigeria, many of them from “sources and users that we cannot adequately identify.” and emphasized the regulatory problems caused by cryptocurrency.

Nigerian authorities claim Binance and other cryptocurrency companies have been operating without proper registration, contrary to the country’s laws. Even after the CBN lifts the cryptocurrency ban in 2023, compliance with the registration requirements of the Security and Exchange Commission (SEC) remains a controversial issue.

Binance subsequently removed naira trading from its platform as part of its cooperation with the government. Onanuga noted that the government’s demands are not excessive, considering the rapid and severe economic disruption caused by Binance’s activities.

As the investigation continues, further details about the length of the investigation and the nature of discussions between the Nigerian government and Binance have not been disclosed. The situation has sparked widespread discussion about cryptocurrency exchange regulation and the impact of decentralized finance platforms on the national economy.

This incident has far-reaching implications for the cryptocurrency industry, especially in terms of regulatory compliance and the relationship between digital currency platforms and national monetary policies. It also raises important questions about the balance between innovation in the financial sector and the need for governments to protect the economy.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025
Add A Comment

Comments are closed.

Recent Posts

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025

$ AB is live on Binance, guiding the new era of new cross chain asset mobility.

June 7, 2025

Trump memoin is faced with a $ 520m lock in July and the price drops by 85%.

June 7, 2025

Vaneck launches GPZ ETF for alternative asset managers.

June 7, 2025

Apple, X, Airbnb Eye Stablecoin Integration

June 7, 2025

Strategy to raise almost $ 1B by STRD priority proposal for BTC accumulation

June 7, 2025

Hash research CEO is appointed chief policy officer at the presidential office

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 2025

Thorchain integrates the director of the XRP to facilitate the distributed swap.

June 7, 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

ETF publisher’s latest warning -SEC’s approval process ‘Innovation, AIDS GIANTS’

June 7, 2025

Solana (SOL) introduces Alpenglow for faster blockchain agreement.

June 7, 2025

The Foresight Ventures report shows a collection shift where more than 32,000 sellers around the world accept encryption.

June 7, 2025
Most Popular

SEC adopts rules to increase oversight of dealers with cryptocurrency and DeFi looping

February 7, 2024

Top 5 Cryptocurrency Alternatives to Surpass the Rise of Bonk

December 16, 2023

70% of dead Korean exchanges leave investors high and dry

June 8, 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.