Crypto trading platform, Binance is in big trouble.

The company has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis.

President Bola Tinubu’s Special Adviser on Information and Strategy, Bayo Onanuga said:

“Binance profited substantially from its illegal transactions in Nigeria while the nation suffered huge losses. Binance is not registered in Nigeria and has no presence in the country.”

“People use the platform to arbitrarily fix dollar-naira rates. The practice negatively impacted the value of the local currency.”

“The platform fixes 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.”

“Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy.”

“Binance influence the increase in foreign exchange rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.”