BusinessFG Asks Cryptocurrency Firm Binance To Pay $10bn In Retribution For FX...

FG Asks Cryptocurrency Firm Binance To Pay $10bn In Retribution For FX Infractions


March 01, (THEWILL) – The Federal Government is demanding at least $10 billion from a cryptocurrency trading platform, Binance, in retribution for the damage caused to the Nigerian foreign exchange market, Special Adviser to the President on Information and Strategy, Bayo Onanuga, told BBC, on Friday.

Onanuga had on February 21, accused Binance of hijacking the role of the Central Bank of Nigeria (CBN), by “blatantly setting exchange rate for Nigeria.”

While urging the Economic and Financial Crimes Commission (EFCC) and the CBN to move against the platforms, Onanuga said Binance and other cryptocurrency platforms should be banned from operating in the country.


Speaking with the BBC on Friday, Onanuga alleged that people used Binance to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency. He also claimed that Binance is not a registered company in Nigeria.

Also on Tuesday, February 27, Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), said $26 billion passed through Binance Nigeria from unidentified sources in one year.

The Financial Times had on Wednesday, reported that two executives of the company, who flew into the country last week following a ban on their website, were arrested and detained by the Nigerian government.

The Nigerian Communications Commission (NCC), on February 21, blocked online platforms, including Binance and other crypto firms to avert the continuous manipulation of the forex market and illicit movement of funds.

The Office of the National Security Adviser, on Thursday, said the Federal Government is investigating the operations of Binance in the country. Head of Strategic Communication, ONSA, Zakari Mijinyawa, said the office was coordinating the activities of other agencies to investigate the operations of the company.

“The office is leading and coordinating an interagency process by law enforcement officers – this includes ongoing investigations into the operations of Binance. Outcomes from this interagency investigation will be made available in due course.“

Onanuga told BBC that the Binance team were already cooperating with the Nigerian government by providing useful information and had already suspended naira-related transactions on the platform. He, however, said in retribution for the damage, Nigeria wants Binance to pay at least $10 billion.

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