Nigeria denies report of $10B Binance fine

A Nigerian government representative has denied rumors of a $10 billion fine for crypto exchange Binance. Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, says the allegations reported by the BBC are the result of a misquotation.

According to a local news outlet, the People's Gazette, Onanuga clarified his statement, saying that his words were misrepresented and claims there hasn't been a definitive decision to fine Binance. Onanuga said he did not state that Binance was informed about the fines or that it would be $10 billion. He only mentioned the possibility of a fine, as nothing is final yet.

Regarding the $10 billion penalty on Binance, the Peoples Gazette stated that Binance is unaware and hasn't been informed. The cryptocurrency exchange reportedly indicated its reluctance to negotiate any fines with the Nigerian government.

Binance is under increased scrutiny in Nigeria, with the Central Bank of Nigeria (CBN) expressing concerns about "suspicious flows" of funds through the exchange's Nigerian arm in 2023. CBN Governor Olayemi Cardoso highlighted that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.

The National Security Adviser's office has also reportedly detained two senior Binance officials in the Nigerian capital, Abuja, as the nation looks to crack down on cryptocurrency exchanges to tame the speculation about the naira.