Foreign Currency

Nigerian Government Demands Nearly $10,000,000,000 From Binance for Alleged Foreign Exchange Rate Manipulation: Report

The government of Nigeria is demanding billions of dollars from Binance, alleging that the crypto exchange manipulated the exchange rate of its fiat currency.

According to a new report by the BBC, the Nigerian government is slapping Binance with a $10 billion fine, claiming that the top global crypto exchange by volume manipulated foreign exchange rates to the point where the naira – the nation’s issued currency – fell 70%.

Bayo Onanuga, special advisor to Nigerian President Bola Tinubu, tells the BBC that Binance failed to register with the government to legally be able to operate a crypto firm, also noting that the naira’s collapse in recent months was not “the result of normal activity.”

As stated by Onanuga, according to the BBC,

“All of a sudden the exchange rate went through the roof… and it was being caused by the people on Binance platform. The government could not just fold its hands and allow this thing to continue.”

Last week, two Binance executives were arrested in Nigeria in connection with the alleged crimes, according to the report.

Furthermore, Olayemi Cardoso, Nigeria’s Central Bank Governor, tells the BBC that the Nigerian branch of Binance has moved $26 billion worth of untraceable funds.

In November, Binance faced legal issues in the US when its founder, Changpeng Zhao, pled guilty to violating anti-money laundering laws. The crypto exchange was fined $4.3 billion at the time and Zhao stepped down from his role as the firm’s chief executive.

Zhao is still waiting to be sentenced.

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