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Reading: Nigeria orders cryptocurrency company Binance to pay $10 billion.
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Baner Club > Blog > Business > Nigeria orders cryptocurrency company Binance to pay $10 billion.
Business

Nigeria orders cryptocurrency company Binance to pay $10 billion.

The Nigerian government claims to have sought payment from cryptocurrency company Binance in the amount of about $10 billion (£8 billion)

Last updated: 2024/03/04 at 10:38 AM
Published March 4, 2024
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It claims that Binance engaged in currency speculating and rate-fixing to manipulate foreign exchange prices, causing the naira to lose around 70% of its value in recent months.

Earlier last week, two executives from Binance were taken into custody in Nigeria.

The news asked Binance for a statement, but Binance did not provide one.

Nigeria has one of the largest cryptocurrency markets in the world in addition to being the largest economy in Africa.

Olayemi Cardoso, governor of Nigeria’s central bank, announced on Tuesday that $26 billion worth of untraceable cash had been moved by Binance Nigeria.

As per Tilewa Adebajo CFG Advisory, “These allegations are weighty,” according to the BBC. “That’s a huge sum – even more than the annual Nigeria diaspora remittances of $24bn” .

“The government must have done their homework, hence the allegations.”

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