Naira crisis: FG may demand $10bn compensation from Binance

Amidst efforts to preserve the value of the naira, the Federal Government may demand a penalty of more than $10 billion from Binance.

In an interview with the BBC on Friday morning, Bayo Onanuga, the President's Special Advisor on Information and Strategy, disclosed this.

According to Onanuga, Binance made significant gains from its "illegal transactions" in Nigeria while the country sustained significant loses.
He further stated that the company is not present or registered in Nigeria and that certain users used the platform to manipulate dollar-naira exchange rates, which caused the value of the naira to plummet.


"I said compensation is being discussed and a fine is being contemplated," Onanuga said in response to our correspondent. "May" is the term I used.

The spokesperson for the President said that the cryptocurrency exchange platform is working with the Nigerian government by giving them helpful information. Since then, naira-denominated transactions have been stopped.

The cryptocurrency exchange platform is the subject of a Nigerian government inquiry, according to the Office of the National Security Adviser.
This comes several months after Binance entered a guilty plea and agreed to pay the US Department of Justice $4.3 billion to resolve criminal money laundering accusations.