Connect with us


Tinubu Slams $10 Billion Fine On Binance For Doing This





The Nigerian Federal Government has imposed a hefty $10 billion fine on the cryptocurrency trading platform Binance, citing allegations of its involvement in exacerbating the country’s foreign exchange crisis.

Bayo Onanuga, the special adviser to President Bola Tinubu on information and strategy, revealed this development during a Friday morning interview with the BBC. Onanuga asserted that Binance engaged in “illegal transactions” in Nigeria, reaping substantial profits while the nation endured significant losses.


He claimed that Binance, allegedly unregistered and lacking a presence in Nigeria, facilitated arbitrary fixing of dollar-naira rates, negatively impacting the local currency’s value.


Furthermore, Onanuga explained that Binance had cooperated with the Nigerian government by providing information and had already suspended naira-related transactions on its platform.


Accusing Binance of influencing exchange rates illegally, Onanuga emphasized that such authority rests solely with the Central Bank of Nigeria. He contended that the platform harbored individuals who manipulated exchange rates, contributing to a detrimental impact on the economy during the government’s efforts to stabilize it. Binance’s speculative activities were implicated in causing a nearly 70% devaluation of the Naira in recent months.


Confirming the government’s investigation, the Office of the National Security Adviser (ONSA) disclosed that Binance is under scrutiny by Nigerian authorities.


Zakari Mijinyawa, head of Strategic Communication at the ONSA, stated that an interagency investigation is underway in collaboration with the Central Bank of Nigeria and other law enforcement agencies.


This confirmation followed the earlier arrest and detention of two top Binance executives over alleged manipulations in foreign exchange trading and speculative activities.


In response to the accusations, Onanuga called for the ban of Binance, along with other trading platforms like Kucoin, in Nigeria. Urging the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to swiftly act, he criticized Nigerians trading currency on Binance for their perceived lack of patriotism.


Onanuga highlighted Binance’s regulatory issues in various countries, including prohibitions in the UK, Japan, Canada, and Singapore, emphasizing that a platform facing such international scrutiny should not dictate the value of the Naira on its crypto exchange platform.


MUSIC3 days ago

Mofe – Prince Of Egypt (I Don’t Want You I Want Money)

    A sensational Nigerian music phenomenon and songwriter, Mofe comes through with a viral TikTok sensation captioned “Prince Of...

MUSIC5 days ago

Llona – Another Day | Download Mp3

    Phenomenal music artist and songwriter, Llona makes his musical debut with a fascinating record captioned “Another Day.” Related:...

MUSIC6 days ago

Shallipopi – Dey | Download Mp3

    “Dey” is yet another groundbreaking song dropped by Shallipopi, a highly talented Nigerian music prodigy and a wordsmith....

MUSIC6 days ago

Shallipopi – Billion Ft. Reehaa, Zerrydl, Tega Boi Dc & Jeneral

    Plutomania Records headliner Shallipopi is a well-seasoned music sensation-songwriter and performer who just uncovered a thrilling song called...

MUSIC6 days ago

Shallipopi – Find Me

    A highly talented Nigerian music artist and songwriter, Shallipopi comes through with a massive track captioned “Find Me.”...

MUSIC6 days ago

Shallipopi – New Cat | Download Mp3

    Shallipopi, a veteran singer, rapper and songwriter from Nigeria, just made his musical debut with an enticing record...

MUSIC6 days ago

Shallipopi – Start Am | Download Mp3

    Shallipopi is a multi-talented Nigerian music artist and song composer who just emerged with an intriguing song dubbed...

MUSIC6 days ago

Shallipopi – Trees | Download Mp3

    “Trees” is yet another captivating record delivered by a highly talented Nigerian music phenomenon and lyricist, Shallipopi. Subsequently,...



Charly Boy berates EFCC for persecuting Nigerian celebrities over Naira abuse

    Charles Oputa, better known as Charley Boy, has accused the Economic and Financial Crimes Commission (EFCC) of indulging...


“Never” Davido reacts to the possibility of Cubana Chief Priest going to jail for Naira abuse

    Davido has reacted after Paschal Okechukwu, better known as Cubana Chief Priest, was granted bail.      ...


Rapper NBA YoungBoy arrested on drug and weapons charges

    American rapper, NBA YoungBoy, who has been living in Utah on house arrest while facing felony gun charges,...

NEWS2 days ago

Woman wheels her dead uncle’s corpse into bank and tries to get him to “sign off” loan in her name (video)

    A Brazilian woman reportedly wheeled the corpse of an elderly man into a Rio de Janeiro bank on...


“I’ve Lived The African Dream, Now I’m Trying To Live American Dream” – Davido

    Grammy-nominated Afrobeats superstar, Davido, has stated that he has conquered the African market as he announce his focus...


Charly Boy Weighs in on AY Makun and Wife’s Marital Crisis

    Famous Nigerian entertainer, Charly Boy has weighed in on the ongoing marital issues between comedian AY Makun and...


Joeboy: “social media trolls don’t love themselves”

    Joeboy, the popular musician, has spoken out against trolls.   According to him, social media trolls do not...