10 billion fine against Binance: Nigeria backs down

Just a few days after declaring that Nigeria would seek a $10 billion fine from Binance, the Nigerian authorities have retracted their statement. The Special Advisor to the Nigerian President on Information and Strategy, who had given the information, said it was false. Binance, for its part, confirmed that it had not entered into any discussions with Nigeria concerning any fine..

Nigerian authorities back away from Binance

The tug-of-war between the Nigerian authorities and the exchange Binance continues. The new developments seem to be to the cryptocurrency platform’s advantage. Interviewed by the Nigerian media Peoples Gazette, Bayo Onanuga, the Nigerian president’s special advisor on information and strategy, assured that his country has not demanded a $10 billion fine from Binance.

However, a few days ago, he himself declared that Nigeria has required $10 billion in fines from Binance in return for the losses incurred by the country as a result of the platform’s illicit transactions. Several Nigerians strongly criticized this decision, comparing it to a ransom demand to free the two Binance executives arrested in Nigeria.

Has this criticism from Nigerians made the Nigerian authorities back down? In any case, Bayo Onanuga changed his position within a few days. Advisor to the President Bola Tinubu says he never specified the amount of the fine imposed on Binance. He believes that his words have been misinterpreted.

I said that our government could impose heavy fines on Binance for what happened. I never said that Binance had been informed of the fines or that they would certainly amount to $10 billion. I only said that the amount could be asked, as nothing has yet been finalized.

Bayo Onanuga.

Binance does not intend to pay any fines in Nigeria

The crypto exchange Binance has finally reacted to the likely imposition of a fine in Nigeria. According to an exchange official, Binance is not aware of any fines having been imposed, and discussions with the Nigerian authorities are focusing on the possibility of relaunching the company. Binance and not the payment of any fine.

Our aim is to establish good relations with the government and people of Nigeria. We would like to see our services restored in Nigeria very soon, but we have no intention of paying fines for staff or services.

Binance official

Through these repressive acts, Nigeria is waging yet another battle against cryptocurrency. As in the past, Nigeria could once again lose. Thanks to the digital and decentralized nature of crypto, any attempt to suppress it is doomed to failure. China, Nigeria, India…, there are numerous examples of countries that have seen crypto adoption explode after banning this type of asset.