Friday, March 1, 2024

Nigeria demands $10 billion from Binance in damages

The Nigerian government has reportedly demanded a minimum of $10 billion from Binance amid the country's crackdown on the crypto exchange and a devaluation of the country's local currency.

The news comes from Bayo Onanuga, special adviser on information and strategy to the country's president, Bola Tinubu, in an interview with the BBC. Onanuga claims Binance profited from "illegal transactions" at the country's expense.

Binance is already under investigation in Nigeria, per multiple reports. “I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser, reportedly told Premium Times.

Binance executives were also reportedly detained by Nigeria earlier this week.

The exchange reportedly removed Nigeria's currency, the naira, from its peer-to-peer service.

The Block reached out to Binance and will update this report.

By Adam James, The Block

Related stories: Nigeria detains Binance executives in cryptocurrency crackdown

Nigeria plans clampdown on Binance, other crypto firms



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