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Free fall of Naira: Tinubu’s govt slams $10 billion fine on Binance

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Following the unscrupulous activities of the platform, President Bola Tinubu’s administration has reportedly slammed a fine of $10 billion on the global cryptocurrency exchange—Binance, alleging the country has incurred massive losses due to the platform’s activities.

This is coming months after Binance pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied against it by the U.S. Department of Justice.

It is reported that the latest development is a desperate move to salvage the value of the nation’s local currency.

Bayo Onanuga special adviser on information and strategy to the president made this known Friday morning in an interview with the BBC.

Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, Mr Onanuga said during the interview.

It is reported that the Office of the National Security Adviser confirmed on Friday that the crypto exchange platform is being investigated by the Nigerian authorities.

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