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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/nigerian-official-refutes-10-billion-binance-fine-allegations" rel="noopener noreferrer nofollow">Nigerian Official Refutes $10 Billion Binance Fine Allegations</a><br></p>
<p style="text-align: justify">Bayo Onanuga, an advisor to the Nigerian president, has publicly refuted claims about the imposition of a colossal fine on Binance, a leading <a href="https://en.bitcoinhaber.net/standard-chartered-joins-chinese-digital-yuan-testing-phase" rel="noopener noreferrer nofollow">cryptocurrency</a> exchange platform. Onanuga insists that reports of a $10 billion penalty were misconstrued and emphasized that no such decision has been finalized.</p>
<h2 id="clarifying-the-binance-penalty-rumors">Clarifying the Binance Penalty Rumors</h2>
<p style="text-align: justify">Contrary to circulating reports, Onanuga disclosed that he was unaware of any financial sanctions targeting Binance. He further mentioned that although discussions about a potential fine took place, the authorities had not reached a conclusive verdict on the matter. The advisor’s comments come amidst heightened regulatory scrutiny of <a href="https://en.bitcoinhaber.net/ftx-granted-legal-clearance-to-divest-ai-company-interest" rel="noopener noreferrer nofollow">cryptocurrency exchanges</a> in Nigeria, including recent access restrictions to several platforms to safeguard the national currency’s stability.</p>
<p style="text-align: justify">Binance has felt the heat of these regulatory challenges, prompting them to halt their Nigerian naira offerings on the peer-to-peer (P2P) trading service at the end of February. This platform had seen a surge in usage in Nigeria, especially after the government’s intensified oversight of the crypto sector began in 2021.</p>
<h2 id="binance-under-watchful-eye-of-nigerian-authorities">Binance Under Watchful Eye of Nigerian Authorities</h2>
<p style="text-align: justify">The Central Bank of Nigeria previously expressed concerns about dubious transactions flowing through Binance, which reportedly saw $26 billion in unidentified funds transferred in 2023. There were also unverified reports of the detention of two Binance executives by <a href="https://en.bitcoinhaber.net/security-breaches-reported-at-decentralized-exchanges-velodrome-and-aerodrome" rel="noopener noreferrer nofollow">security</a> forces in Abuja, further indicating the government’s firm stance on crypto exchange regulation and its impact on the naira.</p>
<p style="text-align: justify">Despite these incidents, December 2023 marked a significant change, as the Central Bank rescinded a two-year prohibition on banks’ involvement in cryptocurrency transactions and proposed virtual asset service provider regulations. Additionally, Nigeria pioneered a central bank digital currency and witnessed the launch of a naira-backed stablecoin by the Africa Stablecoin Consortium within a CBN-sanctioned virtual space.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/nigerian-official-refutes-10-billion-binance-fine-allegations" rel="noopener noreferrer nofollow">Nigerian Official Refutes $10 Billion Binance Fine Allegations</a></h5>

Nigerian Official Refutes $10 Billion Binance Fine Allegations

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