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<h4><strong>Bayo Onanuga, adviser to President Bola Tinubu, says Nigeria demands at least $10 billion from Binance.</strong></h4> 
<p>This demand arises amid a crackdown on Binance and a significant devaluation of Nigeria’s currency.</p> 
<h5><strong>Nigeria’s $10B Claim Against Binance</strong></h5> 
<p>In a BBC interview, Onanuga claimed Binance’s “illegal transactions” harmed Nigeria’s economy. This accusation highlights global government concerns about regulating cryptocurrencies that bypass traditional finance systems.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Nigeria reportedly demands $10 billion from Binance in damages: BBC <a href="https://t.co/H07pVloLJW">https://t.co/H07pVloLJW</a></p> 
 <p>— The Block (@TheBlock__) <a href="https://twitter.com/TheBlock__/status/1763551000248401927?ref_src=twsrc%5Etfw">March 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Further intensifying the situation, reports have surfaced that Binance executives were detained by Nigerian authorities earlier in the week. Details on the detentions are scarce, but this marks a serious escalation in government action against the <a href="https://www.altcoinbuzz.io/?s=exchange" target="_blank" rel="noopener">crypto exchange</a>. It questions the future of crypto operations in Nigeria, where digital currency adoption has surged.</p> 
<h5><strong>More About Binance &amp; Nigeria</strong></h5> 
<p>This confrontation between the Nigerian government and Binance comes at a time when many countries are grappling with how to integrate cryptocurrencies into their financial systems. Digital currencies’ decentralized nature challenges regulation, complicating crypto-government relations.</p> 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <p lang="en" dir="ltr">Two executives of <a href="https://twitter.com/binance?ref_src=twsrc%5Etfw">@binance</a> have been detained by Nigerian officials after flying into the country, according to media reports. <a href="https://t.co/jKWP6M0FKZ">https://t.co/jKWP6M0FKZ</a></p> 
 <p>— CoinDesk (@CoinDesk) <a href="https://twitter.com/CoinDesk/status/1763399218553552954?ref_src=twsrc%5Etfw">March 1, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>Nigeria’s case may set a global precedent for balancing innovation and <a href="https://www.altcoinbuzz.io/?s=regulation" target="_blank" rel="noopener">regulation</a> in crypto disputes. As the situation unfolds, the global cryptocurrency community and financial regulators will be closely watching the outcomes of Nigeria’s crackdown on Binance.</p> 
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<p><strong>Disclaimer</strong><br> The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p> 
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/nigeria-demands-10-billion-from-binance-amid-currency-crisis/">Nigeria Demands $10 Billion from Binance Amid Currency Crisis</a> appeared first on <a href="https://www.altcoinbuzz.io">Altcoin Buzz</a>.</p>

Nigeria Demands $10 Billion from Binance Amid Currency Crisis

Altcoin Buzz

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