In a noteworthy development, the Nigerian government is seeking retribution claims from Binance, amounting to no less than $10 billion. The government contends that Binance lacks official registration, prompting an interagency investigation into the cryptocurrency exchange platform’s operations.
The investigation, coordinated by the Office of the National Security Adviser in collaboration with the Central Bank of Nigeria (CBN) and other law enforcement and security agencies, aims to scrutinize Binance’s activities in the foreign exchange market.
Despite the acknowledgment that Binance has actively collaborated by sharing valuable information and has halted transactions involving the naira on its platform, Nigeria is adamant about pursuing a penalty. The government is urging Binance to settle a minimum penalty of $10 billion.
Zakari Mijinyawa, the head of Strategic Communication at the Office of the National Security Adviser, confirmed the ongoing investigation, stating, “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,” in an update to PREMIUM TIMES.
As the investigation unfolds, the cryptocurrency industry watches closely, and the outcome may have far-reaching implications for Binance’s operations within the Nigerian market and potentially influence regulatory considerations globally.
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