In an interview with the BBC, Special Adviser to the President on Information and Strategy, Bayo Onanuga has said that Nigerian Government may demand over $10bn from Binance as a penalty amid moves to salvage the value of the naira.
Onanuga alleged that Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered heavy losses.
The Presidential Spokesperson also stated that the company is neither registered in Nigeria nor has any presence in the country, adding that some users leveraged the platform to arbitrarily determine dollar-naira rates which saw a sharp decline in the value of the naira.
Giving further clarification to newsmen on the matter, Onanuga said: “I said compensation is being discussed and a fine is being contemplated. I used the word ‘May’.”
Onanuga affirmed that the cryptocurrency exchange platform is cooperating with the Nigerian government by providing useful information, and has since suspended naira-denominated transactions.
The Office of the National Security Adviser (NSA) confirmed that the crypto exchange platform is under investigation by Nigerian authorities.
This development is coming months after Binance pleaded guilty, agreeing to pay $4.3bn to settle criminal money laundering charges levied by the U.S. Department of Justice.