Cryptocurrency giant Binance Holdings Ltd has refuted claims of engaging in discussions with the Nigerian government over a potential $10 billion fine. This contradicts an earlier statement by Bayo Onanuga, a media aide to President Bola Tinubu, accusing Binance of illegal activities affecting Nigeria's economy.Binance clarified that while they discussed resolving issues with Nigeria, no demand for such a substantial fine was made. The Cayman Islands-based platform emphasized its commitment to restoring services in Nigeria but stated it has no intention of paying fines.
Onanuga clarified that his statement was misrepresented, highlighting uncertainties around the fines. The recent controversy follows a crackdown on cryptocurrency platforms by Nigerian authorities, including the detainment of two Binance officials. Binance's disabling of the peer-to-peer function for Nigerian users adds complexity to the situation.
As the government blocks Binance websites for Nigerian users, tensions rise in the ongoing crypto regulatory landscape. Nigerians express concerns over the impact on their ability to trade on the platform. The evolving situation raises questions about the future of cryptocurrency in Nigeria amid regulatory challenges.
