Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration

Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration
фото показано с : cryptoslate.com

2024-3-3 19:10

The Nigerian government is reportedly considering imposing fines of up to $10 billion on Binance.

Local media outlets reported that Bayo Onanuga, the special adviser to the Nigerian president, said the exchange profited from facilitating illegal transactions in the African country while the nation suffered huge losses. According to Onanuga, the fine would be a form of retribution for the exchange actions.

Besides that, the report stated that Binance operated in the country without proper registrations.

As of press time, Binance has yet to respond to CryptoSlate’s request for comment.

Binance is cooperating

The exchange is also reportedly cooperating with the ongoing investigations in Nigeria.

Premium Times Editor Oladeinde Olawoyin said:

“The government says Binance is already cooperating by providing useful information and had already suspended naira-related transactions on its platform.

This aligns with Binance’s previous commitment to collaborate with local authorities to ensure a fraud-free and manipulation-free platform for its users. The exchange said:

“As industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.”

Over the past weeks, the Nigerian government has increased scrutiny of Binance’s involvement in the country’s foreign exchange (FX) issues. Reports confirm that Nigerian authorities have launched an investigation into Binance and arrested two of the exchange’s executives upon their arrival in the country to address the ban on the crypto exchange website.

The authorities also alleged that Binance Nigeria facilitated $26 billion in transactions from undisclosed sources last year.

In response to the crackdown, Binance removed Nigeria’s fiat currency, Naira, from its peer-to-peer (p2p) platform.

The exchange has yet to make any new public comments on the issues surrounding it in Nigeria.

Meanwhile, Binance’s clash with the Nigerian government comes on the heels of its settlement with US authorities. Last year, the firm agreed to pay a record fine exceeding $4 billion for failing to adhere to financial laws.

The post Nigeria reportedly considers $10 billion Binance fine over illegal transactions and registration appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Nigerian Naira (NGN) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Доступно / Всего 0 NGN

illegal transactions binance nigerian reportedly billion profited

Источник: cryptoslate.com

illegal transactions → Результатов: 126


Russian Restrictive Policy Limits Licensed Platforms Transactions

Russian Central Bank and the Ministry of Finance’s adverse opinions lead to a restrictive policy instead of banning the use of cryptocurrencies. Per the Coindesk, the Ministry of Finance purposes a bill that limits the crypto transactions tied with licensed operators in Russia, adding peer-to-peer trading as illegal, while certified wallets are allowed. Related Reading […]

2022-2-25 11:44


Rise in illegal crypto transactions, as efforts for stricter regulations ramp up in South Korea

South Korea has been witnessing a surge in the use of cryptocurrencies in illegal foreign exchange transactions. While the uptrend was witnessed after the onset of Covid-19, local reports suggest thatThe post Rise in illegal crypto transactions, as efforts for stricter regulations ramp up in South Korea appeared first on AMBCrypto.

2021-10-4 21:00


DeFi tokens SUSHI, SNX, UNI emerge as winners after China’s crypto crackdown

A little over a week ago, China renewed its hostilities towards the crypto industry as it declared all crypto transactions within its jurisdiction “illegal.” This new regulation, while it has had some negative impacts on the price of the leading digital asset, Bitcoin, alongside other cryptocurrencies in the market, the winners in the current shakedown […] The post DeFi tokens SUSHI, SNX, UNI emerge as winners after China’s crypto crackdown appeared first on CryptoSlate.

2021-10-2 11:00


Фото:

China Ban Causes Surge in Decentralized Exchanges Tokens UNI, SUSHI, BNT

Cryptocurrency investors have turned bullish on Decentralized Exchange (DEX) tokens in the wake of China’s most recent ban on cryptocurrency.  On Friday 27 September, The People’s Bank of China (PBOC) – which exercises regulatory control over one of the world’s largest cryptocurrency markets – declared that all cryptocurrency transactions are “illegal financial activities”, adding thatRead More

2021-9-27 17:00


Dogecoin Price Drops Almost 10% Following China’s Crypto Ban

Dogecoin’s price has dropped almost 10% following China’s statement that crypto transactions and services are illegal in the nation. As China Declares Crypto Transactions Illegal, Dogecoin Plunges Almost 10% According to a report from Bloomberg, China’s central bank has put out a statement saying that all crypto transactions and services are illegal in the country.

2021-9-25 17:03


China Calls All Crypto Transactions Illegal, Bitcoin Drops $4k In Response

China’s central bank has announced that all crypto-related transactions and services are now illegal. In response, Bitcoin drops down to $41k from $45k. China Announces All Crypto Transactions And Activities Are Illegal As per a report from Bloomberg, China has intensified its crackdown on crypto and Bitcoin as the nation’s central bank says all digital […]

2021-9-25 15:04


Economist Who Said The Internet Would Fail Says Crypto Is For Tax Cheats And Criminals

Paul Krugman, who counts winning the 2008 Nobel Prize in Economics among his accolades, slams the crypto industry, saying its only use is for “tax evasion and illegal transactions.” The comments came in reference to a Bloomberg article about the infrastructure bill, which has drawn mounting criticism for various reasons. Including the main gripe for […]

2021-8-28 03:01


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Nigerian officials sought secret crypto settlement, Binance CEO says

Binance CEO Richard Teng claims officials in Nigeria approached the exchange’s team and offered a secret crypto settlement proposal. Teng shared details of this shocking development in a blog post that highlights the ongoing legal troubles around Binance official Tigran Gambaryan.

Nigeria to remove Naira from P2P trading platforms to curb currency manipulation

The Nigerian government has revealed intentions to delist the national currency, the Naira, from all peer-to-peer (P2P) trading platforms. Emomotimi Agama, the Director General of the Nigerian Securities and Exchange Commission (SEC), reportedly revealed this plan during a virtual meeting with the country’s blockchain stakeholders today as part of a wider effort to combat the […] The post Nigeria to remove Naira from P2P trading platforms to curb currency manipulation appeared first on CryptoSlate.