Nigeria accuses Binance of currency manipulation and demands at least $10 billion in fines.

According to the BBC report, Bayo Onanuga, spokesman for Nigerian President Bola Tinubu, said in an interview that Binance has affected the foreign exchange rate by hyping the Nigerian naira, which has led to the naira devaluing by nearly 70% in recent months. Bayo Onanuga said:

"The platform fixed Nigeria's exchange rate, which is an illegal exchange rate. The Central Bank of Nigeria (CBN) is the only institution that can determine the country's exchange rate."

According to the BBC report, Nigeria believes that Binance’s actions have a significant impact on the country’s economy and therefore requires Binance to pay a fine of at least US$10 billion. In addition, according to multiple reports, Nigeria has launched an investigation into Binance, and earlier this week it was reported that Binance executives were detained by the Nigerian government. Zakari Mijinyawa, head of strategic communications at the country’s National Security Office, told Premium Times:

“I confirm that as part of the Office of the National Security Adviser’s ongoing activities in the foreign exchange markets with central banks and other law enforcement and security agencies, the Office of the National Security Adviser is coordinating an interagency investigation to review Binance’s operations. "

This article Nigeria accuses Binance of currency manipulation and demands at least $10 billion in fines appeared first on Zombit