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crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country’s forex crisis. The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this F in an interview with the BBC on Friday.
According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses. He noted that Binance is not registered in Nigeria and has no presence in the country. According to Onanuga, people used the platform to arbitrarily fix dollar-naira rates. He said the practice negatively impacted the value of the local currency.
He further noted that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform. Onanuga said, “The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.
“Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy,” he added. The presidential aide added that Binance influenced the increase in foreign exchange rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.
SOURCE: Vanguard
According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses. He noted that Binance is not registered in Nigeria and has no presence in the country. According to Onanuga, people used the platform to arbitrarily fix dollar-naira rates. He said the practice negatively impacted the value of the local currency.
He further noted that the Binance team was already cooperating with the Nigerian government by providing useful information, and had already suspended naira-related transactions on the platform. Onanuga said, “The platform fixes the exchange rate in Nigeria, which is illegal. The Central Bank of Nigeria is the only authority that can fix the exchange rate for Nigeria.
“Binance harbours a lot of people who fix exchange rates which impacted the country badly at a time when the government is trying to stabilize the economy,” he added. The presidential aide added that Binance influenced the increase in foreign exchange rates through currency speculation, which caused the Naira value to fall by almost 70% in recent months.
SOURCE: Vanguard
Top cryptocurrencies price on February 23: Bitcoin falls below $51,300; Internet Computer, Chainlink decline up to 4%
At 11:30 p.m., Bitcoin was trading 0.5% lower at $51,229, while Ethereum was up 0.9% at $2,958. Meanwhile, the global cryptocurrency market cap fell 0.25% to around $1.95 trillion in the last 24 hours.
At 11:30 p.m., Bitcoin was trading 0.5% lower at $51,229, while Ethereum was up 0.9% at $2,958. Meanwhile, the global cryptocurrency market cap fell 0.25% to around $1.95 trillion in the last 24 hours.
what is dodgecoin?
$ Dogecoin is a cryptocurrency that was created in 2013 by software engineers Billy Markus and Jackson Palmer. It is based on the popular "doge" internet meme and features the Shiba Inu dog as its mascot.
Dogecoin was created as a fun and lighthearted alternative to Bitcoin and other more serious cryptocurrencies. It has a number of technical features in common with other cryptocurrencies, but it is not used as widely as Bitcoin or Ethereum.
Over the years, Dogecoin has gained a devoted following on social media, including some high-profile supporters like Elon Musk. It has also experienced a number of price fluctuations, with its value rising dramatically at times and then crashing back down.
Some people see Dogecoin as a potential investment opportunity, while others see it more as a novelty or a fun way to participate in the world of cryptocurrencies. It's important to remember that like all cryptocurrencies, Dogecoin is a highly speculative asset and its value can be very volatile.
$ Dogecoin is a cryptocurrency that was created in 2013 by software engineers Billy Markus and Jackson Palmer. It is based on the popular "doge" internet meme and features the Shiba Inu dog as its mascot.
Dogecoin was created as a fun and lighthearted alternative to Bitcoin and other more serious cryptocurrencies. It has a number of technical features in common with other cryptocurrencies, but it is not used as widely as Bitcoin or Ethereum.
Over the years, Dogecoin has gained a devoted following on social media, including some high-profile supporters like Elon Musk. It has also experienced a number of price fluctuations, with its value rising dramatically at times and then crashing back down.
Some people see Dogecoin as a potential investment opportunity, while others see it more as a novelty or a fun way to participate in the world of cryptocurrencies. It's important to remember that like all cryptocurrencies, Dogecoin is a highly speculative asset and its value can be very volatile.
what is Shiba Inu
Shiba Inu is a breed of dog that originated in Japan. They are a small to medium-sized dog, known for their spirited and loyal nature. In recent years, the name "Shiba Inu" has become popularized as a result of a cryptocurrency named after the breed, called "Shiba Inu coin". This cryptocurrency was created in August 2020 and has gained popularity due to its similarity to $ETH #Dogecoin. #Write2Earn
Shiba Inu is a breed of dog that originated in Japan. They are a small to medium-sized dog, known for their spirited and loyal nature. In recent years, the name "Shiba Inu" has become popularized as a result of a cryptocurrency named after the breed, called "Shiba Inu coin". This cryptocurrency was created in August 2020 and has gained popularity due to its similarity to $ETH #Dogecoin. #Write2Earn