Bayo Onanuga, a special adviser to the Nigerian president on information and strategy, has clarified reports surrounding the alleged imposition of a $10 billion fine on the cryptocurrency exchange Binance.
Contrary to earlier reports by the BBC, Onanuga stressed that the claims were a result of misquotation and misunderstanding.
He emphasized that there has been no finalized decision to levy such a fine against Binance and that his previous statements had been misrepresented.
Specifically, Onanuga mentioned that he had only discussed the possibility of a fine, indicating that nothing is set in stone as of now.
This development comes amidst increasing regulatory scrutiny of cryptocurrency exchanges in Nigeria, a move aimed at protecting the integrity of the Nigerian naira.
Binance, in response to the growing pressure, has discontinued the use of the naira in its peer-to-peer (P2P) trading services as of February 28.
The P2P platform, popular among Nigerian users since 2021, facilitates direct transactions between buyers and sellers without the need for an intermediary.
This service gained popularity following the Nigerian governmentâs ban on the crypto industry during the tenure of former President Muhammadu Buhari.
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The situation is compounded by the Central Bank of Nigeriaâs (CBN) concerns over âsuspicious flowsâ of funds through Binanceâs Nigerian operations.
CBN Governor Olayemi Cardoso reported that in 2023 alone, $26 billion had been transacted through Binance from unverified sources and users, raising alarms over potential financial risks and the need for stringent oversight.
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