The Nigerian government has imposed a fine of at least $10 billion on crypto exchange platform, Binance as retribution for profiting substantially from its “illegal transactions” in Nigeria.

Special Adviser to the President on Information and Strategy, Bayo Onanugu stated this in a BBC interview on Friday

According to him, Binance is not registered nor have presence anywhere in Nigeria, but said the crypto exchange platform has been used arbitrarily to speculate and fix foreign exchange rate in Nigeria.

Binance has faced similar fate in the United States after the founder and CEO, Changpeng Zhao pleaded guilty and agreed to pay $4.3 billion to settle criminal money laundering charges levied him by the US Department of Justice.

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