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Nigeria is considering imposing a substantial fine on Binance, alleging significant adverse effects on the local economy. Reportedly, Nigerian authorities are urging Binance to furnish details regarding its top 100 users within the country as part of an ongoing regulatory crackdown. In addition to user information, Nigerian officials have requested Binance to provide transaction records spanning the last six months, according to a recent Financial Times report.

 

 

 

Furthermore, the Nigerian government is pressing Binance to settle any outstanding tax obligations. These requests come amid negotiations between Nigerian authorities and Binance, with Nigeria asserting that the exchange has played a pivotal role in influencing the local currency, the Nigerian naira.

 

 

 

Bayo Onanuga, the presidential adviser on information and strategy, has accused Binance and other cryptocurrency platforms of manipulating the naira, leading to a significant depreciation of the local fiat currency. Onanuga also hinted at the possibility of banning platforms like Binance in the country. In response to Binance’s attempts to engage in dialogue with Nigerian officials, two senior executives, Tigran Gambaryan and Nadeem Anjarwalla, were detained by local prosecutors. Despite Binance’s actions to delist all naira transactions and halt peer-to-peer naira transactions in late February, the executives remain in detention.

 

 

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