African Country Demands $10 Billion Compensation from Binance

The Nigerian government is demanding $10 billion in compensation from Binance, the world’s largest cryptocurrency exchange.

Claiming that the cryptocurrency exchange caused significant losses in the country due to foreign exchange rate manipulation, the Nigerian government is seeking substantial compensation. Officials allege that Binance inflated foreign currency rates by speculating and caused the Nigerian naira to lose nearly 70% of its value in recent months. There are also concerns about Binance and other cryptocurrency platforms operating in the country without a license.

Government officials have stated that cryptocurrency companies must be registered in accordance with the law if they wish to operate in Nigeria. Meanwhile, transactions with the Nigerian naira are no longer conducted on the Binance platform.

It is reported that the Nigerian government is investigating the allegations of Binance manipulating exchange rates and has questioned Binance employees. The National Security Adviser’s Office (ONSA) of the country officially announced an ongoing investigation into Binance’s activities. Zakari Mijinyawa, the Head of Strategic Communications at ONSA, confirmed the inter-agency effort to examine Binance’s activities in Nigeria. However, detailed information about the duration of the investigation and the potential agreement between the government and Binance has not been provided.

As pressure on Binance in Nigeria increases, the company had to suspend transactions with the naira and released a statement expressing openness to collaboration with authorities.

source: prepared by Melisa Beğiç

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button