{"id":110772,"date":"2024-03-04T18:15:42","date_gmt":"2024-03-04T17:15:42","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=110772"},"modified":"2024-03-04T18:15:42","modified_gmt":"2024-03-04T17:15:42","slug":"breaking-fg-slams-binance-with-10-billion-fine","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/breaking-fg-slams-binance-with-10-billion-fine\/","title":{"rendered":"Breaking: FG slams Binance with $10 billion fine"},"content":{"rendered":"<div id=\"m#msg-f:1792330118923837813\" class=\"mail-message expanded\">\n<div class=\"mail-message-header spacer\" style=\"text-align: justify;\">The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country\u2019s forex crisis. The special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this in an interview with the BBC on Friday.<\/div>\n<div class=\"mail-message-content collapsible zoom-normal mail-show-images \" style=\"text-align: justify;\">\n<div class=\"clear\">\n<div dir=\"auto\">According to Onanuga, Binance profited substantially from its \u201cillegal transactions\u201d in Nigeria while the nation suffered huge losses. He noted that Binance is not registered in Nigeria and has no presence in the country.<\/p>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p>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.<\/p>\n<p>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.<\/p>\n<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">\n<p>Onanuga said, \u201cThe 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.<\/p>\n<p>\u201cBinance 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,\u201d he added.<\/p>\n<\/div>\n<div dir=\"auto\"><\/div>\n<div dir=\"auto\">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.<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"mail-message-footer spacer collapsible\" style=\"text-align: justify;\"><\/div>\n<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country\u2019s forex crisis. The special adviser to President&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":110757,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-110772","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Breaking: FG slams Binance with $10 billion fine - Pointblank News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/pointblanknews.com\/pbn\/news\/breaking-fg-slams-binance-with-10-billion-fine\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Breaking: FG slams Binance with $10 billion fine - Pointblank News\" \/>\n<meta property=\"og:description\" content=\"The crypto trading platform Binance has been slammed with a $10 billion fine by the Federal Government over allegations of influencing the country\u2019s forex crisis. 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