ADVERTISEMENT
  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy
Tuesday, July 29, 2025
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
No Result
View All Result
No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports
ADVERTISEMENT
Home Crime Watch

BREAKING: Tinubu Government Slams $10 Billion Fine On Binance

“The 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.

by NewsOnline Nigeria
March 1, 2024
in Crime Watch, Headline
0
Binance

Tinubu Government

Tinubu Government has slammed a $10 billion fine on Binance over forex manipulation.

 

NewsOnline Nigeria reports that President Bola Tinubu Federal Government has slammed a $10 billion fine on crypto trading platform, Binance, over allegations of influencing the country’s forex crisis.

 

This Nigeria news platform understands that the special adviser to President Bola Tinubu on information and strategy, Bayo Onanuga, disclosed this Friday morning in an interview with the BBC.

 

SEE ALSO: Dollar Crashes Massively As Naira Continues To Show Strength

 

According to Onanuga, Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses.

 

Onanuga noted that Binance is not registered in Nigeria and has no presence in the country.

 

He alleged that people used the platform to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency.

 

He explained further 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.

 

Onanuga said: “The 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.

 

“Binance 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.”

 

He added that Binance influenced the increase in foreign exchange rates through currency speculations which made the Naira value to fall by almost 70% in recent months.

ADVERTISEMENT
Previous Post

Dollar Crashes Massively As Naira Continues To Show Strength

Next Post

Nigerians Cry Out To Olayemi Cardoso Over CBN Directive On NIN/BVN Linkage

Next Post

Nigerians Cry Out To Olayemi Cardoso Over CBN Directive On NIN/BVN Linkage

Trending Stories

BREAKING: Appeal Court Bars FRSC From Seizing Licences, Vehicles

Week 4 Pool Result for Saturday 26, July 2025, UK 2025/2026 From Pool Agent

NECO 2025 BECE Results Released, Check Your 2025 BECE Results Here

BREAKING: Super Falcons Land In Abuja (PHOTOS)

BREAKING: WAEC Releases 2025 May/June Exam Results (Check Ur WAEC Results Here)

Aisha Buhari, Children Move Into Kaduna House of Late Ex-President

Lagos Renames Streets After Tinubu, Olamide, 9ice, Bukayo Saka [Full List]

Dollar To Naira Black Market Exchange Rate Today, 28 July 2025

BREAKING: Tinubu Government Slams $10 Billion Fine On Binance

BREAKING: Lagos Faces 25-Day Blackout, Businesses to Lose Billions Amid National Grid Maintenance

Latest Stories

President Tinubu Confers National Honours, Awards $100k To Each Super Falcons Player

SDP Expels Nasir El-Rufai, Slams 30-Year Ban Over Alleged Anti-Party Activities

BREAKING: Super Falcons Land In Abuja (PHOTOS)

BREAKING: Appeal Court Bars FRSC From Seizing Licences, Vehicles

BREAKING: APC Members Protest in Lagos, Demand Removal of State Chairman Ojelabi

BREAKING: Lagos Faces 25-Day Blackout, Businesses to Lose Billions Amid National Grid Maintenance

Aisha Buhari, Children Move Into Kaduna House of Late Ex-President

BREAKING: ADC Slams Tinubu Over $21bn Loan, Warns Nigeria Heading for N200trn Debt Crisis

FG Unveils N10m Support Scheme for Tertiary Institution Staff

BREAKING: Dangote Urges Tinubu To Ban Fuel Imports, Marketers, Experts Kick

ADVERTISEMENT

NEWSONLINE NIGERIA

Get the Latest Naija News, Breaking News, Top Stories, World News, Business, Politics & Entertainment from NewsOnline Nigeria.

RELEVANT PAGES

  • About Us
  • Advertise
  • Contact Us
  • Privacy Policy

ALERT US

Important Press Releases, Special Investigations: admin@newsonlineng.com

OFFICE ADDRESS

13 Poland Street, London, United Kingdom (UK)

Copyright © 2025 NewsOnline Nigeria

No Result
View All Result
  • Headlines
  • Top Stories
  • Politics
  • Crime Watch
  • Entertainment
  • Sports

Copyright © 2023 Newsonline Nigeria

Exit mobile version