The Nigerian government has imposed a $10 billion fine on a global cryptocurrency platform, Binance, which is at the center of a crypto crackdown in the country over ‘illegal transactions’.
A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.
Binance Holdings Ltd., branded Binance, is a global company that operates the largest cryptocurrency exchange in terms of the daily trading volume of cryptocurrencies. Binance was founded in 2017 by Changpeng Zhao, a developer who had previously created high-frequency trading software.
Recall that the government accused Binance of benefiting from alleged illegal transactions, which led to the detention of two executives of the global crypto exchange.
The executives came to Nigeria last week following a ban on their website and were arrested by the office of the National Security Adviser (NSA).
ALSO READ CBN: Binance allowed $26bn illicit flows in 2023
While the NSA is yet to share any details of the investigation, Olayemi Cardoso, the central bank governor, claimed: “$26 billion has passed through Binance Nigeria from sources and users who we cannot identify.”
There have also been reports that the government has asked Binance for user data and details.
