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In a dramatic escalation of Nigeria’s crypto crackdown, authorities have levied a staggering $10 billion fine on Binance, the global cryptocurrency exchange, citing alleged involvement in “illegal transactions,” according to a report by Premium Times.
Nigerian authorities have intensified their scrutiny of Binance, a leading player in the crypto space, with accusations of facilitating illicit financial activities. This move comes hot on the heels of the detention of two top Binance executives by security agencies, following the ban on their website in Nigeria.
The National Security Adviser’s office, which initially refuted claims of any arrests, has since confirmed an ongoing investigation into Binance. However, specific details regarding the nature of the probe remain undisclosed.
Central Bank Governor Olayemi Cardoso has raised eyebrows with claims that a staggering $26 billion has flowed through Binance Nigeria, originating from unidentified sources and users. The government’s purported request for user data and transaction details from Binance adds another layer of complexity to the unfolding saga.
As this story continues to evolve, stakeholders are closely monitoring developments amid growing concerns over the regulation and oversight of the cryptocurrency industry in Nigeria.
Please note: This is a developing story, and further updates are expected.