Binance Denied Facing $10 Billion Fine From The Nigerian Government
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Binance Denied Facing $10 Billion Fine From The Nigerian Government

Binance, a leading cryptocurrency exchange, has denied allegations made by a Nigerian government official that it is facing a $10 billion fine. 

While Binance maintains its commitment to fostering a positive relationship with the Nigerian government, it firmly states that it will not succumb to pressure to pay for the release of its detained executives.

Binance Confirms Ongoing Discussions With Nigerian Government

Binance has refuted a Nigerian government official’s claim that the cryptocurrency exchange has been asked to pay a $10 billion fine. 

An unnamed Binance official, however, did confirm that discussions took place between the cryptocurrency exchange and the Nigerian government to resolve issues related to the activities of Binance’s affiliate.

See Also: Nigeria Denies Report Of $10B Binance Fine

The leading cryptocurrency exchange’s rebuttal to the allegations came mere hours after Bayo Onanuga, a Nigerian presidential adviser, disclosed the severity of the sanctions imposed by his government. 

Prior to Onanuga’s latest announcement, the office of the Nigerian national security adviser had detained two senior Binance executives shortly after their arrival in the country.

Since then, officials including the Central Bank of Nigeria (CBN) governor have taken turns attacking Binance. 

In addition, the Nigerian government has imposed conditions which are disrupting the crypto exchange operations.

Nigerian Presidential Adviser Retracts $10 Billion Fine Remark

While the announcement of the multi-billion-dollar deal seemingly marked a climax to Binance’s ongoing tussle with the Nigerian government, the crypto exchange asserted that it would not be coerced into paying.

“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” Binance reportedly said.

Meanwhile, in comments published by People’s Gazette, Onanuga appeared to retract his initial claims about Binance being asked to pay $10 billion. 

The presidential adviser accused the media of distorting his statement to the British Broadcasting Corporation (BBC), which he said did not specifically mention the $10 billion fine or Binance being informed about it.

See Also: Nigeria Asks Binance To Pay $10 Billion Fine

Regarding the detained Binance executives, Onanuga also refuted reports that the two had been coerced into revealing the identities of their Nigerian users. 

According to Onanuga, the executives “collaborated with the government to provide information.” The report did not clarify whether the executives were still in detention.

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