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At the same time, the Nigerian Government special adviser cited in the BBC article said that his statement was misrepresented.

I said our government may impose heavy fines on Binance for what happened, Mr Bayo Onanuga told The Gazette. I never said Binance had been informed about the fines or that it would definitely be $10 billion.

I only said the amount may be imposed, which is because nothing has been finalized yet, Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.

In any case, Binance is under fire from the federal government of Nigeria which suspended the firms activities alongside Coinbase, Kraken, Forextime, OctaFX, Crypto, and FXTM for fixing the exchange rate.

Binance platform harbors people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy, Mr Onanuga told BBC.

Nigerias central bank Governor, Olayemi Cardoso, has said that Binance Nigeria has moved $26 billion worth of untraceable funds.

The government is also said to have detained two executives of the Binance crypto exchange after they flew into the country this week.

According to the Financial Times, the two individuals were detained by Nigerias Office of the National Security Adviser, and their passports were confiscated. They had been invited by Nigeria to meet officials but were intercepted upon arrival on the grounds that Binance had been operating in the country illegally.

It is not necessarily arrest per say, Zakari Mijinyawa, a spokesman for the National Security Adviser told Bloomberg.

Meetings and discussions are ongoing. Its a national security issue and an interagency process is on.

Last year [2023], the countrys Securities and Exchange Commission (SEC Nigeria) said Binance Nigeria was not authorized to operate in the country.

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Originally posted here:

'I Said Our Government May Impose Heavy Fines on Binance . . . I Never Said it Would Definitely Be $10 Billion,' Says ... - bitcoinke.io