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This development was disclosed by Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu.

The presidential aide stated that the fine was imposed due to Binance's illegal operations, which has significantly contributed to the devaluation of the naira in recent times.

Last week, the government moved against Binance, and other crypto platforms like OctaFX, Coinbase and other crypto firms following reports that currency speculators and money launderers were using them to execute criminal activities.

Yemi Cardoso, Nigeria's central bank governor, during the monetary policy meeting earlier this week, stated that Binance Nigeria facilitated transactions exceeding $26 billion from unidentified sources in one year.

According to PREMIUM TIMES, the Nigerian authorities requested Binance executives to provide data relating to transactions involving the Nigerian Naira on the Binance platform in the last seven years. They also demanded that some other data relating to Nigeria be deleted from the Binance platform.

However, the Binance executives insisted that they should be taken to their respective countries embassies before they could comply.

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Nigeria hits Binance with $10 billion fine amidst crypto exchange probe - Business Insider Africa

The Nigerian Government has fined cryptocurrency exchange Binance $10 billion for profit on illegal transactions according to Bayo Onanuga, a special advisor to President Bola Tinubu. Onanuga disclosed the financial penalty in an interview with the BBC that took place Friday.

The government has not been shy about its stance against the exchange in recent months. Indeed, the country had previously detained Binance executives earlier this week as it sought a large crackdown on unpaid taxes from unregistered exchanges.

JUST IN: Nigerian government demands $10 billion from Binance, citing the exchange profited from its "illegal transactions."

Also Read: Nigeria Detains Binance Executives Following Cryptocurrency Ban

The last several months have been difficult for one of the largest cryptocurrency exchanges on the planet. Binance has faced a years-long investigation from the United States that ultimately resulted in hefty fines and a leadership change. Now, it is facing a massive financial penalty from another country.

The Nigerian government has fined Binance $10 billion according to a BBC interview with President Tinubus special adviser. Specifically, the country is stating that the exchange profited from illegal transactions. The fine was issued a day after reports of the detention of Binance executives in the country.

Also Read: Judge Fines Binance $4.3 Billion in US Plea Deal

The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the change rate for the country, advisor Onanuga told BBC Friday. 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.

Nigeria is currently facing a crisis with its currency, as the Naira has fallen to record lows against the US Dollar. Moreover, before the BBC interview, Onanuga has long called for Binance to be held to account for his views on its effect on the Nigerian economy.

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Nigerian Government Fines Binance $10B for 'Illegal Transactions' - Watcher Guru

With the Kelexo (KLXO) presale and token rise in the market, here is an overview of why Binance Coin (BNB) and Chainlink (LINK) investors have joined the protocol presale as Bitcoin (BTC) and Ethereum (ETH) seem to be keeping their price rally active.

Bitcoin (BTC) doesnt seem to be letting go of its dominance in the crypto market. As the most influential token in the market, Bitcoin (BTC) now has a total market cap of over $1.2T. This comes after Bitcoin (BTC) hit a new $67K market price in the last few days.

One fun fact about Bitcoin (BTC) is that the token is ranked #1 by market capitalization but is not the highest trading crypto. Bitcoin (BTC) has lost the number one spot to the stable token Tether (USDT).

The Ethereum (ETH) token is now selling at $3,442.89. This comes after Ethereum (ETH) gained a 15% increase in market value. As of writing, Ethereum (ETH) is now ranked #2 by market capitalization.

The average Ethereum (ETH) trading volume recorded over the last seven days is $35B, making Ethereum (ETH) the third-highest trading cryptocurrency. A market analyst has suggested that Ethereum (ETH) holders look to Kelexo (KLXO) for portfolio stabilization and risk diversification.

Chainlink (LINK) investors are joining the Kelexo (KLXO) presale due to its rumored 30x ROI possibility. Amidst the market growth and surge, Chainlink (LINK) has only gained a slight 8% increase in market value.

Now selling just below the $20 mark, Chainlink (LINK) has a total market cap of $11B. In addition, Chainlink (LINK) has recorded a 29.75% increase in market activity, increasing its daily trading average to $1B. As one of the top 20 highest trading crypto in the market, Chainlink (LINK) is staying resilient in the crypto market.

The Binance Coin (BNB) newly introduced VIP programs are not holding its token holders down as more of them pour their gains into Kelexo (KLXO). Today, Binance Coin (BNB) has gained over 7% in market value, selling as high as $408.34 per token.

With a total market capital of $61B, Binance Coin (BNB) is ranked #4 in market capitalization. The Binance Coin (BNB) is the 10th-highest trading token in the market. This comes after Binance Coin (BNB) gained over 29% in market activity.

Kelexo (KLXO) is a crypto lending platform designed to reduce the barriers to crypto lending. This is why the Kelexo (KLXO) platform has attracted impressive users. Over 7,000 user sign-ups have been recorded in the last few weeks on Kelexo (KLXO).

The Kelexo (KLXO) token is also in its presale and sells at $0.028 per token. With a total supply of 444 million tokens and a lifelong liquidity lock, experts have placed Kelexos (KLXO) market cap between $600B and $900B in two years.

Find out more about the Kelexo (KLXO) presale by visiting the website here.

Disclaimer: The statements, views and opinions expressed in this article are solely those of the content provider and do not necessarily represent those of Crypto Reporter. Crypto Reporter is not responsible for the trustworthiness, quality, accuracy of any materials in this article. This article is provided for educational purposes only. Crypto Reporter is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Do your research and invest at your own risk.

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Binance Coin (BNB) & Chainlink (LINK) Investors Join Kelexo (KLXO) Presale Craze as Bitcoin (BTC) and Ethereum ... - Crypto Reporter

One of the largest cryptocurrency exchanges on the planet, Binance, is set to list the Telegram Open Network (TON) token. The change announced the launch of TON perpetual contract with 50% leverage. Subsequently, the value of the token surged by 10% following the announcement.

TON is the layer-1 blockchain that is developed by the Telegram messaging application. Indeed, the privacy-focused app has instituted some new programs that have increased the overall value of the companys ecosystem. Specifically, the app recently launched a renewed 50% ad-revenue sharing plan that is set to begin today.

Binance Futures will launch the USD-M TON Perpetual Contract at 2024-03-01 12:30 (UTC), with up to 50x leverage, but no spot is currently listed. TON is an L1 blockchain powered by Telegram. https://t.co/vlb25QpHCj

Also Read: TON Up 15%: Telegram Integrates Crypto Wallet for 800 Million Users

One of the most popular messaging applications has seen its popularity grow in recent days. Indeed, Telegram has announced it is set to share 50% of its massive ad revenue stream with channel owners. However, the announcement that that payout would be made in Toncoin (TON) increased its overall value.

That surge has only increased with some more positive news today. Specifically, Binance is set to officially list Telegram (TON) tokens in a move that caused a 10% jump in value. The exchange is set to launch a TON perpetual contract with up to 50x leverage.

Also Read: Bitcoin, Tether Payments Goes Live on Telegram Through Wallet Pay

The continued increase in value for the token has perpetuated the cyclical economic relationship between Telegram users and TON. With the introduction of the ad-revenue sharing plan, users will be paid in Toncoin. Subsequently, they can then spend those TON tokens on features within the Telegram ecosystem.

These developments have created what could be a self-sustaining economic system for Telegram users thus far. Additionally, the continued integration of the coin presents optimism that the value will only continue to grow. Especially if the messaging application continues to grow alongside it.

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Binance to List Telegram (TON) Token as Price Jumps 10% - Watcher Guru

Last updated: March 1, 2024 06:52 EST | 2 min read

The Nigerian government has imposed a staggering $10 billion fine on Binance as part of a crackdown on the platform in an effort to stabilize the nations local currency.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, revealed the fine in an interview with the BBC, according to areport Premium Times reported on Friday.

According to Onanuga, Binance has allegedly profited significantly from illegal transactions in Nigeria while the country has suffered substantial losses.

The Nigerian governments move comes after the Office of the National Security Adviser (ONSA) confirmed that it is investigating the operations of Binance and other cryptocurrency platforms.

The ONSA stated that it is coordinating an interagency investigation into Binances activities.

Earlier this week, the Nigerian governmentdetained two executivesof Binance who had flown into the country to negotiate with authorities amid the crackdown.

However, the meetings reached an impasse as Binance officials declined to meet some of the governments demands.

The executives were accused of operating a business worth billions without the necessary registrations and documentation.

The Nigerian authorities demanded that Binance provide data on transactions involving the Nigerian Naira on its platform over the past seven years.

They also requested the removal of certain data relating to Nigeria from the platform.

However, the Binance executives insisted on being taken to their respective countries embassies before complying.

It is worth noting that Binance is not registered in Nigeria and has no physical presence in the country, according to Onanuga.

He alleged that people had been arbitrage trading the dollar-naira rates on the platform, which negatively impacted the value of the local currency.

Onanuga claimed that Binance was cooperating with the Nigerian government by providing information and had already suspended naira-related transactions on its platform.

Last week, the exchange alsointroduced a price capforTether ( USDT)tokens on its peer-to-peer (P2P) platform in order to comply with local regulatory requirements.

At the time, it restricted traders on Binances P2P platform from selling USDT above the set cap of 1,802 naira per USDT.

Nevertheless, the Nigerian government is seeking at least $10 billion in retribution from Binance.

The Nigerian governments actions against Binance and other crypto firms stem from concerns over continuous manipulation of the forex market and illicit movement of funds.

Authorities believe that these activities have contributed to the weakening of the naira.

In September 2023, Nigerias Securities and Exchange Commission (SEC)declared Binance Nigeria Limited illegal, stating that the platform was neither registered nor regulated by the commission.

Binance previously pleaded guilty to criminal money laundering charges brought by the U.S. Department of Justice, agreeing to pay $4.3 billion to settle the case.

Binances founder and CEO, Changpeng Zhao (CZ),also pleaded guiltyand agreed to step down from his position.

CZs criminal trial has been postponed to April 30 by a U.S. court.

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Nigerian Authorities Slap Binance with $10 Billion Fine Amid Crypto Crackdown - Cryptonews