Nigeria Authority reportedly demands $10 billion from Binance in damages

March 02, 2024

NigeriaAuthority reportedly demands $10 billion from Binance in damages.

• The Nigerian government has reportedly demanded a minimum of $10 billion from Binance.
• It claims Binance profited from “illegal transactions” at the country’s expense.

The news comes from Bayo Onanuga, special adviser on information and strategy to the country’s president, Bola Tinubu, in an interview with the BBC. Onanuga claims Binance profited from “illegal transactions” at the country’s expense.

Binance executives were reportedly detained by Nigeria authority in cryptocurrency crackdown.

Binance cryptocurrency exchange claims to operate the world’s biggest bitcoin exchange and altcoin crypto exchange in the world by volume.

Latest on BINANCE

• In an update posted on its website, Binance said starting from this Friday, March 8th, any remaining Naira balance in user accounts will be automatically converted to Tether.
• Meanwhile, the company will discontinue all Nigerian naira services.