{"id":21403,"date":"2024-03-01T10:31:42","date_gmt":"2024-03-01T10:31:42","guid":{"rendered":"https:\/\/abujacityjournal.com\/livenews\/?p=21403"},"modified":"2024-03-01T10:31:42","modified_gmt":"2024-03-01T10:31:42","slug":"fx-crisis-fg-slams-10bn-fine-on-binance","status":"publish","type":"post","link":"https:\/\/abujacityjournal.com\/livenews\/2024\/03\/01\/fx-crisis-fg-slams-10bn-fine-on-binance\/","title":{"rendered":"FX Crisis: FG Slams $10bn Fine On Binance"},"content":{"rendered":"<p>The Nigerian government is demanding $10 billion in retribution from Binance amid a crackdown on the crypto exchange platform to salvage the nation&#8217;s local currency value. Bayo Onanuga, special adviser to President Bola Tinubu, stated this in an interview with the BBC.<\/p>\n<p>Binance is accused of profiting from &#8220;illegal transactions&#8221; in Nigeria while causing significant losses to the nation.<\/p>\n<p>The Office of the National Security Adviser confirmed the investigation into Binance, which led to deadlock in negotiations between the platform and the Nigerian government. Binance officials declined some demands, including providing transaction data and deleting certain Nigerian-related data from their platform.<\/p>\n<div class=\"css-175oi2r\">\n<div class=\"css-175oi2r r-1s2bzr4\">\n<div id=\"id__7p2nb6uojd\" class=\"css-1rynq56 r-bcqeeo r-qvutc0 r-37j5jr r-1inkyih r-16dba41 r-bnwqim r-135wba7\" dir=\"auto\" lang=\"en\" data-testid=\"tweetText\"><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">The Nigerian government obtained a court warrant to detain the Binance executives for at least twelve days. Onanuga claimed that Binance is not registered in Nigeria and negatively impacted the local currency value by allowing arbitrary fixing of dollar-naira rates. <\/span><\/div>\n<div dir=\"auto\" lang=\"en\" data-testid=\"tweetText\"><\/div>\n<div class=\"css-1rynq56 r-bcqeeo r-qvutc0 r-37j5jr r-1inkyih r-16dba41 r-bnwqim r-135wba7\" dir=\"auto\" lang=\"en\" data-testid=\"tweetText\"><span class=\"css-1qaijid r-bcqeeo r-qvutc0 r-poiln3\">He noted that Binance had suspended naira-related transactions and was cooperating with the government by providing information.<\/span><\/div>\n<\/div>\n<\/div>\n<div class=\"css-175oi2r\">\n<div id=\"id__kuinnrfympc\" class=\"css-175oi2r r-9aw3ui r-1s2bzr4\" aria-labelledby=\"id__2yi4h5swoy8 id__8y54pzqgwo\">\n<div class=\"css-175oi2r r-9aw3ui\">\n<div class=\"css-175oi2r\">\n<div class=\"css-175oi2r\">\n<div class=\"css-175oi2r r-1ets6dv r-1phboty r-rs99b7 r-1867qdf r-1udh08x r-o7ynqc r-6416eg r-1ny4l3l\">\n<div class=\"css-175oi2r\">\n<div class=\"css-175oi2r r-16y2uox r-1pi2tsx r-13qz1uu\">\n<div class=\"css-175oi2r r-1adg3ll r-1udh08x\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The Nigerian government is demanding $10 billion in retribution from Binance amid a crackdown on the crypto exchange platform to salvage the nation&#8217;s local currency value. Bayo Onanuga, special adviser to President Bola Tinubu, stated this in an interview with the BBC. Binance is accused of profiting from &#8220;illegal transactions&#8221; in Nigeria while causing significant [&hellip;]<\/p>\n","protected":false},"author":25,"featured_media":21404,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[173],"tags":[],"class_list":["post-21403","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"aioseo_notices":[],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21403","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/users\/25"}],"replies":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/comments?post=21403"}],"version-history":[{"count":2,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21403\/revisions"}],"predecessor-version":[{"id":21409,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/posts\/21403\/revisions\/21409"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media\/21404"}],"wp:attachment":[{"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/media?parent=21403"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/categories?post=21403"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/abujacityjournal.com\/livenews\/wp-json\/wp\/v2\/tags?post=21403"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}