I really don’t understand how this country is operating and how they made the calculations of the fine, which sum up to $10 billion dollars, or did they just make a copy and claim from the US case with the same exchange? Well, I know this won’t end here. Even if CZ is no longer the CEO of Binance, their legal team will definitely take this seriously.
Onanuga claimed that Binance is not registered in Nigeria and has no presence in the country. He alleged that people used the platform to arbitrarily fix dollar-naira rates; a practice he said negatively impacted the value of the local currency.
In the same news, it’s also said that people use the platform to set up their own price, which is just a normal way that exchanges are designed to operate.
You set your own desired price you wish to buy and sell, and others, based on their own demand, will either buy with that or go for a lower price. Binance was just the exchange used, but they were not the ones in charge of setting up the price.
And when they said the exchange benefited hugely from the act, what do they mean? Aside from the normal fee they take from spot trading, are there other ways they use to take advantage of the situation?