BREAKING: Tinubu’s government slams $10 billion fine on Binance

[Charles-Tim]

I do not know how true this is. But according to the news, President Tinubu’s special adviser on information and strategy, Bayo Onanuga made this known on Friday morning in an interview with the BBC.

“Binance is fixing enhance rate for Nigeria and it’s illegal. The Central Bank of Nigeria (CBN) is the only authority that can fix the exchange rate in the country.

“Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses,” Onanuga said.

We all know that Binance is not fixing the exchange rate but it is parallel market rate that individual Nigerians can set their own price in accordance to demand and selling.

I guess this will turn to an international court case. Is $10 billion not too huge? Or maybe Binance will dialogue with the Nigerian government to reduce the fine.

Edit:
It is true.

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[Richbased]

I do not know how true this is. But according to the news, President Tinubu’s special adviser on information and strategy, Bayo Onanuga made this known on Friday morning in an interview with the BBC.

“Binance is fixing enhance rate for Nigeria and it’s illegal. The Central Bank of Nigeria (CBN) is the only authority that can fix the exchange rate in the country.

“Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses,” Onanuga said.

We all know that Binance is not fixing the exchange rate but it is parallel market rate that individual Nigerians can set their own price in accordance to demand and selling.

I guess this will turn to an international court case. Is $10 billion not too huge? Or maybe Binance will dialogue with the Nigerian government to reduce the fine.

Now that FG has fine binance $10 billion for illegal transactions does it mean binance have been operating without license in Nigeria because I don't understand the illegal the federal government is talking about here, every user of binance undergoes KYC verification through Nigerian means of identification so I don't really know the reason the federal government termed their operations in Nigeria as illegal.

However, I think binance would find a way to negotiate with the federal government because they can't afford to lose the high number of Nigerians that trust and uses binance as a means of exchange and moreover it is Nigeria's most preferred exchange platform but whichever way it is, they should look for a way and settle their differences before Nigerians sort out another exchange that would replace binance and if they do, it may lead to the end of binance in Nigeria.

[Charles-Tim]

Now that FG has fine binance $10 billion for illegal transactions does it mean binance have been operating without license in Nigeria because I don't understand the illegal the federal government is talking about here, every user of binance undergoes KYC verification through Nigerian means of identification so I don't really know the reason the federal government termed their operations in Nigeria as illegal.

Exchange rate manipulation directly by Binance, which is not true. No having license in Nigeria but providing exchange services to Nigerians (although this is true). Also causing naira depreciation. These are the allegations.

[Nwada001]

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? 

[Barikui1]

From the start of all this drama, it was very obvious to me that the Nigerian government is trying to take their own share of the 26billion dollars they heard that binance had made in Nigeria, I know my country Nigeria very much and how predictable our government can be, they are just using the naira dollar exchange rate to put in front, but I know that they just want binance to settle them so that they can be happy, let's just watch and see how this drama will unfold, if  binance will settle them or take the case to international court.

[Richbased]

Now that FG has fine binance $10 billion for illegal transactions does it mean binance have been operating without license in Nigeria because I don't understand the illegal the federal government is talking about here, every user of binance undergoes KYC verification through Nigerian means of identification so I don't really know the reason the federal government termed their operations in Nigeria as illegal.

Exchange rate manipulation directly by Binance, which is not true. No having license in Nigeria but providing exchange services to Nigerians (although this is true). Also causing naira depreciation. These are the allegations.

Inasmuch as I know, Binance works in accordance with the exchange rate at the parallel market (aboki forex) so I don't see any exchange rate manipulations there, it's just so obvious that our government doesn't really want it citizens to have an escape root and a medium that would be free and fair to all but notwithstanding, I think that if they would continue to clampdown exchanges in this regard, then they should be prepared to make case with all the numerous exchanges because as soon as they block one exchange, it's citizens will still move to the next available exchange therefore their fight seems to be baseless because I'm yet to understand their motive for this unjust movement.

[Wiwo]

Now that FG has fine binance $10 billion for illegal transactions does it mean binance have been operating without license in Nigeria because I don't understand the illegal the federal government is talking about here, every user of binance undergoes KYC verification through Nigerian means of identification so I don't really know the reason the federal government termed their operations in Nigeria as illegal.

Exchange rate manipulation directly by Binance, which is not true. No having license in Nigeria but providing exchange services to Nigerians (although this is true). Also causing naira depreciation. These are the allegations.

Inasmuch as I know, Binance works in accordance with the exchange rate at the parallel market (aboki forex) so I don't see any exchange rate manipulations there, it's just so obvious that our government doesn't really want its citizens to have an escape root and a medium that would be free and fair to all but notwithstanding, I think that if they would continue to clampdown exchanges in this regard, then they should be prepared to make case with all the numerous exchanges because as soon as they block one exchange, its citizens will still move to the next available exchange, therefore their fight seems to be baseless because I'm yet to understand their motive for this unjust movement.

The government is out to get revenue and taxes from Binance,  and other exchanges operating within the Nigeris internet space with Nigerains users,  I don't see any reason why there should be any panic in all of this,  at the end of the day,  Binance has to pay the fine one way or the order and thereafter start paying taxes in Nigeria.

The government will not end this approach of taxation on cryptocurrency exchanges alone,  other sectors also will face the same similar thing,  such sectors like content creation and other social media engagements,  it's all about the tax,  and fines everywhere.

[Mate2237]

I saw the news in AIT news yesterday by 8:00 pm and they also arrested two the staff of Binance. But Binance enhanced the fixed dollar rate and manipulated it because the agencies that are working in the country are for their interest and not for the national interest. If not Binance business in the country is not hidden in and everyone can see therefore they would have caution Binance since but all those agencies would collect their share and leave them to operate they way they want. Me from beginning I know say na di government and it agencies nai dey cause all these wahala them. Because they are not truthful.

[Makus]

Now it's clear all the wicked  actions about crypto banning is fueled by Mr bayo I hope he realizes his mistake sooner than later because all the trading price in binance p2p were created by those using the service, and these persons are Nigerian. Ohh now I see the reason they were requesting for name of those using binance p2p, they deem them to also act as the BDC except that they aren't licensed by the CBN. So their real intentions at first is to get the names and then try tracking and arrest those p2p users. After all binance has passed through in the last few months in regards to their issue with the regulators, $10 billion fine is too much for binance. And they are indirectly sending signals to other exchanges to also stop their p2p because the fine is too much.

[Ever-young]

It’s seems like we really no they see all this things way they happen clearly, this government was just diverting attention, there major goal here really been no be to save the naira to dollar but there target nah mainly to create reason way them fit use fine all this crypto exchange.

If onah check well this thing for binance no start today even before now back before them partial ban crypto government been don they choke eye for the kind liquidity way Nigerians they pump in there, so the target majorly nah to sanction this exchange them then collect there own share of money eh no pass like that.

And binance fall big time law enter there hand if eh be say them really no get license to operate for the country, make we just they watch how the case go resolve but last last eh no go pass make them register then pay less down a billion dollar and the case go end.

[DubemIfedigbo001]

I think the Nigerian government is overreacting as usual and chasing the wrong people, Binance for sure should have a deal with Nigerian government and pays them tax, the setting of prices on binance is done by individuals who post their ads, they only benefit from every concluded transaction. Nigeria detaining two of their executives is not the right decision because their grudges is with the company and not the executives. Binance shutting down Nigerian P2P might be a demonstration of their disapproval of the follow-up action of the Nigerian government. I believe Binance committed no crime and detention of their executives was a very bad political action.

It is all about a new agreement with the Nigerian government, if the earlier one is not favoring them properly and worse of all the citizens are those suffering this the most as they have grown very fond of Binance, this will lead them to venturing elsewhere for their P2P trading activities and most of them might likely get scammed in the process. the fine of $10 billion is most unrealistic and I think its just a hype to trigger negotiations from the Binance team.

[Uhwuchukwu53]

It's very painful to see that will have government that it base is just to witch-hunt it citizens in any area of their benefits, though I am not fully support binance for not passing through the government for proper documentation or registration as entity that is operating here in our nation, but the charges against them is something I can't understand.

I think despite all odd Nigeria citizens have wise up beyond our government expectations any how they want let them continue it's a way of letting more exchange to exist because what they are doing now is like cutting down life stick at center forgotten that it germinate from the root.

If CBN can't control commercial bank, and the government focus what is affecting the nation more mostly importation and unproductivity, they will see that band on binance will be like fuel subsidy removal that have curse more pains than solving a problem.

I am not move by what ever policy they are bringing because our leaders is after what we benefit them immediately after this binance issue it will be another story and blame game as dollar will continue to rise because any problem not tackle from the root is like fighting a shadow we know what it means.