Binance said government did not ask for $10 billion fine

[Charles-Tim]

I will lock this thread: BREAKING: Tinubu’s government slams $10 billion fine on Binance

The reason is that I do not know which is which. Or let me read other people's opinion to know if I should open the thread again.

I do not know how legit this is for now, but People's Gazette said Binance top official said the $10 billion fine is not true. It was also said that Mr Onanuga said his statement to the BBC was misrepresented in the media

Binance official

“Werecently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion,” a Binance official told Peoples Gazette shortly after the BBC said Bayo Onanuga purportedly announced the enormous penalties.

The Cayman Islands-based cryptocurrency giant said it was not in the mood to discuss paying the Nigerian government either to restore its services that were cut off recently or free its executives being held over alleged involvement in purported manipulation that led to the rapid collapse of the naira and associate consequences for historic inflation and poverty in Nigeria.

“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” Binance added.

Mr Onanuga's

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

“I said our government may impose heavy fines on Binance for what happened,” Mr Onanuga told The Gazette. “I never said Binance had been informed about the fines or that it would definitely be $10 billion.”
“I only said the amount may be imposed, which is because nothing has been finalised yet,” Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.

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[Jaycoinz]

Well atleast that part is cleared out, because alot of person including myself thought that this particular supposed action by the Nigerian government, that's if they would strike the exchange with a monetary penalty wouldn't be something that is new for we Nigerians because this country and their regulatory official are found of doing crazy things so even if Mr.Onanuga is suspecting it, he is still way on point with this particular thought of his despite the confusion it might have caused.

[Orpichukwu]

I don they see this case fly around internet with different title and name even some of the cheap bloggers don they style the news to there taste.

If the Government don agree say the news nah false news first thing first nah for them to question BBC to either edit or delete that story from there news site as eh already they mislead the public, and even if fine go dy Binance head eh no go reach that amount at all as watin fit just be the major issue here nah them way lack legal license to do business for this place. I just hope them resolve amicably then binance comply give them there royalty.

[Kelward]

The economy matter tire everybody, no be only you @Charles-Tim, we no even know wetin to believe again, anyway for dis matter, di case of the fine, don settle im sef, as both sides don say dem never anounce or hear any fine matter. Wen I first hear di $10 billion fine, the thing really shock me, I come wonder weda Binance steal our oil wells wey dem go hammer dem dat kin fine. Where my concern de for dis Binance and BDC matter be say weda e go make di prices of commodities for market to come down, because the economy de get worse everyday, hunger de increase for di country everyday, no be joking matter.

For weda you go lock di oda thread, make you use your discretion my oga. Thanks for your updates.

[Wiwo]

I hard that the house of rep summoned Binance boss to come explain some things, and that their are waiting for him to respond to the surmond, but meanwhile it left for the government to employ the necessary measures, the government is after tax and binance is trying to avoid taxes which is not possible if we truly want cryptocurrency adoption and government support abd approval.

What we should expect is that, in the next few years from now we are going to see more tax increases although most of the cryptocurrency users that will be affected are the trader's who make multiple trading activities on daily, but if you are just a regular bitcoin holder, you make be able to avoid the taxes and that is the true nature of bitcoin decentralisations.

[Cryptomultiplier]

https://www.instagram.com/p/C37Q45MsoJ9/?igsh=MzRlODBiNWFlZA==


I don't know how the case is going, because the matter sef tire person, but I have come across this Binance news on more than one occasion and have read and still do so to keep abreast with new developments.

The government is sure going to win the case and get the tax it wants and am certain Binance will succumb to paying the fine, because if they are to do business here in one of the most populous African country in the world, and one of its biggest users, unlike how the government took it out on MTN then when they had to pay fine after courts cases brought against the company was won by the government, they(Binance) would have to pay the fine.

This is just how many crypto businesses would be treated in any country that hasn't yet made it a legal tender.
 Taxes would have to be paid so as to thrive, and that's the sacrifice for the future of cryptocurrency to gain grounds and become accepted fully.

[Wiwo]

Edited out

Well I read from some few places and in this thread that this news of $10 billions is fake and if there is anything to go by, we may have to wait to see what and how this new week is going to look like, if the crack down will continue and what approach the binance team are going to take, since the already assured they Nigerian user of the resolve to resume back their full operation as against the current situation on that exchange.

Binance is most targeted and from the recent action to disable P2P feature shows that the government is some how having an upper hand in the fight , but it may not last long since there are legal implications to every actions.

[ololajulo]

I'm not clear about the arrest of the Binance leader in Nigeria, especially since they had previously denied having a company presence in the country several months ago. I recall reading news some time ago about Binance's denial of having a company called "Binance Nigeria," only acknowledging a presence in Africa.

[Ticdeneb]

I don they see this case fly around internet with different title and name even some of the cheap bloggers don they style the news to there taste.

If the Government don agree say the news nah false news first thing first nah for them to question BBC to either edit or delete that story from there news site as eh already they mislead the public, and even if fine go dy Binance head eh no go reach that amount at all as watin fit just be the major issue here nah them way lack legal license to do business for this place. I just hope them resolve amicably then binance comply give them there royalty.

I no sure say Binance go comply at all o. Didn't you see that they chose to stop operating in US and Canada instead of them to comply with their regulations? If any exchange go even agree to comply with FG that is if FG sef set clear rules for operation, na Bitget exchange be that.

[Makus]

I'm not clear about the arrest of the Binance leader in Nigeria, especially since they had previously denied having a company presence in the country several months ago. I recall reading news some time ago about Binance's denial of having a company called "Binance Nigeria," only acknowledging a presence in Africa.

No be binance leader Dem arrest oo, new been say na binance officials which means na their staff wey dey work for here. This Issue with binance and Nigeria sef don dey tire me, binance of all people supposed to know the kind of traffic wey Nigeria dey give Dem and try as much as possible to make sure say them bounce back and keep the system running. But I no fit entirely blame Dem because our government fit do the undo to make sure them get wattin Dem want, that na one characteristic of a Nigerian but few dey use this mindset dey do bad things, like wattin our government they do now. Make the story clear make we know where to blame.

[Davidvictorson]

Well right now, e nor matter wetin Mr Bayo talk abi wetin Binance talk. Wetin matter now be say dem dey pack their kaya comot for Nigeria. It is akin to them saying "good riddance". Na now we go know who the government go blame for the naira crash. Dem don already blame Aboki fx, dem don blame Binance, dem go soon blame religious places of worship.

[Doan9269]

I also see no reason for making such detention, what i expect to hear was that the news on this arrest was not true, this shows the act of bridging against human right and freedom for the exchange to have sent down representatives and the next thing is for the government to lay arrest on them, this can also clearly proof that they are demanding for ransom in that case, but as government, what else will you expect from them than denying the fact to what they do or intends to do, Afterall, it will all end in making negotiations on how they could task binance and earn from this exchange in percentage from every Nigerian trader.