Binance Holdings Ltd, the world’s largest cryptocurrency trading platform, denied on Friday that it was in discussions with the Nigerian government about potentially paying up to $10 billion in fines. This statement contradicts an earlier report by Bayo Onanuga to the BBC.
A Binance official was quoted as saying, “We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.”
The Cayman Islands-based cryptocurrency giant stated that it was not interested in discussing payments to the Nigerian government to restore its services that were recently suspended or to free its executives who are being held over alleged involvement in purported manipulation that led to the rapid collapse of the naira and associated 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.
When 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.
Mr Onanuga, a media aide to President Bola Tinubu, had accused the cryptocurrency platform of aiding those fixing the Nigerian exchange rate to sabotage the economy.
“Binance platform harbours people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy,” Mr Onanuga told BBC.
“The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the exchange rate for the country,” he added.
