The Nigerian government has asked cryptocurrency exchange Binance to pay $10 billion in damages for manipulating the naira (NGN) exchange rate. This is reported by BBC.
According to the authorities, the trading platform influenced the growth of foreign currencies within the country through speculation with NGN. This has caused the naira to fall by almost 70% over the past few months.
Adviser to the President of Nigeria Bayo Onanuga clarified that the government saw a negative effect from the operations of the largest exchange in terms of trading volume:
He also added that Binance and other cryptocurrency companies are not registered under Nigerian laws.
Previously Financial Times reported about the detention of Binance executives who flew into the country after the authorities decided to ban several sites for trading digital assets.
According to Onanuga, the company's top managers are currently working with the local government to “provide additional information.”
In an interview with the BBC, presidential spokesman Zachary Mijinyawa noted that exchange employees were under investigation and “are being questioned as part of an investigation by security authorities into the regulation of the foreign exchange market.”
In 2023, the Central Bank of Nigeria lifted the ban on transactions with cryptocurrencies and announced the need to regulate the market.
Source: Cryptocurrency
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