• Latest
  • Trending
Nigeria denies $10 billion Binance fine

Nigeria denies $10 billion Binance fine

March 2, 2024
African startups raised $141.7 million in September 2025

African startups raised $141.7 million in September 2025

October 17, 2025
Pre-seed funding round fuels Tunisian startup PAYDAY with $3 million

Pre-seed funding round fuels Tunisian startup PAYDAY with $3 million

October 17, 2025
YouTube updates its user interface across all devices

YouTube updates its user interface across all devices

October 17, 2025
Tech companies dominate Interbrand’s 2025 Best Global Brands

Tech companies dominate Interbrand’s 2025 Best Global Brands

October 17, 2025
Innoson, Nigerian automaker, unveils plan to establish CNG assembly plant in Bayelsa

Innoson, Nigerian automaker, unveils plan to establish CNG assembly plant in Bayelsa

October 16, 2025
Spotify testing ‘SongDNA’ to show everyone behind your songs

Spotify testing ‘SongDNA’ to show everyone behind your songs

October 16, 2025
$395mn submarine cable project, Medusa, begins deployment to link Europe to Africa

$395mn submarine cable project, Medusa, begins deployment to link Europe to Africa

October 16, 2025
Chari raises $12M, gets Morocco’s first VC-backed payment license

Chari raises $12M, gets Morocco’s first VC-backed payment license

October 16, 2025
NCBA unveils ConnectPlus to improve businesses in Kenya

NCBA unveils ConnectPlus to improve businesses in Kenya

October 16, 2025
Slack supercharges Slackbot with smarter AI capabilities

Slack supercharges Slackbot with smarter AI capabilities

October 16, 2025
Gemini AI now handles your Google Calendar meeting scheduling

Gemini AI now handles your Google Calendar meeting scheduling

October 16, 2025
Sun King, REA partner to boost access to clean energy

Sun King, REA partner to boost access to clean energy

October 16, 2025
Techpression
Advertisement
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
Saturday, October 18, 2025
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Cryptocurrency Bitcoin

Nigeria denies $10 billion Binance fine

Ibukunoluwa Bankole by Ibukunoluwa Bankole
March 2, 2024
in Bitcoin, Cryptocurrency, Editors Pick
143 7
0
Nigeria denies $10 billion Binance fine
465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

The Special Adviser to Nigerian President Bola Ahmed Tinubu on information and strategy, Mr Bayo Onanuga, has clarified statements regarding a purported $10 billion fine on the crypto exchange platform, Binance. 

Reports circulating, particularly by the BBC on Friday, suggested that Binance faced a hefty penalty, but Onanuga insists that his words were misrepresented. He asserts that no final decision has been made regarding the fine and that Binance has yet to be officially informed about any such penalty.

He explained that he never stated that the Cayman Islands company had been informed about the fines, nor did he say that Nigerian regulators expressly agreed upon the supposed $10 billion.

According to him, “I said our government may impose heavy fines on Binance for what happened,” Onanuga explained. “I never said Binance had been informed about the fines or that it would definitely be $10 billion.”

RelatedPosts

Ignyte partners with Binance to power MENA’s blockchain future

Ignyte partners with Binance to power MENA’s blockchain future

October 2, 2025
Binance launches new perpetual futures on AI and DeFi Tokens

Binance launches new perpetual futures on AI and DeFi Tokens

September 9, 2025

How Bybit and Mantle’s 2.0 roadmap is turning MNT into a multi-utility token

September 2, 2025

What to know about Ronaldo’s NFT collections with Binance

August 26, 2025
Load More

Read also: Binance won’t acquire FTX

Regulatory Scrutiny and Binance’s Response

The speculation comes amidst heightened regulatory scrutiny of crypto exchanges in Nigeria. 

Binance recently removed the naira from its peer-to-peer service, a move seen as responding to regulatory pressures.

In reaction to the $10 billion fine, the crypto company clarified that Binance is not considering fines, even as it plans to restore its recently cut-off service.

“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 said.

Central Bank of Nigeria’s Concerns

The Central Bank of Nigeria (CBN) has expressed concerns about the flow of funds through Binance’s Nigerian arm. CBN Governor Olayemi Cardoso highlighted that $26 billion passed through Nigeria via Binance in 2023 from unidentified sources and users, raising suspicions of illicit financial activities.

According to Cardoso, the apex bank is “concerned that certain practices go on that indicate illicit flows going through a number of these crypto platforms and suspicious flows at best. In the case of Binance, in the last year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify.”

He added that the government has mobilised various agencies, including anti-corruption bodies and law enforcement, to investigate cryptocurrency exchanges thoroughly.

Nigeria’s SEC declares Binance illegal in the country

Crackdown on Cryptocurrency Exchanges

The Nigerian government had taken steps to regulate the cryptocurrency industry, including detaining two senior Binance officials in Abuja. This crackdown follows the lifting of a two-year ban on banks engaging in crypto transactions and the issuance of guidelines for regulating virtual asset service providers in December 2023.

Nigeria’s approach to regulating cryptocurrencies is evolving, with the launch of a central bank digital currency in 2022 and the introduction of the naira-pegged cNGN stablecoin. The situation with Binance underscores the challenges and complexities of regulating the cryptocurrency industry in Nigeria and globally.

Tags: Binance
Ibukunoluwa Bankole

Ibukunoluwa Bankole

Ibukun Bankole is a seasoned multimedia journalist, digital literacy advocate, and media consultant with over a decade of experience across radio, tv, digital media, voice-over artistry, and events hosting. She reports on Africa’s digital transformation, exploring how digital innovations shape communication, behavior, and everyday life. Passionate about a sustainable Africa, she leads storytelling and strategic campaigns that drive inclusive youth empowerment, digital inclusion, and environmental sustainability. Through her bold, values-driven content, Ibukun shapes narratives that inform, shift mindsets, and spark real change across Africa and beyond.

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business
  • Home
  • About
  • Contact Us
  • Advert Rate
  • Terms & Conditions
  • Privacy Policy
  • SiteMap

© 2025 Techpression

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.