In a startling development, the Nigerian government has reportedly demanded a minimum of $10 billion from Binance, one of the world’s largest cryptocurrency exchanges. The demand comes amid the country’s crackdown on the exchange and a devaluation of the local currency, according to statements made by Bayo Onanuga, special adviser on information and strategy to Nigeria’s president, Bola Tinubu, in an interview with the BBC.
Onanuga alleged that Binance had profited from “illegal transactions” at the expense of Nigeria, prompting the government to take action. Binance is currently under investigation in Nigeria, with the Office of the National Security Adviser coordinating an interagency investigation into its operations, as confirmed by Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser.
Recent reports also indicate that Binance executives were detained by Nigerian authorities earlier this week, further escalating tensions between the exchange and the government. Additionally, Binance allegedly removed Nigeria’s local currency, the naira, from its peer-to-peer service, exacerbating the situation.
The Block has reached out to Binance for comment and will provide updates on this developing story.