Cryptocurrency giant Binance Holdings Ltd has dismissed claims of being in talks with the Nigerian government over potential fines amounting to $10 billion.
This contradicts earlier statements attributed to Bayo Onanuga in an interview with the BBC on Friday.
Onanuga, the special adviser on information and strategy to President Bola Tinubu, reportedly stated to the BBC that the Nigerian government had imposed a $10 billion fine on Binance to salvage the value of the naira.
However, Onanuga later clarified that his words were misinterpreted by the media.
According to a Binance official,”We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.”
The Cayman Islands-based company clarified that it is not engaging in discussions with the Nigerian government to restore its recently suspended services or release its executives held over alleged involvement in manipulation leading to the collapse of the naira and subsequent economic repercussions.
“Our aim is to foster a positive relationship with the government and the people of Nigeria. We anticipate the restoration of our services in Nigeria soon, but we have no plans to pay fines for personnel or services,” Binance stated.
In response to Binance’s position, Onanuga clarified that his earlier statement to the BBC had been misrepresented in the media.
He emphasized that he never asserted that Binance had been informed about the fines or that the $10 billion figure was definitively determined by Nigerian regulators.
“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.”
Mr. Onanuga, a media aide to President Bola Tinubu, accused the cryptocurrency platform of aiding individuals in manipulating the Nigerian exchange rate to sabotage the economy.
“Binance platform harbours people who fix the exchange rate, which quickly affects the Nigerian economy at a time when Nigeria is trying to stabilize the economy,” 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.
Onanuga accused Binance of profiting significantly from “illegal transactions” in Nigeria, causing substantial losses to the nation.
