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The Nigerian government is demanding $10 billion from cryptocurrency exchange Binance as retribution for alleged losses caused by its operations. The government claims Binance profited from illegal transactions, leading to a significant devaluation of the country's fiat currency. Binance has denied knowledge of the fine and refused to pay, resulting in a regulatory dispute. In response, Nigeria has detained two Binance executives and imposed a $10 billion fine, leading Binance to discontinue all Nigerian Naira services.
Binance ends naira support in Nigeria amidst regulatory pressure The decision to halt support for NGN comes amid a foreign exchange clampdown by the Nigerian government, which has impacted Binance’s P2P trading service. https://t.co/q5dU8S0tVM
Binance ends naira support in Nigeria amidst regulatory pressure. Users can still trade crypto but need other services to deposit/withdraw naira - via @theMariblock https://t.co/xtIqB276PZ
🚨⚠️🚨⚠️ Binance has discontinued all services in Nigeria (On Friday, any remaining Naira on the platform will be stolen and converted to Tethers) https://t.co/u7YWjVslj5 https://t.co/mxEywWzE0o
