The fine is a direct response to what the Nigerian authorities describe as Binance’s unauthorized financial activities within the country, which they believe have significantly contributed to the recent devaluation of the Naira.
This action underscores the platform’s significant influence on foreign exchange rates and its potential to disrupt the Nigerian economy, as emphasized by Onanuga.
This action is part of broader efforts to investigate the cryptocurrency exchange’s activities within Nigeria and to address issues related to the Naira’s depreciation by targeting cryptocurrency exchanges
The decision to block website access in Nigeria aligns with the directives and regulations issued by local authorities.
The Securities and Exchange Commission of Nigeria had earlier affirmed that Binance Nigeria is operating illegally in the country as it is not registered or regulated by the SEC.
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