Nigeria Slams Binance With $10B Fine, Accuses It Of 'Fixing The Exchange Rate'
Portfolio Pulse from Murtuza Merchant
Nigeria has imposed a $10 billion fine on Binance, accusing it of manipulating exchange rates and causing significant financial losses. The government alleges Binance's activities led to a 70% drop in the Naira's value. Two Binance executives have been arrested on charges including money laundering and financing terrorism. The Central Bank of Nigeria claims $26 billion was transacted through Binance Nigeria, with many trades from unidentifiable sources. Binance is cooperating with the investigation but is criticized for not being registered according to Nigerian laws.
March 01, 2024 | 3:38 pm
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Binance is fined $10 billion by Nigeria for alleged exchange rate manipulation, leading to a significant devaluation of the Naira. Two executives have been arrested, and the platform is under investigation for money laundering and financing terrorism.
The imposition of a $10 billion fine and the arrest of two executives on serious charges such as money laundering and financing terrorism are likely to have a negative impact on Binance's reputation and operations, potentially leading to a decrease in investor confidence and a negative short-term impact on BNBUSD.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100