Claims that the cryptocurrency behemoth Binance Holdings Ltd. is in talks with the Nigerian authorities about possible fines of up to $10 billion have been denied. This runs counter to what Bayo Onanuga said earlier in a Friday interview with the BBC.
Onanuga, President Bola Tinubu’s special adviser on information and strategy, claimed later that the media had misconstrued his remarks when they stated that the Nigerian government had fined Binance $10 billion in an effort to preserve the value of the naira. This was reported by the BBC on Friday.
According to a Binance official quoted by Pressmen, “We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion.”
The Cayman Islands-based business made it clear that it is not interested in holding discussions with the Nigerian government to resume its recently suspended operations or to free its executives who are being detained on suspicion of manipulating the naira, which caused the currency’s collapse and subsequent economic fallout.
“Our aim is to chart a good relationship with the government and the people of Nigeria. We want to see our services restored in Nigeria very soon, but we have no intention of paying fines for personnel or services,” Binance stated
In response to Binance’s stance, Bayo Onanuga explained that his previous statement to the BBC had been misquoted in the media and that he had never said the firm was aware of the sanctions or that Nigerian regulators had definitively determined the $10 billion sum.
“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.”
“I only said the amount may be imposed, which is because nothing has been finalised yet,” Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.
President Bola Tinubu’s media aide, Mr. Onanuga, had charged the cryptocurrency site with supporting individuals manipulating the value of the Nigerian Naira in order to undermine the country’s economy.
