JUST IN: Nigerian authorities demand $10 billion fine from Binance over ‘illegal transactions’

The Federal Government of Nigeria has imposed a $10 billion fine on Binance, a global crypto exchange at the center of a crypto crackdown in the country. 

Recall that the government accused Binance of benefiting from alleged illegal transactions, which led to the detention of two executives of the global crypto exchange. 

READ ALSO: Naira continues free fall as it trades for N1482.57/$

The executives came to Nigeria last week following a ban on their website and were arrested by the office of the National Security Adviser (NSA).

While the NSA is yet to share any details of the investigation, Olayemi Cardoso, the central bank governor, claimed “$26 billion has passed through Binance Nigeria from sources and users who we cannot identify.” 

There have also been reports that the government has asked Binance for user data and details.