No discussion with Nigerian govt about $10bn fine, we won’t pay if asked – Binance

Crypto platform, Binance Holdings Ltd, has denied having any talks with the Nigerian government over payment of $10 billion in fines.

This is contradiction to claim by Bayo Onanuga, presidential spokesman, in an interview with BBC.

Onanuga had said in the interview that the Cayman Islands-based cryptocurrency platform is to pay$10bn in fines over what it said is it’s role in the falling value of the Naira.

However, Binance told Peoples Gazette on Friday that it won’t discuss paying the Nigerian government either to restore its services that were cut off recently or free its executives being held over alleged involvement in purported manipulation that led to the rapid collapse of the naira and associate consequences for historic inflation and poverty in Nigeria.

“We recently discussed ways to resolve issues with Nigeria, but we did not hear any demand for $10 billion,” Gazette quoted a Binance official to have said.

“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 added.

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

“I said our government may impose heavy fines on Binance for what happened,” he told The Gazette, noting further that, “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.

Onanuga had accused the cryptocurrency platform of aiding those fixing the Nigerian exchange rate to sabotage the economy.

“Binance platform harbours people who fix the exchange rate which quickly affects the Nigerian economy for the time when Nigeria is trying to stabilize the economy,” Onanuga told BBC.

“The platform fixes the exchange rate for the country and it is an illegal rate. The CBN is the only authority that can fix the exchange rate for the country,” he added.