10 Million Dollar Binance Fine Turns Out To Be Fake News

Crypto News – The rumor of a $10 billion fine for cryptocurrency exchange Binance has been denied by a spokesman of the Nigerian government.

10 Million Dollar Binance Fine Turns Out To Be Fake News

Bayo Onanuga amended his comments to indicate that his remarks were misconstrued and that there hasn’t been a final decision to fine Binance, according to a local news source, the Peoples Gazette. Onanuga said that he made no mention of Binance being aware of the fines or that they would total $10 billion. Since nothing is set in stone just yet, he just brought up the prospect of a fine.

The Peoples Gazette reported that Binance has not been alerted about the $10 billion penalty and is not aware of it. According to reports, the Bitcoin exchange expressed a lack of interest in discussing any sanctions with the Nigerian authorities. On the other hand, this situation drew reaction on social media.

Cryptocurrency Regulation Tightens in Nigeria

The statement was made in response to the increasing regulatory scrutiny that cryptocurrency exchanges are under in Nigeria, where many sites have lately been blocked in an effort to protect the naira, the nation’s currency. In the midst of a crackdown on the cryptocurrency exchange, Binance banned the naira from its peer-to-peer (P2P) service on Wednesday, February 28.