• The Nigerian government has detained two Binance executives.
• The exchange has been accused of enabling illegal transactions in the country.

Binance [BNB] finds itself in potential trouble again, this time in the most populous country in Africa. With the latest turn of events, has BNB been affected in any manner?

Binance slammed a heavy fine

Recent reports reveal that the Nigerian government has imposed a hefty fine of $10 billion on Binance.

During a BBC interview, Bayo Onanuga, a special assistant to the Nigerian president, disclosed this information. Onanuga stated that the world’s largest exchange had made profits from illegal transactions. His statements align with the remarks made earlier in the week by the president of the country’s apex bank, the Central Bank of Nigeria (CBN). 

The CBN’s president highlighted that the volume of illegal funds processed through the exchange in the last year amounted to about $26 billion.

This recent announcement marks a continuation of the ongoing Binance saga in the county. Earlier in the week when two executives of the exchange were reportedly detained by the Nigerian government upon their arrival for negotiations.

A continuation of troubles for Binance?

In November, the US Justice Department announced that
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Author: Adewale Olarinde

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