Nigeria’s Binance Backpedal: Claim of $10B Fine Gets Axed

An adviser to the Nigerian President nixes allegations of Binance’s $10B fine, claims he was misrepresented.

Nigerian man looking upset.
Created by Gabor Kovacs from DailyCoin
  • Binance is facing significant regulatory hurdles in Nigeria.
  • An adviser to the Nigerian President asserted that the country was eyeing billions in penalties. 
  • The adviser is backtracking his claims after the news circulated on social media. 

Binance’s troubles in Nigeria have yet to simmer down as authorities ramp up their crackdown. After blocking the exchange’s website, forcing it to shut down its naira p2p marketplace, and detaining two of its executives, reports suggested that the Nigerian government was eyeing fines exceeding $10 billion.

However, in a surprising twist, that may not be the case, at least for now. 

“Binance Fine Misquoted,” Adviser to Nigerian President

In a recent interview on BBC, Bayo Onanuga, an aide to the Nigerian President on information and strategy, claimed that the country had demanded $10 billion in penalties from Binance. 


However, soon after the news made its rounds all over social media, Onanuga refuted making such a statement, clarifying that the BBC had misquoted him.

According to a local news outlet, the People’s Gazette, Onanuga explained there had been no definitive decision to fine Binance. He emphasized that he had not mentioned any specific amount. He only alluded to the possibility of a fine, as the matter had not been finalized.

Adding to the intrigue, Binance also had yet to receive any official notification regarding the purported $10 billion fine. The exchange has reportedly expressed reluctance to discuss fines with the Nigerian government. 


Still, despite Binance’s reservations, it remains under scrutiny from the Nigerian government. Authorities have raised concerns about ‘suspicious flows’ of funds through the exchange’s Nigerian arm in 2023. Central Bank of Nigeria Governor Olayemi Cardoso highlighted that $26 billion had passed through Nigeria via Binance in 2023 from unidentified sources and users.

On the Flipside

  • Outside Nigeria, Binance also faces a $4.3 billion fine in the U.S. for money laundering charges.
  • Aside from Binance, the Nigerian government has also blocked access to websites of other popular exchanges like KuCoin and Coinbase.

Why This Matters

Binance has been under intense scrutiny over the last year. After paying $4 billion to the US, an additional $10 billion fine would only compound the exchange’s regulatory woes, affecting millions of users and the crypto market. 

Read more about crypto scams: 
Crypto Scams Drain $160M in February, Certik Report Reveals

More on Binance’s troubles in Nigeria:
Unraveling Binance’s Nigeria Woes as Govt Hunts User Info

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Insha Zia

Insha Zia is a senior journalist at DailyCoin covering crypto developments, especially in the Cardano ecosystem. With a Bachelor of Science in Computer Systems Engineering, he delivers high-quality articles with his technical background and expertise in data analysis and programming languages, aiming to educate and inform readers accurately, transparently, and engagingly. Insha believes education can drive mass adoption of the crypto space, and he is committed to giving DailyCoin readers a better understanding of the technology.