The Nigerian government imposed a $10 billion fine on Binance for allegations related to the forex crisis.

The Nigerian government fined cryptocurrency trading firm Binance $10 billion for allegedly contributing to the country’s monetary crisis.

Special adviser Bayo Onanuga accused Binance of engaging in unlawful operations in Nigeria, affecting currency rates, and causing the value of the Naira to drop.

Despite not being registered in Nigeria, Binance is accused of facilitating actions that had a negative impact on the economy. The company has banned naira transactions and is collaborating with the authorities.