• Sunday, April 21, 2024
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Binance working with Nigerian regulators on compliance

Nigeria wants Binance to pay $10bn fine

Binance has revealed it is working with regulators in Nigeria on issues of non-compliance on its platform.

This is as unconfirmed rumours of a clampdown on its activities in the country by authorities surfaced on Wednesday. In the reports, authorities are considering blocking the operations of online platforms like Binance and other crypto firms to curb an alleged manipulation of the foreign exchange market.

Read also: Binance CEO steps down over fraud, slammed $4.1bn record fine

In a post on its blog, the crypto platform said, “Furthermore, as industry leaders, we are working hand in hand with local authorities, lawmakers, and regulators to ensure we act on non-compliance.”

The firm further stated its commitment to a market-driven, fraud-free, and manipulation-free platform for its users.

On Tuesday, users of Binance complained about their inability to buy dollars on the platform. One user on X, @MikaelCBernard, tweeted, “There’s no more dollars available on Binance oh. It is like Binance traders have gone on strike. You can only sell, but you can’t buy.”