Binance: Nigeria orders cryptocurrency firm to pay $10bn

The government blames Binance for the recent collapse of the naira, and has arrested two executives.

By Nkechi OgbonnaThe Nigerian government says it has demanded almost $10bn in compensation from the cryptocurrency firm, Binance.

Cryptocurrencies are not illegal in Nigeria but firms must register in order to operate there, the government says. A special adviser to Nigeria's president told the BBC that Binance had failed to do this. To the frustration of Nigerian users, Binance and several other cryptocurrency firms have been suspended in the country in recent weeks including Coinbase, Kraken, Forextime, OctaFX, Crypto and FXTM in an attempt to halt the slide of the naira.

Central bank governor Mr Cardoso said on Tuesday that "illicit flows" had been spotted on some cryptocurrency platforms in Nigeria. No specific firms were named as culprits.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

BBCAfrica /  🏆 23. in ZA

Malaysia Latest News, Malaysia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

$10bn slump expected in IT devicesIT Industry News. Daily.
Read more »

Ivory Coast Silence Nigeria To Clinch AFCON TitleIvory Coast Silence Nigeria To Clinch AFCON Title
Read more »

Starting XI: Nigeria v Bafana BafanaStarting XI: Nigeria v Bafana Bafana
Read more »

Starting XIs: Nigeria v Bafana BafanaStarting XIs: Nigeria v Bafana Bafana
Read more »

PSL Star's Heroics See Nigeria End Bafana's AFCON DreamPSL Star's Heroics See Nigeria End Bafana's AFCON Dream
Read more »