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Nigeria Has $10 Billion Beef With Binance

As reported by The Block, the government of Nigeria has allegedly put forth a demand for a minimum of $10 billion from the cryptocurrency exchange platform, Binance. This request comes amidst the nation's ongoing crackdown on the platform and a significant drop in the value of the country's local currency.

The information originates from Bayo Onanuga, who serves as the special adviser on information and strategy to the Nigerian President, Bola Tinubu. In an interview with the BBC, Onanuga asserts that Binance has been benefiting from "illegal transactions" that have negatively impacted the country.

The cryptocurrency exchange, Binance, is currently under investigation in Nigeria, according to several reports. "I am confirming that the office of the national security adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance," Zakari Mijinyawa, who holds the position of head of Strategic Communication at the Office of the National Security Adviser, reportedly told Premium Times.

Furthermore, it has been reported that executives from Binance were detained by Nigerian authorities earlier this week. 

The exchange is also said to have removed Nigeria's local currency, the naira, from its peer-to-peer service.

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