Binance informed a local media source that they were unaware of any $10 billion penalty. written by Katherine Ross 5:23 PM 1 marca 2024. The Nigerian President is Bola Ahmed Tinubu, who was photographed at Chatham House and goes by the nickname “Asiwaju Bola Ahmed Tinubu.” He is pictured with a CC license. Binance is facing escalating challenges in Nigeria. A government official suggested in an interview with BBC’s pidgin language service that the government might impose a fine of up to $10 billion on the exchange. However, a spokesperson for Binance stated that they were not in discussions with the government about such a large fine. Despite multiple requests for comment, Binance did not respond immediately. The spokesperson also mentioned that they had discussed resolving issues with Nigeria but had not been informed of any demand for a $10 billion fine. Additionally, the sentencing of the former Binance CEO has been delayed until April. The government official, as reported by BBC, stated on Friday that his remarks were misunderstood. Bayo Onanuga, a representative for President Bola Tinubu, informed the People’s Gazette that Nigeria might consider imposing significant penalties on Binance due to the incident. According to reports, it was not stated that Binance had been notified about the fines nor was it confirmed that the fines would amount to $10 billion. Earlier this week, two executives from Binance were reportedly arrested in the country, as stated in various media sources. Although Bloomberg mentioned that the executives have not been formally charged yet, they could potentially face charges related to tax evasion, operating illegally, and manipulating currency. According to a report from Bloomberg, cases of crypto tax evasion are increasing, with sources remaining anonymous.