WHAT IS BINANCE FATE OF OPERATION IN NIGERIA??

Binance is facing another large charge after paying $4.3 billion to US authorities as part of a plea agreement with the Department of Justice.

Nigeria's government has imposed a $10 billion fine on cryptocurrency exchange Binance as part of an investigation into potential foreign exchange rate manipulation involving the naira currency, special adviser Bayo Onanuga confirmed in a BBC interview on March 1.

The fine followed the arrest of two company executives who were sent to speak with authorities after officials revealed plans to ban the cryptocurrency corporation.

Local officials refused to reveal the identities of the Binance representatives, although rumors indicate one is American and the other is British. Both cryptocurrency exchange negotiators reportedly requested to be transferred to their respective embassies.

The crypto exchange ban came after the authorities accused Binance of facilitating illicit transactions and failing to account for $26 billion in money flows. Furthermore, the Nigerian Securities and Exchange Commission (SEC) stated that the site operated without a license and refused to comply with legal requirements.