Binance fined by Nigerian Government for illegal transactions

Nigerian Government has fined Binance cryptocurrency exchange a whopping $10-billion for illegal transactions. 

binance nigeria

We feel that Binance supported hundreds of people with jobs and thousands with opportunities to create investment opportunities. 

Nigeria recently banned people from withdrawing cash from their banks to force them to use their CBDC and this made people very angry. People in Nigeria are destroying ATM machines and banks. 

Some say this is just propaganda. The real challenges are the very short ultimatum given by the CBN to remit old Naira notes, the low & limited ATM withdrawals per day & the hoarding of the new Naira notes by the local Bank managers leading to scarcity of cash whether old or new notes. 

Anyway, do we think if Nigeria would be able to get anything out of this? We do not think so. This is an example of extortion and Binance would not be giving them a dime. Failed government searching for something to put the blame on.