🧵 1. Binance in hot water in Nigeria as gov't accuses exchange of manipulating currency, threatening $10 billion penalties. CEO summoned for discussions. #crypto
🧵 1. Binance in hot water in Nigeria as gov't accuses exchange of manipulating currency, threatening $10 billion penalties. CEO summoned for discussions. #crypto
🧵 2. Conflicting reports emerge on penalty amount, with government official retracting initial $10 billion claim. Binance denies demands, aims to resolve issues.
🧵 3. Nigeria's government claims Binance facilitated illegal currency trading, affecting Nigerian economy. Dispute centers on exchange rates and fiat devaluation.
🧵 4. Binance's P2P platform users traded Naira for stablecoins at non-official rates, leading to government crackdown. Exchange hopes to resume operations soon.
🧵 Read more at: https://coingeek.com/binance-nigerian-operations-under-threat-as-govt-summons-ceo-richard-teng/
Binance has been facing such instances for years now