According to Onanuga, Binance allegedly engaged in "illegal transactions" in Nigeria, reaping substantial profits while the nation incurred significant losses. Shockingly, Onanuga claimed that Binance is not registered in Nigeria and lacks a physical presence in the country. He asserted that the platform was utilized for arbitrary fixing of dollar-naira rates, a practice that adversely affected the value of the local currency.

Highlighting the severity of the situation, Onanuga explained that the Binance team is actively cooperating with the Nigerian government by providing essential information and has already taken steps to suspend naira-related transactions on its platform.

The government's concerns revolve around Binance's alleged rate-fixing activities, which, according to Onanuga, is an illegal practice. He emphasized that only the Central Bank of Nigeria has the authority to determine the exchange rate for the country. Onanuga further stated that Binance accommodates individuals who engage in rate-fixing, resulting in detrimental consequences for the country's economy during a crucial period of economic stabilization efforts.

Pointing to the adverse effects of Binance's operations in Nigeria, Onanuga highlighted that the platform's activities have contributed to an increase in foreign exchange rates through currency speculations. This has reportedly led to a nearly 70% depreciation in the value of the Naira in recent months.

Adding to the gravity of the situation, the Office of the National Security Adviser (ONSA) confirmed on Friday that Binance is currently under investigation by Nigerian authorities. This marks the official confirmation of the government's efforts to scrutinize the activities of Binance and other cryptocurrency platforms. A top official from the ONSA disclosed that their office is coordinating an interagency investigation into Binance's operations as part of a broader initiative to ensure the security and stability of the nation's financial landscape.