The Nigerian government is seeking restitution of at least $10 billion from Binance amidst its crackdown on the cryptocurrency exchange platform, aiming to stabilize the nation's local currency value. Bayo Onanuga, special adviser on information and strategy to President Bola Tinubu, disclosed this during an interview with the BBC.

Onanuga accused Binance of profiting from "illegal transactions" in Nigeria while causing significant losses to the nation.

The Office of the National Security Adviser (ONSA) confirmed an ongoing investigation into Binance's activities, coordinated with the Central Bank of Nigeria and other law enforcement agencies. Two Binance executives were detained in Abuja after failed negotiations with the government, accused of operating a multibillion-dollar business without proper registration.

The Nigerian government demanded transaction data involving the Nigerian Naira from the past seven years and requested removal of certain Nigerian-related data from the platform, leading to a deadlock in negotiations. The government obtained a court warrant to detain the officials for at least twelve days.

Onanuga claimed that Binance is not registered in Nigeria and accused it of negatively impacting the local currency's value. Despite Binance's cooperation with providing information and suspending Naira-related transactions, Nigeria insists on a $10 billion restitution.

Last week, Nigeria blocked Binance and other crypto platforms to prevent forex market manipulation and illicit fund movements, following reports of criminal activities contributing to the weakening of the Naira. Binance, in response, emphasized cooperation with authorities to ensure compliance but declined further comments amid the ongoing clampdown.

The Nigerian government's retribution claim follows Binance's guilty plea and agreement to pay $4.3 billion to settle criminal money laundering charges by the U.S. Department of Justice, with Binance's CEO, Changpeng Zhao, agreeing to step down pending trial.