Nigeria orders cryptocurrency firm to pay $10bn

Nigeria’s government has ordered a cryptocurrency firm to pay $10 billion in fines for alleged violations of the country’s financial regulations.

The firm, which operates a popular cryptocurrency exchange platform in Nigeria, has been accused of facilitating money laundering, terrorism financing, and other illegal activities.

The government’s crackdown on cryptocurrency firms is part of a broader effort to regulate the rapidly growing industry in Nigeria, which has seen a surge in popularity in recent years.

Experts warn that the government’s heavy-handed approach could stifle innovation and drive cryptocurrency firms underground, potentially increasing the risks of illicit activities.

Despite the government’s crackdown, many Nigerians continue to use cryptocurrencies as a way to bypass the country’s restrictive banking regulations and access financial services.