The Securities and Exchange Commission (SEC) could impose huge fines of up to billions of dollars on Binance, and other cryptocurrency companies operating in Nigeria.

The SEC is investigating allegations that crypto companies engaged in currency manipulation activities against the naira without underestimating transactions, a development that has contributed to the current crisis of currency liquidity in the country. The crackdown on Binance follows ongoing investigations into the country's foreign exchange market, which is said to have suffered years of distortions, manipulations, and speculations, leading to a continued weakening of the naira against major currencies, especially the US dollar, in recent times