Nigerian authorities are reportedly seeking $10 billion in penalties from the global cryptocurrency exchange platform Binance, alleging the country has incurred massive losses due to the platform’s activities.

The Nigerian government detained two Binance Holdings Ltd. executives, days after the central bank governor said that the nation is losing out on taxes from unregistered crypto exchanges.

The two were intercepted by national security officers after arriving in the country on the grounds that Binance operates illegally in Nigeria.

Bayo Onanuga, the special adviser on information and strategy to President Bola Tinubu, made the penalty known Friday morning in an interview with the BBC.

Binance profited substantially from its “illegal transactions” in Nigeria while the nation suffered huge losses, Mr Onanuga said during the interview, which was monitored in Lagos.

Sources confirmed that Binance is being interrogated on issues bordering on money laundering (worth billions of dollars), currency speculation, tax evasion, operating in Nigeria without a licence and after being banned, terrorism financing and organised crimes, The source ends by saying, “it’s very bad.”

Terrorism and organised crime financing are the crux of the matter, which is why the Office of the Security Adviser requested the data of all users and their transactions.

“They are showing good faith and cooperating with relevant agencies( ONSA, NFIU, EFCC, DSS). They are ready to right their wrongs.

“They already admitted and linked the huge “passed-through funds” to terrorism and organised crime financing, “ the source disclosed.