Nigeria orders cryptocurrency firm to pay $10bn

The Securities and Exchange Commission (SEC) in Nigeria has ordered a cryptocurrency firm to pay a penalty of $10 billion for violating regulations. The firm, whose name was not disclosed, was found to have engaged in illegal activities and flouted financial laws.

This move by the Nigerian government is part of a crackdown on the cryptocurrency industry in the country, as authorities aim to bring more regulation and oversight to the sector. The SEC has warned that it will continue to take action against any firms operating outside of the law.

The cryptocurrency firm has been given a deadline to pay the penalty or face further legal action. The government hopes that this will serve as a deterrent to other businesses in the industry.