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Adebayo Backs FG Sanctioning Of Binance, Urges Nigerians To Support Govt

The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewale Adebayo, has declared his support for the Federal Government’s move to sanction the cryptocurrency exchange company, Binance.

Adebayo in a statement said the company must respect the laws of Nigeria as he called on Nigerians to support the policy of the federal government.

He said: “When it has to do with your government and any foreign entity, your government is always on track.

“So let us have this attitude first, because if Binance is being sanctioned by South Africa, Russia or USA you won’t find people of that country saying they want to take between their government and Binance.

“They will take their government side immediately. So what we need to understand is that Binance, in operating in Nigeria, ought to know that they are in Nigeria’s territory.

“So first you must respect the law of the country. Binance can say we have not broken any law of Nigeria, but whether the federal government has jurisdiction over Binance, to question them, to sanction them, yes, the government does.

“The only thing Binance can do is to get lawyers to say, we have studied your law very well and we did not break them. So Binance does not have a duty to help the Nigerian government implement its policy.

“The only duty Binance has, like any other entity, is not to break any law in Nigeria. If you break any law in Nigeria, you are really going to be in soup with the government of Nigeria.

“In fact, if you are flying over Nigeria airspace as a pilot, you can commit an offence even though you don’t land in Nigeria. That is why when you are flying nowadays from Europe and you are coming to Nigeria, they don’t fly over Niger.

“They don’t disrespect Niger. Niger has no air system to bring down any aircraft. Niger has no method of enforcing the law. The people just obey the law because Niger says, don’t fly over my airspace, full stop.

“So it is good to let people know if we have friends abroad who are following us, our country, we should tell them that there are laws in our country and don’t come and break them. So the government is right to question them.”

Adebayo also advised the federal government to stop the corruption and criminality within the government. He said most of the crisis in the foreign exchange market comes from actors within the government.

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