Cardoso says $26bn from unknown sources passed through Binance Nigeria in one year
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has revealed that a whopping $26 billion was moved by unknown sources through Binance Nigeria in one year.
Binance is an online exchange where users can trade cryptocurrencies.
The platform has been flagged in several countries including UK, Japan, Canada and Singapore for flouting regulatory framework and causing disruptions in the currency market.
In the US alone, the platform was made to pay $4.3 billion for violations of anti-money laundering and sanctions laws leading to the resignation of Changpeng Zhao as the Chief Executive Officer of the platform.
In June 2023, the Securities and Exchange Commission (SEC) said the operation of Binance Nigeria Limited, a subsidiary of Binance, was illegal.
Speaking during an interactive session with journalists at the end of the Monetary Policy Committee (MPC) meeting of the CBN at the apex bank’s headquarters in Abuja on Tuesday, Cardoso stressed that the CBN was ready to make some aggressive regulations to strengthen the economy, reiterating a clampdown on crypto exchanges — including Binance.
Cardoso said the country’s apex bank is collaborating with the SEC to ensure there is no manipulation in the FX market.
“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities, suspicious flows at best,” Cardoso said.
“In the case of Binance, in the last one year alone, $26bn has passed through Nigeria from sources and users who we cannot adequately identify.
“There’s a lot that is going on now as a result of collaboration between the different agencies which includes EFCC, the police, and of course, the office of the NSA.
“And in due course, as we progress and have more information to share, we will certainly share.
“But suffice to say that we are determined to do everything it takes to ensure that we take charge of our market or put it differently to not allow others to manipulate our markets in a way that ends us distortionary and sub-optimises for all Nigerians.”
He added that the apex bank will ensure that this “type of infraction” does not take place.
