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CBN Nigeria Reveals How $26 Billion Passed Through Binance Nigeria

by Vicky Oselumese
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CBN Nigeria Reveals How $26 Billion Passed Through Binance Nigeria

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The governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has disclosed that over $26 billion has been processed through Binance Nigeria in the past four years. Cardoso made this revelation during a press briefing after the Monetary Policy Committee (MPC) meeting held in Abuja.

Cardoso specifically highlighted the significant flow of funds through Binance Nigeria within the last year, stating that $26 billion had passed through the platform.

He emphasized that the sources and users associated with these transactions could not be adequately identified.

This announcement comes as Cardoso’s first MPC meeting since assuming office as the CBN governor, indicating his focus on monitoring and regulating the country’s financial landscape.

The influx of such a substantial amount of money through Binance Nigeria raises concerns about potential money laundering and illicit activities.

Binance, one of the world’s largest cryptocurrency exchanges, has gained popularity in Nigeria, with many individuals and businesses utilizing the platform for various transactions.

However, the CBN’s inability to identify the sources and users involved in these transactions raises questions about the platform’s compliance with anti-money laundering regulations.

The CBN has been taking steps to regulate the cryptocurrency market in Nigeria, citing concerns about its potential impact on the country’s financial system and the risk of illegal activities.

This article was updated 2 months ago

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