Governor of the Central Bank of Nigeria, Olayemi Cardoso, stated on Tuesday that more than $26 billion was channeled through the cryptocurrency platform Binance
President Bola Ahmed Tinubu’s administration has imposed a $10 billion fine on Binance amid a crackdown on the crypto exchange platform to stabilize the value of the nation’s local currency. Bayo Onanuga, Tinubu’s special adviser on information and strategy, revealed this in an interview with the BBC on Friday morning. He stated, “Binance is setting exchange rates for Nigeria, which is illegal. Only the Central Bank of Nigeria (CBN) has the authority to fix exchange rates in the country.”
“Onanuga stated that Binance profited significantly from its ‘illegal transactions’ in Nigeria, causing substantial losses to the nation,” he said. Onanuga further claimed that Binance is not registered in Nigeria and lacks a presence in the country. He alleged that individuals used the platform to arbitrarily set dollar-naira rates, negatively impacting the value of the local currency.
He further explained that the Binance team was already cooperating with the Nigerian government by providing useful information and had suspended naira-related transactions on the platform. Nevertheless, Nigeria is demanding that Binance pay at least $10 billion in retribution, according to Mr. Onanuga.
The National Security Adviser’s office confirmed on Thursday the arrest of two Binance
The National Security Adviser’s office confirmed on Thursday the arrest of two Binance executives on allegations of operating a business worth billions without the requisite registrations and documentation.
“I am confirming that the office of the National Security Adviser, as part of ongoing operations in the foreign exchange market with the CBN and other law enforcement and security agencies, is coordinating an interagency investigation into the operations of Binance,” said Zakari Mijinyawa, head of Strategic Communication at the Office of the National Security Adviser.
Governor of the Central Bank of Nigeria, Olayemi Cardoso, stated on Tuesday that more than $26 billion was channeled through the cryptocurrency platform Binance in the last year alone. Cardoso noted that many of the crypto transactions are from “sources and users that the apex bank cannot adequately identify.”
This report is developing, and more details will be shared on the Naijaeyes WhatsApp group as soon as possible.
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