How $26bn was Diverted Through Binance in One Year – Cardoso
The Governor of the Central Bank of Nigeria (CBN), Dr Olayemi Cardoso has said the apex is working with Securities and Exchange Commission (SEC) to ride the forex market of all illegalities.
Cardoso said the CBN was ready to make some aggressive regulations to strengthen the economy, reiterating a clampdown on crypto exchanges — including Binance.
Cardoso made this known to journalists after the committee’s meeting at the CBN headquarters in Abuja on Tuesday.
“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.
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“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.
On February 20, 2024, the CBN and the Office of the National Security Adviser (ONSA) announced a partnership to investigate and penalise those involved in illicit activities within the FX market.
