CBN says $26bn passed through Binance from unknown sources
The Central Bank of Nigeria Tuesday raised concerns over the sum of $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.
The Nigerian government recently blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.
Addressing journalists during a question and answer session at the end of the Monetary Policy Committee meeting, CBN Governor, Olayemi Cardoso, expressed worry over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.
“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.
“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he stated.
The governor reiterated the importance of collaboration with government agencies such as the Securities and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC), the police, and the Office of the National Security Adviser (NSA) to address such illicit financial activities.
He said the CBN is determined to take decisive actions to prevent manipulative practices in the financial market.
“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 and do not allow others to manipulate our markets in a way that ends up distortionary and sub-optimises for all Nigerians.
“We will not accept it and we will do everything possible to prevent any of these kinds of infractions from taking place,” he said.
READ ALSO: Bill to limit tenure of CBN Gov, deputies to non-renewable six years passes second reading at Senate
Last week, sources within the major telecommunication companies in the country told PREMIUM TIMES that the Nigerian Communications Commission (NCC) communicated the directive to block Binance and other crypto websites to telcos.
Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others, were equally blocked.
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The Central Bank of Nigeria Tuesday raised concerns over the sum of $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.
The Nigerian government recently blocked the online platforms of Binance and other crypto firms to avert what it considers continuous manipulation of the forex market and illicit movement of funds.
Addressing journalists during a question and answer session at the end of the Monetary Policy Committee meeting, CBN Governor, Olayemi Cardoso, expressed worry over the significant volume of transactions passing through Binance Nigeria, emphasizing that the origins and beneficiaries of these funds are yet to be adequately identified.
“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.
“In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he stated.
The governor reiterated the importance of collaboration with government agencies such as the Securities and Exchange Commission (SEC), the Economic and Financial Crimes Commission (EFCC), the police, and the Office of the National Security Adviser (NSA) to address such illicit financial activities.
He said the CBN is determined to take decisive actions to prevent manipulative practices in the financial market.
“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 and do not allow others to manipulate our markets in a way that ends up distortionary and sub-optimises for all Nigerians.
“We will not accept it and we will do everything possible to prevent any of these kinds of infractions from taking place,” he said.
READ ALSO: Bill to limit tenure of CBN Gov, deputies to non-renewable six years passes second reading at Senate
Last week, sources within the major telecommunication companies in the country told PREMIUM TIMES that the Nigerian Communications Commission (NCC) communicated the directive to block Binance and other crypto websites to telcos.
Apart from Binance, other platforms such as Forextime, OctaFX, Crypto, FXTM, Coinbase, and Kraken, among others, were equally blocked.
Support PREMIUM TIMES’ journalism of integrity and credibility
Good journalism costs a lot of money. Yet only good journalism can ensure the possibility of a good society, an accountable democracy, and a transparent government.
For continued free access to the best investigative journalism in the country we ask you to consider making a modest support to this noble endeavour.
By contributing to PREMIUM TIMES, you are helping to sustain a journalism of relevance and ensuring it remains free and available to all.
Donate
TEXT AD: Call Willie – +2348098788999
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