Binance Nigeria saw $26bn in volume over span of one year

By bne IntelliNews February 28, 2024

Some $26bn passed through Binance Nigeria in the past 12 months, heightening concerns that cryptocurrency was used to facilitate illicit financial flows and currency manipulation.

That’s according to Central Bank of Nigeria governor Olayemi Cardoso, who revealed that the country’s cryptocurrency landscape is under serious scrutiny, as authorities look to stabilise the naira. 

A week prior, on February 22, the Nigerian Communications Commission (NCC) received instructions from the Central Bank of Nigeria to ban access to crypto trading sites, including Binance and Kraken. Many users however reported that the block had thus fart failed to completely stop all traffic. 

Cardoso's latest remarks, made on February 27, suggested that the Central Bank had a responsibility to protect Nigerian people, which includes racking down on crypto. 

“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, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify,” he said.

To find out where the money has gone, Cardoso is collaborating with the EFCC, the Police, and the office of the NSA, he said.

Read in IntelliNews Pro
Get IntelliNews Pro

Related Articles

South Africa's unity government rocked by dispute over Russia

South Africa’s four-month-old unity government has been shaken by differences between its two major parties over the country’s relationship with Russia. The African National Congress (ANC) and ... more

Kenya to implement real-time tax system for crypto transactions amid regulatory uncertainty

The Kenya Revenue Authority (KRA) plans to introduce a real-time tax system to track and tax cryptocurrency transactions, aiming to close a significant gap in revenue collection on digital assets, ... more

South Africa's Maritime Business Chamber urges faster development of oil and gas reserves

South Africa’s Maritime Business Chamber (MBC) is urging the government to speed up initiatives to tap into the country’s vast oil and gas reserves, Energy Capital & Power (ECP) ... more

Follow Us On

Most Read

  1. Aggressive “furry movement” teens made up as cats and dogs face crackdown in Uzbekistan
    12 days ago
  2. Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
    4 months ago
  3. Africa, Asia most people living in extreme poverty
    1 year ago
  4. Serbia eyes BRICS partnership as top officials attend summit in Kazan
    5 days ago
  5. Can the BRICS beat the G7?
    9 days ago
  1. PROFILE: Remigijus Zemaitaitis, Lithuania's new radical-right leader
    21 days ago
  2. LONG READ: Europe has lost its competitive edge
    29 days ago
  3. Russia overtakes Japan to become the fourth largest economy in the world in PPP terms
    4 months ago
  4. Fresh evidence suggests that the April 2022 Istanbul peace deal to end the war in Ukraine was stillborn
    6 months ago
  5. RAGOZIN: What is Zelenskiy’s real Plan B?
    1 month ago

Reports

Dismiss