Suspicious $26bn passed through Binance Nigeria in one year – Cardoso

On February 28, 2024, Olayemi Michael “Yemi” Cardoso (the governor of the Central Bank of Nigeria) announced that over $26 billion was transferred through the cryptocurrency exchange Binance by unidentified sources

A staggering $26 billion was transferred via Binance Nigeria in a single year by unidentified sources, according to Dr. Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN).

He said “They are worried about certain activities that seem to point to illegal transfers, particularly in the case of Binance, passing through several businesses and suspicious transactions. 26 billion US dollars have flowed through Binance Nigeria in the last year alone, from sources and users that we are unable to sufficiently identify.”

A lot is happening as a result of cooperation between the various authorities, which include the police, the NSA office, and the EFCC.

Even the Securities and Exchange Commission (SEC) declared in June 2023 that Binance Nigeria Limited, a Binance affiliate, is operating unlawfully.

The News has it that Bayo Onanuga, the President’s Special Advisor on Information and Strategy, urged the central bank and the Economic and Financial Crimes Commission (EFCC) to take action against cryptocurrency companies or any platforms such as Binance.

He also mentioned that access to the site ( Binance and Kucoin) should be restricted in Nigeria and as time goes on, expect to see improvements,” Cardoso stated.