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Forex crisis: Over $26bn funnelled through Binance without trace in 4 years – CBN Gov - DAILY POST

FEBRUARY 28, 2024

Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, says more than $26 billion was funnelled through the cryptocurrency platform, Binance, in the last four years.

Cardoso disclosed this on Tuesday at a press briefing after the 293rd meeting of the Monetary Policy Committee, MPC, in Abuja.

While answering questions from journalists on the recent restriction on Binance and other cryptocurrency platforms, the CBN boss said, “In the last four years, more than $26 billion have been funnelled through Binance without trace.”

He added that the CBN is moving to a very aggressive regulatory environment.

“Tolerance for people who will not abide by the regulations that are coming out is zero.

“People will have to comply with our regulations or face the consequences for not doing so,” he said.

DAILY POST recalls that the Naira began to appreciate against the USD amid the restrictions on Binance and other crypto platforms in Nigeria’s cyberspace.


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