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CBN Governor sounds alarm over $26bn in transactions on Binance Nigeria

Cardoso expressed concerns over the transparency of transactions that passed through Binance Nigeria in the last four years

CBN Governor Olayemi Cardoso

Cardoso revealed that an astonishing $26 billion has been processed through Binance Nigeria over the past four years, with concerns arising from the inability to adequately identify the sources and users of these funds.

Addressing reporters during his first MPC meeting since assuming office as the CBN governor, Cardoso highlighted the significant volume of transactions conducted through Binance Nigeria, emphasising the challenges associated with identifying the origin and destination of these funds.

"We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows and best in the case of Binance. In the last one year alone, 26 billion US dollars, have passed through Binance Nigeria, from sources and users we cannot adequately identify."

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This lack of transparency raises regulatory concerns and highlights the need for enhanced oversight of cryptocurrency exchanges operating within Nigeria.

The disclosure comes amidst growing scrutiny of cryptocurrency activities in Nigeria, with regulators increasingly focusing on ensuring compliance with anti-money laundering (AML) and know your customer (KYC) regulations.

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