Binance Nigeria has facilitated transactions exceeding $26 billion from unidentified sources within a year.
Olayemi Cardoso highlighted illicit and suspicious flows on certain platforms that caused the depreciation of the naira.
In a tumultuous period for cryptocurrency exchanges in Nigeria, Binance Nigeria has come under intense scrutiny as it facilitated transactions exceeding $26 billion from unidentified sources within the past year. The digital assets platform, known for its peer-to-peer trading model, allows users to engage in buying and selling cryptocurrencies with relative ease.
According to the local media channel, Governor Olayemi Cardoso of the Central Bank of Nigeria (CBN) revealed that $26 billion flowed through Binance Nigeria from “inadequately identified sources” and accounts over the past 12 months. This revelation comes amidst mounting pressure on the CBN due to the depreciation of the local currency, the naira, and persisting inflation, both of whic
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