Over $26bn vanished through Binance without trace – Cardoso

 

Joseph Irikefe

 

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has disclosed that more than $26 billion was channelled through a 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 in Abuja.

The Binance exchange is a leading cryptocurrency exchange founded in 2017.

It features a strong focus on altcoin trading.

Binance offers crypto-to-crypto trading in more than 350 cryptocurrencies and virtual tokens, including bitcoin, ether, litecoin, dogecoin, and its own coin, BNB.

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.

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

The Monetary Policy Committee of the Central Bank of Nigeria may raise the Monetary Policy Rate, otherwise known as the benchmark interest rate at the end of the meeting on Tuesday, according to finance and economic analysts.

The MPC began its two-day meeting on Monday, a few days after the National Assembly screened and okay new members of the MPC.

MPC meeting this week became the first meeting since the new CBN Governor, Olayemi Cardoso, assumed the leadership of the apex bank.

There had been concerns over the failure of the MPC to meet. With rising inflation and the naira experiencing volatility against the United States dollar, there are reports the MPC may raise the benchmark interest rate.