Cardoso Accuses Binance Nigeria Of Carrying Out $26bn Suspicious Transactions

The Central Bank of Nigeria Governor, Olayemi Cardoso has accused Binance of carrying out $26bn suspicious transaction in 2023 alone.

Cardoso said this on Tuesday at the 293rd meeting of the Monetary Policy Committee (MPC) held at the CBN Headquarters in Abuja.

The revelation is coming a week after Binance blocked Nigerian accounts from its services.

Binance action was in response to a circular issued by the CBN directing its telecom companies to block access to cryptocurrency-related websites, including prominent platforms like Binance, OctaFX, and Coinbase.

Last year December, the apex bank reversed the ban on crypto platforms imposed on former CBN Governor, Godwin Emefiele in 2021. Emefiele made the decision over allegation of money laundering and terrorism risks they posed.

Cardoso said, “We have a responsibility to protect Nigerians and it is with that responsibility in view that you have the Central Bank collaborate with other agency of government. The collaboration with the Securities and Exchange Commission is not just by virtue of the fact that the DG of SEC is a member of the MPC but also the fact that they have a very important role to play with respect to protecting the interest of the numerous.

“In that regard, I am pleased to note that the collaboration we have had has been able to identify some of the affairs. We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best.

“In the case of Binance, in the last one year alone, $26bn has passed through Binance Nigeria from sources and users who we cannot adequately identify. There is a lot that is going on now as a result of the collaboration between the different agencies which includes the Economic and Financial Crimes Commission, the Police and the Office of the National Security Adviser.”