The Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has expressed deep concerns about the significant volume of illicit flows passing through the cryptocurrency platform Binance.
According to Cardoso, over $26 billion has been traced in illicit transactions through Binance Nigeria within the past year.
Addressing reporters after the Monetary Policy Committee (MPC) meeting in Abuja on Tuesday, Cardoso highlighted the alarming trend of suspicious and illicit activities conducted through various entities, particularly within the cryptocurrency space.
This revelation comes as Cardoso’s first MPC meeting since assuming office as the CBN governor.
“We are concerned that certain practices go on that indicate illicit flows, going through a number of these entities and suspicious flows. In the case of Binance, in the last year, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” Cardoso informed reporters.
