According to Olayemi Cardoso, the governor of the Central Bank of Nigeria (CBN), approximately $26 billion has been transferred through Binance, a cryptocurrency platform, over the previous four years.
At a press conference held on Tuesday following the 293rd Monetary Policy Committee (MPC) meeting in Abuja, Cardoso revealed this.
In response to inquiries from media over the recent limitations on Binance and other cryptocurrency platforms, the head of CBN stated, “Over $26 billion has been laundered through Binance without any trace over the last four years.”
The CBN is transitioning to a more harsh regulatory environment, he continued.
“There will be no tolerance for anyone who refuse to follow the new regulations.
“Those who do not follow our regulations will suffer the consequences,” he declared.
THE BUREAU NEWSPAPER remembers that when Binance and other cryptocurrency platforms were blocked from operating in Nigerian cyberspace, the value of the Naira started to rise against the US dollar.