Binance Reportedly Processes Over $26 Billion with No Clear Trail

BinanceGoogle Photo

Governor of the Central Bank of Nigeria, Olayemi Cardoso, has announced that in the last four years, over $26 billion has been processed through a cryptocurrency platform, Binance.

Cardoso revealed this during a press briefing on Tuesday following the 293rd meeting of the Monetary Policy Committee in Abuja.

Founded in 2017, the Binance exchange is a prominent cryptocurrency exchange known for its strong focus on altcoin trading.

With Binance, you can engage in crypto-to-crypto trading with over 350 cryptocurrencies and virtual tokens, which include bitcoin, ether, litecoin, dogecoin, and its proprietary coin, BNB.

When questioned by journalists about the recent restriction on Binance and other cryptocurrency platforms, the CBN boss mentioned, “Over the last four years, more than $26 billion have been funneled through Binance without any trace."

He stated that the CBN is transitioning towards a very aggressive regulatory environment and that there is zero tolerance for individuals who refuse to comply with the upcoming regulations, as they will have to face the consequences if they do not adhere to our regulations.

Amid the restrictions on Binance and other crypto platforms in Nigeria's cyberspace, the Naira started to appreciate against the USD.

The Monetary Policy Committee of the Central Bank of Nigeria is expected to raise the Monetary Policy Rate, also known as the benchmark interest rate, at the conclusion of the meeting on Tuesday, as suggested by finance and economic analysts.

The MPC initiated its two-day meeting on Monday, shortly after the National Assembly screened and approved its new members.

The first meeting since the new CBN Governor, Olayemi Cardoso, assumed leadership of the apex bank was held this week by the MPC.

Concerns had been raised regarding the MPC's failure to meet. Reports indicate that with rising inflation and the naira experiencing volatility against the United States dollar, the MPC may raise the benchmark interest rate.

Related Stories

No stories found.
Latest Lagos Local News -