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Akinwande Soji-Ojo
The Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso, has disclosed that more than $26 billion was channelled through a cryptocurrency platform, Binance, in the last one year.
Cardoso disclosed this on Tuesday at a press briefing after the 293rd meeting of the Monetary Policy Committee (MPC) of the apex bank in Abuja.
Binance 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, etherum, litecoin, dogecoin, and its own coin, BNB.
Fielding 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 from sources and users who cannot be adequately identified.”
According to Cardoso, the consequences of such illicit transactions to Nigeria’s financial system informed the recent regulatory actions against some of the Cryptocurency exchanges.
He said MPC has raised its benchmark interest rate, known as the Monetary Policy Rate (MPR) to 22.75 percent, for the first time in eight months. The Cash Reserve Ratio (CRR) was also increased to 45 per cent.
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 added.