CBN Governor Clarifies Position On Binance Regulation

CBN Governor Clarifies Position On Binance Regulation

Central Bank Governor Olayemi Cardoso has emphasized that regulating Binance falls under the jurisdiction of the Security and Exchange Commission (SEC), not the Central Bank of Nigeria (CBN). However, the CBN has been actively sharing information about Binance with other Nigerian government agencies…..READ ALSO Tinubu’s Investigator Escorts Emefiele As Former CBN Governor Vacates Lagos Quarters Amid Fresh Charges

Cardoso made this statement during the press briefing of the 294th Monetary Policy Commission Meeting held in Abuja, where he addressed concerns regarding Binance’s operations in Nigeria.

He highlighted that collaboration between government agencies, including the CBN, the Economic and Financial Crimes Commission (EFCC), and the Office of the National Security Adviser (ONSA), has been ongoing. While the CBN does not regulate Binance directly, it has contributed to collaborative efforts aimed at addressing issues related to the platform.

Regarding the detention of Binance executives, Cardoso clarified that it falls under the purview of the National Security Adviser. He emphasized that the CBN’s role is to collaborate with other agencies and share relevant information.

In previous MPC sessions, Cardoso had expressed concerns about the transfer of a significant amount of funds through Binance over a one-year period, amounting to $26 billion from undisclosed sources. This raised alarm and led to increased scrutiny of Binance’s operations in Nigeria.

Tensions between Nigerian authorities and Binance escalated further when a Binance executive, Nadeem Anjarwalla, evaded legal detention in Nigeria, adding to the complexities of the situation.