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Binance Nigeria moved $26B in illicit inflows in 2023: CBN says

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on Feb 28, 2024
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  • Binance’s Nigerian branch moved $26 billion of suspicious transactions last year.
  • In June 2023, the SEC revealed the entity offered illegal services.
  • CBN governor promises stiffer scrutiny for the digital assets market.

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Central Bank of Nigeria Governor Dr. Olayemi Cardoso revealed that illegal activities plagued Binance Nigeria over the past year. He stated that unidentified individuals and sources moved over $26 billion through the exchange in 2023.

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Talking after the committee conference in Abuja on Tuesday, Cardoso remarked,

“In the case of Binance, in the last one year alone, $26 billion past passed through Nigeria from sources & users who we cannot adequately identify.”

CNB promises increased crypto clampdowns

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Cryptocurrency enthusiasts rejoiced when Nigerian regulators lifted a nearly three-year ban on the use of digital assets in the country.

Meanwhile, Cardoso has emphasized that the central bank plans massive regulations targeting cryptocurrency exchanges, such as Binance, to bolster the economy.

The governor added that the central bank is working with vital bodies, including the NSA, EFCC SEC, and police, to prevent market manipulation.

Binance is a leading company that allows individuals to trade digital coins. The exchange has been in a legal battle lately.

The Securities & Exchange Commission warned that Binance Nigeria Ltd., Binance’s subsidiary, offered illegal services.

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