The head of the Central Bank of Nigeria criticized Binance, execs were reportedly arrested

The Governor of the Central Bank of Nigeria (CBN) told reporters on February 27 that Binance in Nigeria is facing further investigation regarding “suspicious flows” in 2023. The country's Securities and Exchange Commission and other government agencies. Already suspicious cryptocurrency exchange.

The head of the CBN, Olayemi Cardoso, has said that crypto exchanges in Nigeria are in doubt. He told the local press on February 27, “We are concerned that certain practices that indicate illegal flows going through the majority of these entities continue.”

“In the case of Binance, in the last one year alone, $26 billion has passed through Nigeria through sources and beneficiaries that we cannot adequately identify.”

“A lot is happening now with the collaboration between different agencies including the EFFC. [Economic and Financial Crimes Commission]the police and of course the NSA office [National Security Adviser]He added.

There are also reports that the NSA office in the capital, Abuja, seized the passports of two Binance executives. They are citizens of the United States and England.

“In the case of Binance, $26 billion in the last one year has passed through Binance Nigeria, which we cannot adequately identify from sources and users.”

CBN Governor Olami Cardoso pic.twitter.com/A6O2wlsY5M

— Channels Television (@channelstv) February 27, 2024

Internet access to Binance and other financial exchanges was shut down in Nigeria on February 21 after presidential adviser Bio Onanuga revealed that crypto exchanges were using the country's currency. Binance placed limits on Tether (USDT) trading in Nigeria on February 20 to appease regulators.

According to a report, Binance, Forextime, OctaFX, Crypto, FXTM, Coinbase, Kraken and other crypto exchanges were banned on February 27. The Nigerian naira hit an all-time low against the US dollar on February 27.

Related: Philippines SEC Begins Binance Ban Countdown

The CBN lifted its two-year ban on banks in December and issued guidelines to regulate virtual asset service providers at the same time.

Nigeria was the second country to launch a central bank digital currency in 2022. The African Stablecoin Consortium launched the Naira-pegged cNGN stablecoin in the CBN regulatory sandbox this month.

Binance did not respond to Cointelegraph's request for comment on the situation in Nigeria.

Magazine: Bitcoin in Senegal: Why is this African country using BTC?