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Posted By Udokabestluv On March 7th, 2024

Binance, a cryptocurrency platform, is not licensed to operate in Nigeria.

Obinna Iwuno, the President of the Stakeholders in Blockchain Technology Association of Nigeria, SiBan, disclosed this during an interview with Channels Television on Tuesday.

He called for the regulation of virtual asset services and providers to guide against abuse.

However, he disagreed with the Governor of the Central Bank of Nigeria, CBN, Olayemi Cardoso, for claiming that $26 billion was funnelled out of the country last year, through Binance, without a trace.

Iwuno contended that transactions on Binance were identifiable.

“The CBN governor said $26 billion is unidentified, but he has not told us how they arrived at the $26 billion because that is the only basis that I will fault or right the CBN.

“Using a centralised exchange like Binance is finished because you cannot be on those platforms without your identity being known.

“Binance is not licensed to operate in Nigeria. Nigeria did not regulate virtual asset services and providers; this is what we have been calling for for years. Because of that, no regulation makes them binding to us. If there was regulation in the country, Binance would be a member of SiBAN,” he said.

DAILY POST reports that on Tuesday, Binance announced plans to end services in Naira amid regulatory restrictions by the Nigerian government.

Last month, Binance was restricted in Nigeria’s cyberspace, a move the government said was to rescue Naira in the foreign exchange market.

Source: https://dailypost.ng/2024/03/05/binance-not-licensed-to-operate-in-nigeria-siban-president-iwuno/