Forex crisis: Over $26 billion has flowed through Binance without trace in four years – Cardoso

Olayemi Cardoso, Governor of the Central Bank of Nigeria, claims more than $26 billion has been funneled through the cryptocurrency platform Binance during the previous four years.

Cardoso made the announcement on Tuesday at a press briefing following the Monetary Policy Committee’s (MPC) 293rd meeting in Abuja.

While answering 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 without trace.”

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 said.

Platinum Times recalls that the Naira began to appreciate against the USD amid the restrictions on Binance and other crypto platforms in Nigeria’s cyberspace.