The Governor of the Central Bank, Olayemi Cardoso, recently provided an update on the collaboration between the apex bank and other Nigerian government agencies regarding Binance. Speaking at the 294th Monetary Policy Commission Meeting Press Briefing in Abuja, Cardoso emphasized the importance of sharing information with relevant authorities.
Cardoso highlighted that while the Central Bank does not regulate Binance, it has been actively collaborating with agencies such as the Nigeria Security and Exchange Commission, the Economic Financial Crime Commission, and the Office of National Security Adviser. This collaborative effort aims to address concerns surrounding the flow of funds through Binance, with Cardoso previously raising the alarm about $26 billion from unknown sources passing through the platform in one year.
The ongoing collaboration has been fruitful, with positive outcomes resulting from the exchange of information. However, Cardoso clarified that the responsibility of regulating Binance falls under the purview of the Security and Exchange Commission, emphasizing the need for a coordinated approach among government agencies.
The relationship between Nigeria and Binance has faced challenges in recent months, leading to tensions and even the escape of a Binance executive, Nadeem Anjarwalla, from lawful custody in Nigeria. Despite these obstacles, the collaborative efforts between government agencies and the Central Bank continue to progress, with a focus on addressing regulatory concerns and ensuring transparency in the financial sector.
As the situation unfolds, the Central Bank remains committed to working with relevant authorities to uphold financial integrity and safeguard the interests of the Nigerian people. Stay tuned for further updates on this evolving story.
