The Special Adviser to the President on Information and Strategy, Bayo Onanuga said the popular cryptocurrency trading platform Binance, will destroy the nation's economy if immediate action isn't taken.
In a recent interview, Onanuga said Binance is detrimental to the country's growth as well as a threat to the Central Bank of Nigeria. He said they are capable of hijacking the economy because they fix exchange rates on their own accord.
On Wednesday, 28th February 2024, two Binance executives were detained and their passports confiscated by the office of the National Security Adviser, Nubu Ribadu in Abuja. This is coming after the decision of the FG to ban all cryptocurrency platforms in the country to control the rising exchange rate.
Yesterday, the CBN Governor Yemi Cardoso, also revealed that there has been a suspicious and unidentified flow of transactions on Binance, highlighting that about $26bn passed through Binance from suspicious sources to unknown users. The security agencies have also demanded a list of all Nigerians who have traded on the platform from its inception for further investigation.