Crypto expert responds to CBN governor’s concerns over $26 billion suspicious flow, stating that Binance traders can be traced. Obinna Iwuno, the President of the Stakeholders in Blockchain Technology Association of Nigeria, stated that traders on the cryptocurrency trading platform Binance are not anonymous and can be traced.

Crypto Expert Responds to CBN Governor's Concerns over $26 Billion Suspicious Flow, Stating that Binance traders can be traced.
Crypto Expert Responds to CBN Governor’s Concerns over $26 Billion Suspicious Flow, Stating that Binance traders can be traced.

Iwuno, who is a trained crypto investigator, made this revelation as a guest on Channels Television’s breakfast show, The Morning Brief, on Tuesday.

Governor of the Central Bank of Nigeria, Olayemi Cardoso, revealed that more than $26 billion was channeled through the cryptocurrency platform Binance in the last year.

Last week, Cardoso revealed this information during a press briefing following the 293rd meeting of the Monetary Policy Committee in Abuja.

Leading the Cryptocurrency Market: Binance Exchange and Traceability

Binance exchange, established in 2017, leads the cryptocurrency market.

It prioritizes altcoin trading and supports over 350 cryptocurrencies and virtual tokens for crypto-to-crypto trading, encompassing bitcoin, ether, litecoin, dogecoin, and its native coin, BNB.

Iwuno responded to Cardoso’s statement about $26bn suspicious flows passing through Binance last year. He stated, “The CBN governor mentioned $26bn as unidentified, but he hasn’t explained how they calculated that amount. That’s the only basis on which I can critique or support the CBN.”

I hold certifications as a cryptocurrency investigator and compliance specialist. I assure you that transactions are traceable. Any transaction passing through the blockchain can be traced.

“When using a centralized exchange like Binance, your identity is always known. You cannot operate anonymously on these platforms.”

He explained that many crypto platforms employ Bank Verification Number and driver’s license for customer verification.

He maintained that traders on Binance are always traceable, highlighting past crackdowns by Interpol and other security agencies on wrongdoers within the blockchain technology sector.

Call for Regulation in Nigeria’s Crypto Sector: Impact on Binance

The crypto investigator highlighted that the Federal Government has not regulated virtual asset services in Nigeria. Consequently, Binance, one of the country’s major traders, is not bound by any regulations.

He stressed the need for regulation in Nigeria’s virtual asset services sector. Stating that if regulations were in place, Binance would have been a member of SiBAN.

Iwuno mentioned that his association opposes unethical practices in the industry and has launched numerous initiatives to curb them.

Last week, Nigerian authorities arrested two Binance executives and demanded around $10 billion in compensation from the cryptocurrency platform. They accused Binance of manipulating foreign exchange rates, which has harmed the value of the naira against the dollar.


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