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Binance not licensed to operate in Nigeria – SiBan President, Iwuno

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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 the Media 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.Binance not licensed to operate in Nigeria – SiBan President, Iwuno

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  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.

He Said;
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,” .

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