Binance Nigeria Moved $26B Worth of Untraceable Funds in 2023, Central Bank Chief Says: Reports
Summary
$26 billion in untraceable funds flowed through Binance Nigeria last year, according to Nigeria's central bank governor. The country is facing a foreign exchange crisis and considering measures to limit outflows, including restricting crypto. The central bank is concerned about illicit and suspicious fund flows through Binance and is working with government agencies and police to investigate. Nigeria has a history of embracing crypto despite local efforts to limit its use. Binance has been warned by the country's securities watchdog for illegal activities. CoinDesk has reached out to Binance for comment.
