NewStats: 3,259,771 , 8,170,871 topics. Date: Sunday, 25 May 2025 at 11:52 PM 4n295o

Obinna Iwuno, President of Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), has refuted the Central Bank of Nigeria’s (CBN) claim that $26billion in crypto transactions could not be traced.

The CBN had raised concerns over the sum of $26 billion that flowed through Binance Nigeria over the past year from “unidentified sources”.

Iwuno explained that binance, a major cryptocurrency exchange, implements KYC (Know Your Customer) procedures, requiring s to their identities before trading.

Speaking on Channels TV on Tuesday, Iwuno argued that anonymity is impossible on centralized exchanges like binance due to mandatory KYC.

He said, “First of all we need to understand how these platforms work, here is KYC system which every platform implements.

“On binance, before you could even have an to trade or perform any activity on binance, you must have done your KYC. That means every single person who had used binance or using binance is known.

“The other part also is the fact that these transactions on binance are on the blockchain which are not anonymous. What it means is that the whole world does not have access to your private information and transactions but when the law enforcement or government needs it, it can get it from binance.

“We have different cases of frauds, scams involving the Interpol, EFCC and different international police organization. Money floods into binance and the identity of the owner would be revealed.

“I am not faulting the CBN position but there are tools available that can be used to trace all of these things and binance cannot claim not to have access to information and transactions that happened on its platform. That is the point I am trying to make, all of these things can be verified and are all traceable.

“Several KYC measures they used, most of these crypto platforms use the BVN for KYC and acceptable documents are port, NIN, drivers licence and permanent voters card.

“CBN is saying $26 billion is unidentified but they didn’t told us how they arrived at that. I can tell you these things are traceable, you cannot perform transactions on any platform as long as it es through blockchain that it cannot be traced, and if you use the centralized exchange like binance it is finished because you cannot be on those platforms without your identity known.”

https://dailytrust.com/how-cbn-can-track-26bn-binance-transactions/

E be things oooo...

Hmmm...one thing I know for sure is, if u have money in Binance then that money is gone.

The writer has been fooled. He thinks he can help CBN on a goose chase.

The $26 billion is a figment of Cardoso's imagination.
They needed a scapegoat for the falling Naira and they found
Binance a good spot because some group of idiots kept posting Binance's USDT
rates as the true exchange rate even though we know that USDT is not
dollar and you don't need dollar to buy USDT.

With the fact that Binance has been banned in several western and anti-Chinese
countries, the CBN latched on to it and label the platform the face of evil.

If the CBN believes that Binance determines Naira exchange rate, all it need do is
to push its own agents or make deal with some BDC to on the platform and
manipulatively sell at the lower "true" rate so those quoting the rate will be forced to adapt or leave.
It could alsoe have secretly pressured Binance to remove or limit the activities of the "manipulators".
Binance did about a million dollar-Naira transactions per day. Imagine if the CBN opened its
own kiosk to generate $1 million USDT at the true rate, the "manipulators", would run out of business
or be forced to sell at the "true" rate.

But the government needed the theatrics, an external scapegoat that people can curse and attack for the bad economy.
It is all showmanship.

In few months, the whole Binance issue will not be mentioned anymore and it will be quietly retired.
We won't get any update about the $26 billion or the owners again after that.

Nothing concern me but E dey mind

Lmao

You have not been able to identify the hideouts of loan sharks operating illegally within Lagos and it's environs, it is Binance books that you want to audit.

This man is funny.

So the FG would just order Binance to bring its books for auditing, and Binance would negage on privacy agreement it had with its customers and brings their books...


Oshey!

Like mtn... thieves everywhere you go. Dem wan chop the money na. The new name for corruption in the dictionary should be Nigerian

ok

If you did not read that epistle, here is the summary
Experts assert that tracking $26 billion in Binance transactions is feasible, emphasizing the traceability of these flows. This capability is crucial for regulatory transparency in the cryptocurrency market, especially amidst concerns raised by the Central Bank of Nigeria. As Binance exits Nigeria amid regulatory scrutiny, the need for oversight and monitoring in the crypto space is underscored to prevent illicit activities and ensure financial integrity. I’m a blogger and a DJ if your interested in visit my blog check my profile.. thanks and remain blessed

Reading…

Like seriously?

It is all muddled up, how was $26bn if they couldn't trace, at least they must have used some data to make such an estimate.
The real bad guys/players avoid CEX at all cost, but those who seek full anonymity patronizes Decentralized Exchanges(DEX)

propaganda government

Even, every kidnapping, banditry and many other crimes are easily traceable. We are not just serious. The only security out fit that is genuinely serious is the NDLEA which keeps giving DRUG TRAFFICKERS 🤣🤣🤣 sleepless night so much that they can't even protest against the present state of the economy.

Thaz the guru talking

Mk we rest abi na binance be problem ,de hv to close it which de did,let's rest....another werey go com up,how to arrest czar for operating binance

Smarty

Well said Obinna.

Meanwhile,

God loves you and wants your heart to be free and for you to stay away from sin and live a life that honours him.

Obey Him today and watch your life change for the better. Do righteousness and justice in order to please him today: Prov.21.3 - To do righteousness and justice Is more acceptable to the LORD than sacrifice.

Joker

LOL.....
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Dem tell you say money loss you say money no loss e yo!!!

CBN can strangle Binance from now till eternity, we all know where that money is. If you can't find it don't claim to be looking.

$26billion!!! This Nigerian governments are yahoo yahoos, dem just dey run us local scam.

ALWAYS KNOW IT THAT ARMS OF THE NIGERIAN GOVERNMENT CAN LIE TO SAVE FACE ANYTIME ANY DAY ANYWHERE

Is Naija problem more ways to generate revenue or the lack of trust from masses to the ones we call leaders. More revenue means more money to the pockets of the politicians. We should be demanding for good Governance irrespective of those we have voted for; it is a fool who pays a teacher that sends a student home to learn from the one who made the payment. That's the kinda thing we run.. we vote someone, still give reasons why they ought to perform badly even when there was manifesto to overperform.

Abeg carry your useless CBN and Binance wahala getat. Not you, OP. The person explaining how CBN should track the fund

Government that was looking for who to hand over to the masses as Economy saboteur

Blame game master

The problem is if binance is willing to release the details

THEPACIFIST:
It is all muddled up, how was $26bn if they couldn't trace, at least they must have used some data to make such an estimate.

All this banning crypto here and there is just a scheme to perpetuate their poverty agenda, believe me this government don't want anybody getting richer, they believe it's the reason for all the Japa. The figure is getting scarier by the day.