Why was Binance banned in Nigeria

Why was Binance banned in Nigeria. As we all know, recently the Nigeria Government through the Nigerian Communications Commission blocked the online platforms of Binance. Reasons being that, it may continually manipulates the foreign exchange market. And also that it aids the illegal movement of Funds.

During a press briefing held sometimes ago, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), brought up Binance while addressing the issue of funds flowing through cryptocurrency exchanges.

Expressing concern, Cardoso stated, “We are concerned that certain practices go on that indicate illicit flows going through a number of these crypto platforms and suspicious flows at best.”

He further highlighted, “In the case of Binance, in the last one year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify.”

Cardoso mentioned that Nigeria’s anti-corruption agency, police, and national security adviser were collaborating on an investigation into cryptocurrency exchanges.

A source familiar with the matter revealed that authorities were requesting a list of Binance’s Nigerian users since the exchange’s inception.

Given this, I think there is more to it. The Nigerian Government does not seem to fully state what’s behind this. We are in the digital world. And if they said they were not able to identify the owners of fund in binance. This is normal. I mean what about politicians embezzling funds even without using crypto. Have they been able to apprehend them?

If you would agree with me, sometimes ago, they also put a stop to cryptocurrency at large, and also forex. Giving this same reason. So now I do not understand the real motive behind this ban.

There would always be a way for us to engage in P2P transactions. As at now Telegram even offers it. probably they would put a ban on telegram too and other platforms aiding it.

So To you, the question. Why was Binance banned in Nigeria. Do I answer it, or Do the Nigerian Govt answered it.

So what is your own suggestion? Feel free to express yourself in the comment section. This is AskNaija.