‘It Is Not Our Responsibility To Regulate Binance’ – CBN Governor Cardoso Explains Position On Binance

The Central Bank Governor, Olayemi Cardoso, has stated that although the Security and Exchange Commission regulates Binance, the Central Bank has consistently shared information about the platform with other Nigerian government agencies.

Naija News reports that Cardoso revealed this during the press briefing of the 294th Monetary Policy Commission Meeting held in Abuja on Tuesday.

He clarified that the matters concerning detained Binance executives were the responsibility of the National Security Adviser.

Cardoso said, “The CBN considers ourselves to have the wellwithdal to collaborate with other government agencies. That is a very important function. Where we see that we can work together, we do so.

“As I said about Binance a month ago, we did a collaboration with law enforcement agencies, the Economic Financial Crime Commission, and the Office of National Security Adviser.

“It is a work in progress, but it has been very positive. We have been sharing information. It is not our responsibility to regulate Binance, but it is the responsibility of the Security and Exchange Commission.

“Also, the issue of detained Binance Executives is the issue of the National Security Adviser.”

Cardoso, during the 293rd MPC session, raised concerns about the transfer of $26 billion from undisclosed sources through Binance over a one-year period, resulting in months of confrontation between Nigeria and the platform.

The friction between the Nigerian authorities and Binance worsened when a Binance executive, Nadeem Anjarwalla, escaped legal detention in Nigeria.