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“Binance Traders Traceable” – Crypto Expert Alerts CBN Over Illicit $26 Billion Flow

Published

9 months ago

Mar 5, 2024.

Eko Hot Blog reports that a trained crypto investigator Obinna Iwuno has said traders on cryptocurrency trading website Binance, are not anonymous as they can be traced.

CBN Governor, Michael Olayemi Cardoso

Iwuno, who is the President of the Stakeholders in Blockchain Technology Association of Nigeria, made this known while speaking as a guest on Channels Television’s breakfast show, The Morning Brief on Tuesday.

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He was addressing a claim by the Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso that $26bn illicit flows passed through Binance last year.

“The CBN governor said $26bn is unidentified but he has not told us is that how they arrived at the $26bn because that is on the only basis that I will fault or right the CBN,” Iwuno said.

“I am a certified cryptocurrency investigator. I am also a certified cryptocurrency compliance specialist. I can tell you that these things are traceable. You cannot perform a transaction, as long as it passes through the blockchain, that cannot be traced.

Binance Co-founder

“If you use a centralised exchange like Binance, it is finished because you cannot be on those platform without your identity being known.”

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He said most crypto platforms use Bank Verification Number(BVN) and driver’s licence as know-your-customer verification measures. He insisted that there was no how a trader will be on Binance and cannot be traced, adding that the Interpol and other security agencies had in the past cracked down on bad actors in the blockchain technology value chain.

The trained crypto investigator also said the Federal Government has failed to regulate virtual asset services in the country, hence, there is no regulation that bind Binance to Nigeria, which has one of the company’s biggest traders

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