Why FG will move against Binance, others- Onanuga.
Speaking on Politics Tonight, a program on Channels TV, Onanuga highlighted the potential threat posed by these platforms, emphasizing their ability to manipulate exchange rates and undermine the authority of the Central Bank of Nigeria (CBN). He stressed the necessity of preventing Binance and similar platforms from causing harm to the economy.
"Some people just sit down using cyberspace to dictate our exchange rate, hijacking the role of the CBN. They just sit down and fix anything they like, and we were told If we don’t clamp down on Binance, Binance will destroy the economy of this country. They just fix the rate," Onanuga stated.
The development comes amidst reports that two senior executives at Binance have been detained by the Federal Government, with their passports seized, as reported by the UK-based business news outlet Financial Times (FT).
The move signals the government's resolve to address concerns related to cryptocurrency platforms and their potential impact on the Nigerian economy. As discussions continue, stakeholders await further details on the government's course of action regarding the regulation of crypto exchanges in the country.
The situation underscores the evolving landscape of digital finance and the challenges it poses to traditional financial institutions and regulatory authorities. As Nigeria navigates this complex terrain, ensuring regulatory oversight while fostering innovation and economic growth remains a critical balancing act for policymakers and industry stakeholders alike.
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