By Akinsuroju Olubunmi
Traders traceable, says Crypto expert in response to CBN Governor’s claims
Obinna Iwuno, the President of the Stakeholders in Blockchain Technology Association of Nigeria, has countered claims by the Governor of the Central Bank of Nigeria, Olayemi Cardoso, regarding the anonymity of traders on the cryptocurrency platform Binance.
In a statement made during an appearance on Channels Television’s The Morning Brief, Iwuno, a certified crypto investigator, asserted that traders on Binance are not anonymous and can be traced. This assertion comes in response to Cardoso’s revelation that over $26 billion had flowed through Binance within the past year, as disclosed during a press briefing after the 293rd meeting of the Monetary Policy Committee.
Iwuno emphasized the traceability of transactions conducted through Binance, citing blockchain technology as the enabling factor. He explained that while the CBN governor labeled $26 billion as unidentified, he failed to provide insight into how this figure was determined.
Highlighting his expertise in cryptocurrency investigation and compliance, Iwuno clarified that transactions on platforms like Binance are traceable due to stringent know-your-customer (KYC) measures, including the use of Bank Verification Numbers and driver’s licenses.
Contrary to Cardoso’s assertion, Iwuno emphasized that traders cannot operate anonymously on centralized exchanges like Binance, as their identities are required for registration. He also pointed out the role of international law enforcement agencies, such as Interpol, in combating illicit activities within the blockchain industry.
Furthermore, Iwuno criticized the Nigerian government for its failure to regulate virtual asset services effectively, noting that Binance operates in the country without proper regulation. He underscored the importance of regulatory frameworks in fostering accountability and protecting investors’ interests.
In light of recent developments, including the arrest of two Binance executives in Nigeria and the government’s demand for compensation, Iwuno reiterated the need for robust regulation to address concerns related to cryptocurrency trading and foreign exchange manipulation.
As discussions surrounding cryptocurrency regulation continue, stakeholders like Iwuno advocate for comprehensive measures to promote transparency and accountability in the burgeoning digital asset space.
Binance, cryptocurrency regulation