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Home Economy ONSA Coordinates Probe into Binance, Others… Cryptocurrency Firms to Face Billion Dollars...
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ONSA Coordinates Probe into Binance, Others… Cryptocurrency Firms to Face Billion Dollars Fine

By
Prnigeria
-
February 29, 2024
nuhu ribadu
nuhu ribadu

ONSA Coordinates Probe into Binance, Others… Cryptocurrency Firms May Face Billion Dollars Fine

The Office of the National Security Adviser (ONSA) in partnershipwith Central Bank of Nigeria (CBN) is coordinating a multi-agency investigation into the operations of Binance and other cryptocurrencies.

PRNigeria gathered that the investigation which involved regulatory bodies, security services, anti-corruption and intelligence agencies is focusing on unravelling those behind money laundering and other financial crimes through cryptocurrencies in disregards to applicable laws and regulations.

The exercise is already achieving result in curbing activities of forex speculators, safeguarding Nigeria’s foreign exchange market and combating speculative activities.

Beyond the recent arrest of two executives of Binance, there are feelers that Nigeria may slam billions of dollars fines on the company and other cryptocurrency firms operating in the country.

The crypto companies were accused of engaging in currency manipulations against the Nigeria’s Naira without underlying transactions, a development which had contributed to the current FX liquidity crisis.

Some of the key law enforcement agencies, involved in the exercise include the Nigeria Police Force (NPF), the Economic and Financial Crimes Commission (EFCC), the Nigeria Customs Service and the Nigeria Financial Intelligence Unit (NFIU) among others.

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When contacted the Head of Strategic Communicationat ONSA, Zakari Mijinyawa told PRNigeria that the objective of the alliance is to systematically identify, thoroughly investigate and appropriately penalize individuals and organizations involved in wrongful activities within the FX market.,

“The commitment of government through this process is to neutralise all threats to our economic security and stabilise the FX market. The outcomes from this interagency investigation will be made available in due course.”

Recall that the Central Bank of Nigeria (CBN) governor, Mr Olayemi Cardoso, during the press briefing after the Monetary Policy Committee (MPC) meeting held on Monday and Tuesday in Abuja said that the apex bank is currently working in collaboration with law enforcement agencies to tackle the infractions and manipulations going on in the Forex market.

He disclosed that 26 billion dollars was siphoned through Binance in one year alone, adding that all underhand dealings need to be uncovered.

The apex bank boss said “what we are doing at the moment is a collaboration between the CBN and law enforcement agencies to ensure that we understand better what is going on in the market and where these infractions are taking place and are speedily dealt with.
“Now I must say that as far as CBN is concerned, we are moving to a very aggressive regulatory environment where those policies and regulations must be complied with,” he added.

By PRNigeria

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IPRA Calls on UN to Curb Misinformation from AI and Social MediaNnamdi Kanu’s Threat to Break Up Nigeria Was Deliberate, FG Insists‎FACT-CHECK: Was Obi Ever Pictured Having Coffee with Gen Sani Abacha at the Presidential Villa?NUJ Urges Constitutional Backing for Journalists, Proposes Media Bailout FundBenue Police Nab Notorious Arms Traffickers, Recover Rocket Launcher, AK-47 Rifles, AmmunitionTinubu Appoints IBB's Son as Chairman, Bank of Agriculture, Names Heads of Key AgenciesIn Rivers, Customs Hands Over N20.5bn Worth of Fake Drugs to NAFDACCOUNTER-TERRORISM OPERATIONS: Troops Arrest Terrorists Collaborators, Eliminate Scores, Seize Weapons, Rescue Captives Across N'EastAdeniyi Inaugurates Lagos School Renovated by Nigeria Customs UK-Nigeria Pact to Drive Defence Innovation, Joint VenturesCustoms' Maiwada Named Among Nigeria’s 50 Most Influential PR VoicesCritique of Renaming University of Maiduguri after Muhammadu Buhari By Dr Umar ArdoFULL TEXT: President Tinubu Extols Muhammadu Buhari at Special FEC SessionAgain, FG Postpone Recruitment into Paramilitary AgenciesBuhari's Shocker: I look Forward to Leaving, and when it's time, I go to my Grave By Femi Adesina
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