Yemi Cardoso, governor of the Central Bank of Nigeria (CBN), has clarified that regulating cryptocurrency trading platforms is outside the CBN’s scope of responsibility.
In light of recent tensions between the federal government and Binance, where accusations of currency manipulation, speculative activities, and alleged illegal money laundering activities have been levelled against cryptocurrency platforms, Cardoso emphasized that it is not the responsibility of the CBN to regulate or prosecute actors in the cryptocurrency sector.
He clarified during a press briefing following the 294th session of the Monetary Policy Committee (MPC) in Abuja on Tuesday.
The office of the National Security Adviser (ONSA) detained two Binance executives amid this controversy, but one of the executives, Nadeem Anjarwalla, was confirmed to have fled custody where he was detained.
Responding to the development, Cardoso reiterated that regulating cryptocurrency platforms is the duty of the Nigeria Securities and Exchange Commission (SEC), while prosecution of individuals who break the law in this context falls under the purview of the national adviser’s office.
His words, “The responsibility for regulating cryptocurrency is not our role. It is not ours. It is strictly that of the Security and Exchange Commission (SEC). That is not our responsibility.
“Of course, the issue of people being held in custody, again strictly speaking, is the Office of the National Security Adviser. That is not within the purview of the Central Bank.”
Cardoso also mentioned collaborative efforts with law enforcement agencies, the Economic and Financial Crimes Commission (EFCC), and the SEC to address cryptocurrency-related concerns, emphasizing that the CBN’s role is limited to information sharing and collaboration.
