Governor of the Central Bank of Nigeria (CBN), Yemi Cardoso, has clarified that the responsibility of regulating cryptocurrency trading platforms does not fall under the purview of the CBN.
Gatekeepers News reports that Cardoso made this statement during the press briefing that followed the 294th session of the Monetary Policy Committee (MPC) in Abuja on Tuesday.
This statement comes in light of the recent conflict between the federal government and Binance.
The government accused Binance of currency manipulation, speculative activities, and alleged illegal money laundering activities
The office of the National Security Adviser (ONSA) also detained two Binance executives amid this controversy.
However, one of the executives, Nadeem Anjarwalla, was confirmed to have fled the custody where he was detained.
In response to this development, the CBN chief stated that it is not the role of the financial institution to regulate or prosecute actors in the cryptocurrency sector.
According to him, the regulation of cryptocurrency platforms is the duty of the Nigeria Securities and Exchange Commission (SEC), and the national adviser’s office is responsible for prosecuting individuals who break the law in this context.
“A month ago, we actually did have collaboration with law enforcement agencies, EFCC, the SEC and other regulatory bodies as well. And I think what came out of that, quite frankly, is work in progress, but also very positive.
“We’ve been sharing information together. However, in this particular case 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. Unfortunately, there is nothing to report to you or tell you. We just want to clarify that is really the relationship the Central Bank has on this matter,” Cardoso said.
