The announcement of Binance’s possible penalties has not dampened the bullish trend at BNB.
A special assistant to the president of Nigeria, Bayo Onanuga, revealed this knowledge during an interview with the BBC. The biggest exchange in the world allegedly profited from illicit trades, according to Onanuga. The head of Nigeria’s central bank, the CBN, made similar comments earlier in the week, and his sentiments are in line with them.
The president of the CBN brought attention to the fact that the exchange handled almost $26 billion worth of illicit cash last year.
This latest statement is only the latest chapter in the Binance scandal unfolding in the country. Earlier this week, reports surfaced that the Nigerian government had arrested two exchange executives upon their arrival for discussions.
Binance pled guilty and agreed to pay more than $4 billion in November, according to the US Justice Department.
It also came to light that Chanpeng Zhao, who was the CEO at the time, had consented to resign. Following a guilty plea for a violation of the Bank Secrecy Act (BSA) involving the failure to have an adequate anti-money laundering (AML) program, this occurred.
The outcome was Zhao’s resignation as CEO of Binance. The continuous depreciation of the Nigerian naira also played a role in the decision-making process of the Nigerian administration. Claims that the exchange helped set the price of the NGN/USDT pair surfaced.
Users from Nigeria are now unable to access the exchange’s website. On top of that, the mobile app no longer supports peer-to-peer technology.
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