A trained crytpo investigator Obinna Iwuno claims traders on cryptocurrency trading website Binance are not anonymous as they can be traced.
Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria, spoke on Channels Television’s breakfast show, The Morning Brief, on Tuesday.
He was responding to a remark by Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), that $26 billion in illicit funds went via Binance last year.
“The CBN governor said $26bn is unidentified but he has not told us is that how they arrived at the $26bn because that is on the only basis that I will fault or right the CBN,” Iwuno said in an interview.
“I’m a certified bitcoin detective. I’m also a qualified cryptocurrency compliance professional. I can tell you that these items are traceable. You cannot conduct a transaction that cannot be traced while passing through the blockchain.
“If you use a centralised exchange like Binance, it is finished because you cannot be on those platform without your identit being known.”
He stated that most cryptocurrency platforms use Bank Verification Numbers (BVNs) and driver’s licences as know-your-customer verification methods. He argued that there was no way a trader could be on Binance and not be traceable, noting that Interpol and other security agencies have already cracked down on rogue actors in the blockchain technology value chain.
The professional cryptocurrency investigator also stated that the Federal Government has failed to regulate virtual asset services in the country, thus there are no regulations binding Binance to Nigeria, which has one of the company’s largest traders.
“Binance is not licenced to operate in Nigeria. Nigeria has not regulated virtual asset services and suppliers, which is something we have been demanding for for years. As a result, there is no regulation requiring us to abide by them. If there is regulation in the country, Binance will become a member of SiBAN,” he stated.
Iwuno stated that his association has been against bad actors in the sector and has launched numerous steps to hinder those who engage in sharp tactics.
Two Binance officials were arrested in Nigeria last week, and the government has requested approximately $10 billion in reparations from the cryptocurrency platform over charges of manipulation of foreign exchange rates, which has lowered the value of the naira versus the dollar.