Bayo Onanuga, the Special Adviser to President Bola Tinubu on Information and Strategy, has called for the ban of cryptocurrency and foreign exchange (Forex) platforms operating in Nigeria.
Onanuga specifically targeted platforms like Binance, Kucoin, AbokiFX, and OctaFx, claiming that they are manipulating the national currency.
Expressing concern over Binance’s influence, Onanuga pointed out the platform’s regulatory challenges in the United Kingdom, Japan, Canada, and Singapore.
He urged the Economic and Financial Crimes Commission (EFCC) and the Central Bank of Nigeria (CBN) to take action against these platforms, emphasizing the need to prevent further devaluation of the Naira.
He wrote: “According to Data Wallet, Binance is prohibited in the United Kingdom by the Financial Conduct Authority from conducting any regulated activities. In Japan, the Financial Services Agency (FSA) banned Binance for operating without the necessary regulatory approval,” the presidential aide said.
“Ontario, Canada, has also suspended Binance services following its inability to meet the province’s securities regulation criteria. The Monetary Authority of Singapore also banned Singaporean investors from accessing Binance’s services.
“Binance, facing regulatory showdown in many countries, and causing disruptions in the currency market, should not be allowed to dictate the value of the Naira, not on its crypto exchange platform.
“Other crypto platforms such as Kucoin, Bybit should be banned from operating in our cyberspace. FX platform Aboki should be re-banned.”
This call for a ban aligns with the CBN’s previous directive on February 5, 2021, instructing financial institutions to close accounts involved in crypto transactions due to concerns about money laundering, terrorism financing, cybercrime, and the volatile nature of cryptocurrencies.
