How Can CBN Monitor $26 Billion in Transactions On Binance? – Obinna

Obinna Iwuno, President of the Stakeholders in Blockchain Technology Association of Nigeria (SiBAN), challenges the Central Bank of Nigeria’s assertion regarding $26 billion in crypto transactions allegedly untraceable through Binance.

According to Iwuno, Binance, a prominent cryptocurrency exchange, enforces stringent KYC (Know Your Customer) protocols, mandating users to verify their identities before engaging in trading activities.

During an interview with Channels TV, Iwuno emphasized the impossibility of anonymity on centralized exchanges like Binance due to compulsory KYC procedures.

He stated, “We must grasp how these platforms operate. Binance employs a KYC system that ensures every user is identifiable.”

Iwuno highlighted that transactions on Binance occur on the blockchain, which is not anonymous. While individual privacy is maintained, law enforcement agencies or governments can access information from Binance when necessary.

He elaborated, “Numerous cases of fraud and scams involving international law enforcement agencies have been resolved through Binance. The identities of transaction parties can be revealed.”

Iwuno also pointed out the various KYC measures utilized by crypto platforms, including the use of BVN and acceptable identification documents such as passports, NIN, driver’s licenses, and permanent voter cards.

Regarding the CBN’s claim of $26 billion in unidentified transactions, Iwuno questioned the methodology behind the figure. He asserted that all transactions, particularly those on blockchain-based platforms like Binance, are traceable.

In conclusion, Iwuno emphasized that transactions passing through Binance are traceable, debunking any notion of untraceability.