Daniel Kuhn is a deputy managing editor for Consensus Magazine. He owns minor amounts of BTC and ETH.
moved through Binance out of the country in 2023. This estimate was made by the country’s central bank governor, who said the nation was losing out on taxes from unregistered crypto activity.
Nigeria is facing a scarcity of dollars as the naira has fallen around 70% against the greenback since last year. Central Bank of Nigeria Governor Olayemi Cardoso named Binance directly during a press conference in late February, when he announced a record interest rate bump to stymie the naira’s free fall.
It’s conceivable then that Nigeria sees Binance as something to extort, an easy mark that no embassy would defend, and that many are predisposed to believe likely did facilitate illicit transfers or tax evasion in the country. It’s worth noting that, although the Nigerian government moved to block access to other crypto platforms, seemingly only Binance is under fire.against Binance, though he later said he was misquoted and that nothing was “finalized” yet.
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