Some experts have challenged the assertion made by Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), regarding the anonymity of cryptocurrency traders. They argue that all traders and digital operators are identifiable once they engage with the platform. This contention arises amid a recent ruling by a Federal High Court in Abuja instructing Binance Holdings Limited to furnish the Economic and Financial Crimes Commission (EFCC) with comprehensive data on Nigerian traders using its platform.
Justice Emeka Nwite issued the order following an ex-parte motion by the EFCC. Contrary to Cardoso’s claim, Obinna Iwuno, a trained crypto investigator, asserts that traders on Binance are traceable. Additionally, Gbenga Essan, executive director of Paradigm Initiative, emphasizes the accountability of both government and relevant agencies, suggesting that even perpetrators of data breaches can be identified.
Iwuno, also the President of the Stakeholders in Blockchain Technology Association of Nigeria, addressed Cardoso’s statement regarding the alleged $26 billion suspicious flows through Binance last year. He questions the methodology behind this figure, highlighting the traceability of transactions within the blockchain.
According to Iwuno, cryptocurrency transactions are traceable, especially on centralized platforms like Binance, which typically require Know Your Customer (KYC) verification such as Bank Verification Number (BVN) and driver’s license. He affirms that law enforcement agencies like Interpol have successfully apprehended wrongdoers within the blockchain ecosystem in the past.cryp
