In a notable statement during a press briefing after the 294th session of the Monetary Policy Committee (MPC) in Abuja, Yemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), addressed the recent tension between the federal government and Binance, a leading cryptocurrency trading platform. Cardoso emphasized that the responsibility of regulating cryptocurrency platforms does not fall within the scope of the CBN's duties.

This clarification comes against the backdrop of the federal government's conflict with cryptocurrency entities, accusing them of engaging in currency manipulation, speculative activities, and illegal money laundering. Adding to the controversy, the Office of the National Security Adviser (ONSA) recently detained two executives from Binance. However, it was reported by Nairametrics that Nadeem Anjarwalla, one of the detained executives, managed to escape custody.

Cardoso pointed out that the task of regulating the cryptocurrency sector is explicitly the jurisdiction of the Nigeria Securities and Exchange Commission (SEC), while legal actions against individuals violating laws in this domain are to be handled by the national adviser's office. He stated, “In this particular case, the responsibility for regulating cryptocurrency is not our role. It is strictly that of the Security and Exchange Commission (SEC).”

Furthermore, Cardoso highlighted past collaborations between the CBN, law enforcement agencies, EFCC, the SEC, and other regulatory bodies, describing these interactions as positive and a work in progress. However, he reiterated that the CBN's role does not extend to regulating cryptocurrencies or detaining individuals involved in the sector, underscoring the distinction between the functions of the CBN and other governmental entities in dealing with cryptocurrencies.

This delineation of regulatory responsibilities comes amid heightened scrutiny of cryptocurrency platforms in Nigeria. Earlier reports noted the detention of Binance executives by the federal government, accusing them of foreign exchange trading manipulations and speculative activities. The executives were in Nigeria responding to the country's crackdown on cryptocurrency trading platforms when they were apprehended by the ONSA, leading to the confiscation of their passports and demands from the government for detailed user and transaction information from Binance.

Cardoso's statements aim to clarify the Central Bank's stance and its operational boundaries concerning the burgeoning field of cryptocurrencies, signaling a call for a structured regulatory approach led by the designated authorities such as the SEC and ONSA.