Why Cryptocurrency, Forex Platforms Should Be Banned – Onanuga

Why Cryptocurrency, Forex Platforms Should Be Banned –  Onanuga

The Special Adviser to President Bola Tinubu on Information and strategy, Bayo Onanuga, has called for the ban of Cryptocurrency and Foreign Exchange (Forex) platforms operating in the country.

In a post via his official X handle on Wednesday, Onanuga said crypto platforms such as Binance and Kucoin, and forex aggregator like AbokiFX and OctaFx should be banned again.

Onanuga made the statement while reacting to a comment by an X user, Mikael C. Bernard, who shared posts on cryptocurrency and FX rates And stated that “Naira is going to zero”.

The presidential aide said Binance is blatantly setting the exchange rate for Nigeria and hijacking the role of the Central Bank of Nigeria (CBN).

He said the crypto trading platform is facing restrictions in many countries, stressing that crypto should be banned in the country or else this bleeding of our currency will continue unabated.

Onanuga called on the Economic and Financial Crimes Commission (EFCC) and the CBN to move against the platforms, adding that the firms are trying to manipulate our national currency to ground zero.

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.”

Onanuga’s call for a ban on cryptocurrency trading platforms followed the directive of the CBN on February 5, 2021, to Banks, Non-Bank Financial Institutions (NBFIs), and Other Financial Institutions (OFIs), to close accounts of persons or entities involved in crypto transactions.

CBN cited concerns over money laundering, terrorism financing, cybercrime, and the volatility of cryptocurrencies as reasons for the ban.

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