Mr. Olubukola Akinwumi, Deputy Director at the Central Bank of Nigeria , explained on Friday how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
“We observed in doing that that Binance provides a trading platform where users trade virtual assets. “Binance Platform provides a trading place or market place for traders and users of virtual assets, otherwise known as cryptocurrency. “Once the buying party transferred the amount agreed, he clicks on a particular icon on Binance platform to communicate the fiat that he has transferred the amount to the selling party.“The Binance platform will, on the side of the selling party, awaits confirmation based on which it will release the cryptocurrency or fiat currency traded on the platform.
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