Mr Olubukola Akinwumi, a Deputy Director at the Central Bank of Nigeria , on Friday explained how Nigerians trading on Binance Holdings Limited’s platform use false names in the transactions.
“In the course of carrying out our operations, we normally monitor development within the SEC ; monitoring the activities of payment service providers and the usage of the payment system. The PW-2 described virtual assets as a “digital representation of values created by a computer system which can be digitally traded, transferred or use in payments.”He said they discovered that users of the platform received and made payments or transferred payments to one another using the payment system to consummate transactions on the Binance peer-to-peer platform.
“What that means is that if a particular user does not want to trade with the platform but rather will like to trade with another user, P2P is a service that brings such two users as described to engage each other in transacting to buy or sell virtual asset, cryptocurrency and fiat directly between the two users.“The P2P Platform of Binance provides such service to such two users to agree on such trade.
“So the Binance platform facilitates all the processes or P2P transaction as I have just enumerated, either using Nigerian bank account already stored by users on Binance platform and or the naira wallet account , provided by Binance platform.”
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