A director at the Security and Exchange Commission (SEC), Abdulkadir Abbas, has revealed how cryptocurrency exchange platform, Binance Holding Limited, used its Naira peer-to-peer (P2P) virtual feature to devalue the Nigerian currency.
Abbas, who identified himself as Director of Exchanges and Market Infrastructure (SEC), told Justice Emeka Nwite on Friday that the Naira P2P feature deployed by Binance and the number of people on the platform adversely affected the official exchange rate.
Led in evidence by counsel for the Economic and Financial Crimes Commission (EFCC), Ekele Iheanacho, the SEC director said Binance operated a trading platform that was not registered or regulated by the commission and was in breach of the extant provision of relevant laws in Nigeria
