Abbas, the Director of Registration, Exchanges and Market Infrastructure Department at SEC, disclosed this while testifying before Justice Emeka Nwite in the trial of Binance and two of its officials on a charge bordering on money laundering.
Abbas, the 1st prosecution witness (PW1), said that due to the large number of Nigerian users, who were leveraging on the model, it adversely affected the official exchange rate.
“As a matter of fact, the Binance platform became a reference point for determining the exchange rate,” he added.
