In a Nigerian court on Friday, July 5, Binance's illegal operations were highlighted, with Central Bank official testifying on lack of necessary licenses and regulatory approval.
The Central Bank of Nigeria (CBN) has criticized Binance, the world-renowned cryptocurrency exchange, for performing banking services without proper authorization.
According to local media, Dr. Olubukola Akinwunmi, Head of Payment Policy and Regulation at the CBN, testified before Justice Emeka Nwite of the Federal High Court, Abuja, asserting that Binance’s deposit and withdrawal transactions should be reserved for banks and authorized financial institutions.
The Nigerian government has accused Binance and its executives, Tigran Gambaryan and the fleeing Nadeem Anjarwalla, of conspiring to obscure the origins of $35,400,000 in financial proceeds from illegal activities in Nigeria
