The Central Bank of Nigeria (CBN) claims that the cryptocurrency exchange Binance performed transactions involving banking services without proper authorization.
According to local reports Olubukola Akinwunmi, head of payment policy and regulation at the CBN, testified before Judge Emeka Nwite of the Federal High Court of Nigeria in Abuja. He attested to the claims that Binance’s naira to crypto transaction processing was an unauthorised transaction.
Unlicensed currency rate discovery.
The Nigerian government also accused Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of acting as a channel for currency conversion rate discovery.
During the trial, Olubukola the 2nd prosecution witness (PW-2) in the ongoing trial, led by counsel for the Economic and Financial Crimes Commission, Ekele Iheanacho, alleged that Binance’s website was misleading to Nigerians who got involved in activities not regulated by the CBN and reserved for licensed banks and financial institutions.
Also, Olubukola explains that Binance organises Master Classes teaching Nigerians how to use the Binance to conduct p2p trades and engage in crypto trading on its platform.
Read Also: Nigerian SEC wants all operating crypto firms to set up a local office
Money Laundering Allegations
EFCC had filed a five-count charge against Binance and Gambaryan (1st and 2nd defendants) concerning money laundering offences.
The agency had also accused Binance and Gambaryan of money laundering involving $35.4 million. The CBN representative also claims that Binance has no licence from CBN to operate in the country.
The court has adjourned the case to July 16 for the defense’s cross-examination. Remember the Nigeria’s Securities and Exchange Commission (SEC) issued a 30-day window for virtual assets providers to register their businesses.
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