Central Bank of Nigeria: Binance Has Performed Unauthorized Transactions

The CBN has made a claim that the popular cryptocurrency exchange Binance has been performing banking services without proper authorization.

This allegation was brought forth by Olubukola Akinwunmi, the head of payment policy and regulation at the CBN, during a hearing at the Federal High Court of Nigeria in Abuja. Akinwunmi argued that Binance’s deposit and withdrawal transactions should be reserved for authorized financial institutions and banks.

The Nigerian government has also accused Binance’s executives, Tigran Gambaryan and Nadeem Anjarwalla, of attempting to hide the source of illegal financial proceeds worth $35.4 million in Nigeria.

Akinwunmi, who was called to the stand by the Economic and Financial Crimes Commission’s counsel Ekele Iheanacho, stated that Binance’s website deceived Nigerians by promoting naira transactions through a cash link.