Olubukola Akinwumi, the deputy director of the Central Bank of Nigeria (CBN), has accused Binance of facilitating transactions involving the Nigerian Naira in violation of CBN regulations. In his testimony during the ongoing trial against Binance and its executive, Tigran Gambaryan, Akinwumi claimed that Binance allows Nigerian users to conduct pseudonymous transactions, which contravenes CBN’s requirement for true identity disclosure in financial dealings. He detailed that Binance’s peer-to-peer (P2P) platform enables transactions involving Naira, a regulated activity for which Binance is not licensed by the CBN.
Akinwumi is set to be cross-examined on July 16 when the trial resumes. This case is part of a broader crackdown by Nigerian authorities on crypto service providers, following the National Security Adviser’s designation of crypto trading as a national security threat.
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