Bitcoin

On July 5, in a Nigerian court, Binance faced allegations of operating illegally. Dr. Olubukola Akinwunmi from the Central Bank of Nigeria (CBN) testified that Binance lacked the necessary licenses and regulatory approval to perform banking services.JOIN CRYPTOS HEADLINES<a href="https://t.me/CryptosHeadlines" rel="noopener noreferrer nofollow">TELEGRAM CHANNEL</a><img src="https://academy-public.coinmarketcap.com/optimized-uploads/47125aca0d1144048271d5585b0e69dd.svg&#43;xml" />According to Dr. Akinwunmi, <a href="https://cryptosheadlines.com/binance-suspends-aussie-deposits-and-withdrawals-amid-payment-service-provider-disruption/" rel="noopener noreferrer nofollow">Binance’s deposit and withdrawal</a> activities should only be carried out by banks and authorized financial institutions.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5242e379b10c4dffb0abdb8aa78b4b4e.png" /><h3 id="nigerian-government-accuses-binance-of-financial-misconduct">Nigerian Government Accuses Binance of Financial Misconduct</h3>The Nigerian government has accused Binance and its executives, Tigran Gambaryan and Nadeem Anjarwalla, of conspiring to conceal the origins of $35.4 million in funds linked to illegal activities in Nigeria.In the ongoing trial, Dr. Olubukola Akinwunmi, testifying under EFCC counsel Ekele Iheanacho, stated that Binance’s website misled Nigerians by allowing naira transactions through a cash link. The platform advertised fee-free deposits and flat-fee withdrawals, services <a href="https://cryptosheadlines.com/brazils-president-enacts-law-for-central-banks-regulation-of-crypto-firms/" rel="noopener noreferrer nofollow">regulated by the Central Bank</a> of Nigeria (CBN) and intended for licensed banks and financial institutions.Dr. Akinwunmi also noted that Binance facilitated currency conversion from naira to dollars without CBN authorization, which is required for authorized dealers or Bureau de Change. Additionally, he pointed out that traders on Binance often use pseudonyms, violating <a href="https://cryptosheadlines.com/south-korea-legislators-approve-law-mandating-disclosure-of-crypto-holdings-by-officials-report/" rel="noopener noreferrer nofollow">laws that mandate the disclosure</a> of true identities in financial transactions.<h3 id="binance-faces-legal-challenges-in-nigeria-amid-regulatory-crackdown">Binance Faces Legal Challenges in Nigeria Amid Regulatory Crackdown</h3>Dr. Olubukola Akinwunmi testified about Binance’s peer-to-peer transaction process, where buyers transfer naira to the sellers’ bank accounts and confirm transactions on the platform. Binance then releases the cryptocurrency or fiat currency. Dr. Akinwunmi argued that this <a href="https://cryptosheadlines.com/binance-instructed-by-belgian-financial-regulator-to-halt-all-virtual-currency-services/" rel="noopener noreferrer nofollow">service is regulated and that Binance</a> was not authorized to perform such activities.<a href="https://cryptosheadlines.com/analyst-predicts-delayed-launch-for-ether-etfs-due-to-slow-sec-review/" rel="noopener noreferrer nofollow">Also Read: Analyst Predicts Delayed Launch for Ether ETFs Due to Slow SEC Review</a>Following Dr. Akinwunmi’s testimony, the court adjourned until July 16 for the defense’s cross-examination. Justice Emeka Nwite also ordered the Nigerian Correctional <a href="https://cryptosheadlines.com/revolut-teams-up-with-koinly-for-automated-tax-reporting-services/" rel="noopener noreferrer nofollow">Services to produce Tigran Gambaryan’s medical reports</a>, with a warning of consequences for noncompliance.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/5242e379b10c4dffb0abdb8aa78b4b4e.png" />This legal action is part of a broader crackdown on cryptocurrency activities in Nigeria. The National Security Adviser has classified cryptocurrency trading as a national security issue, leading the <a href="https://cryptosheadlines.com/central-bank-of-nigeria-cbn-holds-firm-on-restricting-withdrawal-of-crypto-from-commercial-banks/" rel="noopener noreferrer nofollow">Central Bank of Nigeria</a> (CBN) to direct fintech startups such as Opay, Moniepoint, Paga, and Palmpay to block and report accounts involved in cryptocurrency transactions.In February, <a href="https://cryptosheadlines.com/nigerian-court-mandates-binance-to-disclose-comprehensive-user-data/" rel="noopener noreferrer nofollow">Binance disabled its peer-to-peer feature for Nigerian users</a> due to increased government scrutiny. Additionally, during a virtual meeting with the Blockchain Industry Coordinating Committee of Nigeria (BICCoN), the SEC called for measures to remove the naira from peer-to-peer platforms to prevent <a href="https://cryptosheadlines.com/ceo-of-rock-tree-capital-say-hong-kong-becoming-hub-for-crypto-capital-markets/" rel="noopener noreferrer nofollow">market manipulation and safeguard Nigeria’s capital</a> market integrity.<img src="https://academy-public.coinmarketcap.com/optimized-uploads/74e27cc32b95435283bbe2d1f4c6d2bd.png" />Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

Nigerian Central Bank Accuses Binance of Unauthorized Transactions

Table of Contents

cmcdelete@edb8d1ee4ec9a85c04690131b307c085

Other articles published on Jul 6, 2024

MoonBag Top Crypto Presale in 2024 Offers Lucrative 88% APY Staking And Impressive Returns, Outpa...

Key Digital Assets for a Robust Crypto Wallet

ZkSync Token Rises as a Leading Gainer in Crypto Market Recovery

XRP Forms Crucial Support as Insane Selling Pressure Wears Off

Most Anticipated Crypto Projects for July 2024

Multicoin Capital Donates $1 Million for Pro-Crypto Senate Candidates

Join our free newsletter for daily crypto updates!