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<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/nigerian-central-bank-accuses-binance-of-unauthorized-financial-activities/" data-wpel-link="internal">Nigerian Central Bank Accuses Binance of Unauthorized Financial Activities</a><br></p>
<p style="text-align: justify">The Central Bank of Nigeria (CBN) took a firm stance against the leading cryptocurrency exchange <a href="https://en.coin-turk.com/binance-futures-and-margin-removing-busd-what-you-need-to-know/" data-wpel-link="internal">Binance</a>. The exchange was accused of conducting banking operations without proper authorization. This dispute emerged on Friday, July 5, when a CBN official stated in a Nigerian court that Binance lacked the necessary licenses and regulatory approvals for its financial activities. The court session, presided over by Judge Emeka Nwite of the Federal High Court in Abuja, highlighted the extent of Binance’s alleged unauthorized transactions in Nigeria.</p> 
<h2 style="text-align: justify" id="dr-olubukola-akinwunmi-s-statements-on-the-matter">Dr. Olubukola Akinwunmi’s Statements on the Matter</h2> 
<p style="text-align: justify">Dr. Olubukola Akinwunmi, Head of Payment Policy and Regulation at CBN, gave a detailed statement emphasizing that deposit and withdrawal services should only be conducted by licensed banks and financial institutions.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-329554 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/03/Binance-Borsasi-Bome.jpeg" alt="" width="1200" height="800"></p> 
<p style="text-align: justify">The Nigerian government accused Binance and its executives Tigran Gambaryan and Nadeem Anjarwalla of concealing the source of $35,400,000 obtained from illegal activities in Nigeria. The allegations included claims that Binance misled Nigerian users into participating in naira transactions through deceptive promotions related to free deposits and fixed-fee withdrawals regulated by CBN.</p> 
<h2 style="text-align: justify" id="conversion-from-naira-to-dollar">Conversion from Naira to Dollar</h2> 
<p style="text-align: justify">Dr. Akinwunmi emphasized that Binance facilitated unauthorized currency conversion from naira to dollars, a service requiring special CBN authorization. He noted that <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> on the platform often used pseudonyms, violating regulations that mandate the disclosure of real identities in financial transactions. This lack of transparency and regulatory oversight raised significant concerns among Nigerian authorities about the integrity of Binance’s operations.</p> 
<p style="text-align: justify">A critical aspect of the case involved Binance’s peer-to-peer (P2P) transaction process. Dr. Akinwunmi explained how the P2P service allowed buyers to transfer naira directly to sellers’ bank accounts, followed by Binance confirming the transaction on its platform. Subsequently, Binance released the corresponding cryptocurrency or fiat currency. Dr. Akinwunmi stated that this service constituted a regulated activity for which Binance lacked the necessary authorization, leading to CBN’s charges of unauthorized financial operations.</p> 
<h2 style="text-align: justify" id="hearing-postponed-to-july-16">Hearing Postponed to July 16</h2> 
<p style="text-align: justify">The hearing was postponed to July 16 for the defense’s cross-examination. Judge Nwite instructed the Nigerian Correctional Services to prepare medical reports for Tigran Gambaryan, warning of potential consequences for non-compliance with these reports.</p> 
<p style="text-align: justify">The actions of the Nigerian government are not isolated incidents. In February, Binance disabled its peer-to-peer feature for Nigerian users due to increased government pressure. Additionally, during a virtual meeting with the Nigerian Blockchain Industry Coordination Committee (BICCoN), the Securities and Exchange Commission (SEC) called for measures to remove naira from P2P platforms.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/nigerian-central-bank-accuses-binance-of-unauthorized-financial-activities/" data-wpel-link="internal">Nigerian Central Bank Accuses Binance of Unauthorized Financial Activities</a></h5>

Nigerian Central Bank Accuses Binance of Unauthorized Financial Activities

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