A Nigerian Central Bank Official has levied a new allegation against Binance's operations, compounding the situation existing between both parties. Per reports making rounds, Binance had operated within the Nigerian borders without a license. Hence, the trading platform’s operations within the West African nation could pass as illegal dealings.
JUST IN: The CBN faults Binance for carrying out banking services through Naira P2P feature in Nigeria 🇳🇬 pic.twitter.com/TzavmBilm8
— Nigeria Stories (@NigeriaStories) July 5, 2024
New Allegations Against Binance's Operations
Notably, the new allegation emerged in a recent hearing in an Abuja Federal High Court. During the session, Dr. Olubukola Akinwunmi, the Head of the Payment Policy and Regulation Division at the Central Bank of Nigeria (CBN), noted that Binance’s operations, including deposits and withdrawals, were unauthorized by the CBN.
For context, the CBN is responsible for granting permits to financial institutions operating within the country’s borders. Hence, Binance’s lack of authorization implies a gross monetary policy breach.
Going further, Dr. Olubukola criticized Binance's operation terms that seem to conceal users’ identities, making it difficult to apprehend fraudulent traders. Having presented his case, the presiding Judge opted for an adjournment to July 16, 2024. According to the Judge, Emeka Nwite, the postponement will afford the defendant's lawyers ample time for cross-examination.
Other Developments
Intensifying the issue, Binance executive Tigran Gambaryan faces separate money laundering charges that resulted in his apprehension earlier this year, particularly in February. However, owing to his deteriorating health condition, he was granted permission to access medical care.
Noteworthily, the Nigerian authorities were initially skeptical of effecting his release. The delay prompted prominent U.S. politicians to lobby President Joe Biden for Gambaryan’s release. Notably, accusatory remarks by his wife, Yuki Gambaryan, against the Nigerian government for willfully withholding her husband’s medical results and failing to heed a court order also played a role in his release.
Meanwhile, prison officials have maintained that Gambaryan’s health condition was inconsequential, saying that court proceedings could continue as planned.
Reacting to the prison officials’ claims, Justice Nwite condemned the delay. He ordered them to provide Gambaryan’s medical reports by the next court date, scheduled on July 16, to prove their claim that Gambaryan was in good health.
