Central Bank of Nigeria accuses Binance of unauthorized banking
Share link:In this post: The Central Bank of Nigeria has accused Binance of acting as a bank without its registration. Its deputy director was brought on by the prosecution as a witness. He claimed that Nigerians trade on Binance using fake identities.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professio
Nigeria’s central bank (CBN) has thrown a [sort of ] new allegation at Binance, claiming that it was operating as a bank without the proper registration for that.
Fake identities and unauthorized operations
This comes amid the trial of Tigran Gambaryan, who has been in custody for months now. U.S. lawmakers have gone to Nigeria in bids to have him released , but that didn’t work out.
Tigran Gambaryan. Credits: Premium Times NGTigran stands accused of money laundering with over $35 billion. The accusations were first brought on by Nigeria’s Economic and Financial Crimes Commission.
Yesterday, CBN’s deputy director, Olubukola Akinwumi, testified against Binance at the Federal High Court.
He stated that Nigerians are using blockchain’s anonymity to hide their illicit activities. Binance enabled that because it was making them money. He added:
“In the course of carrying out our operations, we normally monitor development within the SEC (Securities and Exchange Commission), monitoring the activities of payment service providers and the usage of the payment system.”
Olubukola claimed that he understands how crypto transactions work, comparing them to traditional wire transfers. He was brought on as the EFCC’s “second witness and crypto expert.”
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