Binance Under Fire from Nigerian Central Bank

Binance’s Illegal Operations in Nigeria

A Nigerian Central Bank (CBN) official has accused Binance of operating illegally in the country. The accusations come as part of an ongoing lawsuit against the cryptocurrency exchange.

Binance is accused of violating Nigerian laws by:

  • Offering deposit and withdrawal services, which are restricted to banks and financial institutions.
  • Allowing users to trade the Nigerian Naira for US dollars without a license from the CBN.
  • Operating anonymously, which violates Nigerian laws.

Binance’s Defense

Binance has a mandatory know-your-customer identification process for all users. However, the exchange disabled its Naira P2P services in May due to allegations of currency speculation.

Legal Proceedings

The lawsuit against Binance is ongoing. The next hearing is scheduled for July 16.

Health Concerns

The health of Binance executive Tigray Gambaryan has become a concern in court. The judge has ordered a medical report on Gambaryan, who has reportedly suffered from pneumonia and malaria while in detention.