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Nigerian Central Bank Accuses Binance of Unauthorised Transactions and Regulatory Breaches

Jul 6, 2024

Nigerian Central Bank Accuses Binance of Unauthorised Transactions and Regulatory Breaches
Nigerian Central Bank Accuses Binance of Unauthorised Transactions and Regulatory Breaches
Nigerian Central Bank Accuses Binance of Unauthorised Transactions and Regulatory Breaches

Recently, the Central Bank of Nigeria (CBN) has alleged that Binance, a prominent cryptocurrency exchange, conducted unauthorised banking operations without the required licences or regulatory approvals. In court proceedings on July 5, CBN officials, led by Olubukola Akinwunmi, Head of Payment Policy and Regulation, accused Binance of facilitating deposit and withdrawal transactions typically reserved for licensed financial institutions. The Nigerian government has further accused Binance and its executives of obscuring $35.4 million in proceeds from illegal activities in Nigeria. These allegations underscore ongoing regulatory challenges for cryptocurrency exchanges in Nigeria, with implications for how they conduct business and interface with local financial regulations.