Nigerian central bank officials testified at a hearing that Binance was operating currency exchange and other financial services without a license

Odaily News Olubukola Akinwummi, a senior official of the Central Bank of Nigeria (CBN), testified at a court hearing in Abuja that Binance was operating without a license in the country. During the questioning of Akinwummi by the prosecution, led by EFCC consultant Ekele Iheanacho, Akinwummi affirmed that the CBN did not issue any license to Binance. Binance provides a platform for traders to trade between naira and cryptocurrencies, and also to make payments between one cryptocurrency and another cryptocurrency... They also facilitate the conversion between two fiat currencies... Such services require authorization from the central bank, either as an authorized dealer or as a currency exchange. In addition, Binance executive Tigran Gambaryan faces money laundering charges. He was arrested by Nigerian authorities in February 2024 and later released due to deteriorating health. In a previous hearing, he had a sudden illness in court and was diagnosed with malaria. This prompted American politicians to try to lobby Biden to push for the release of Gambaryan locally (and to allow him to return to the United States). His wife, Yuki Gambaryan, accused the Nigerian government of ignoring court orders, concealing medical results and failing to provide adequate care. Judge Emeka Nwite accused the prosecution and prison officials of delaying the trial, further exacerbating tensions. He ordered them to submit medical reports before the next court session, scheduled for July 16. However, prison officials insisted that Gambaryans health condition was not serious. (Coin Edition) Earlier, Nigerian prison officials said on Thursday that Tigran Gambaryan, a Binance executive detained locally, did not have a serious health condition and was in good condition during detention. Gambaryans family has insisted in recent weeks that his health is continuing to deteriorate, but a spokesman for the Nigerian Correctional Service (NCoS) insisted that the prison can meet Gambaryans health needs.