The Central Bank of Nigeria (CBN) has concluded its testimony in the ongoing criminal trial against Binance, asserting that the cryptocurrency platform operated illegally in Nigeria without regulatory approval. Dr. Olubukola Akinwunmi, Head of the Payment Policy and Regulation Division at the CBN, presented the final arguments on behalf of the bank before Justice Emeka Nwite of the Federal High Court in Abuja on Friday. The CBN alleges that Binance conducted "hidden operations" in the country, bypassing established financial regulations. The case was initiated by the CBN, which accuses the platform of facilitating financial activities without obtaining the necessary permissions from Nigerian authorities. No further hearing date has been announced.
The CBN accuses Binance of running unauthorised operations while it has not issued any public guidelines for cryptocurrency platforms to register or operate legally in Nigeria. Nigerians who used Binance for transactions now face uncertainty, with no clear regulatory path provided by the CBN for such services. The absence of a formal licensing framework undermines the central bank's position in the case. This leaves users caught between enforcement actions and regulatory silence.
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