In Abuja, Nigerian authorities intensified their legal battle against Binance, accusing it of operating without a license. Central Bank officials testified that Binance facilitated unlicensed cryptocurrency transactions, highlighting potential legal violations.
Olubukola Akinwunmi from Nigeria’s central bank emphasized that Binance needed regulatory approval to operate as a money brokerage. Despite Binance’s identity verification measures, the central bank criticized its pseudonymous trading practices.
Tigran Gambaryan, Binance’s compliance executive, faced health issues following his arrest, sparking judicial criticism over delays in medical care. The trial underscores the broader implications of cryptocurrency regulation in Nigeria.
This case highlights the urgent need for clear regulatory frameworks in the burgeoning cryptocurrency market, ensuring legal compliance and user protection.
