Nigerian central bank officials testified at a hearing that Binance is operating without a license

ChainCatcher news, according to Coin Edition, senior official Olubukola Akinwummi of the Central Bank of Nigeria (CBN) testified at a court hearing in Abuja that Binance is operating in the country without a license.

During the prosecution's questioning led by EFCC advisor Ekele Iheanacho, Akinwummi stated that the CBN has not issued any licenses to Binance. "Binance provides a platform for traders to transact between the naira and cryptocurrencies, as well as to make payments between one cryptocurrency and another… They also facilitate conversions between two fiat currencies… This service requires authorization from the central bank, either as an authorized dealer or as a currency exchange."

Additionally, Binance executive Tigran Gambaryan is facing money laundering charges. He was arrested by Nigerian authorities in February 2024 and later released due to deteriorating health. During a previous hearing, he fell ill in court and was diagnosed with malaria. This prompted U.S. politicians to lobby President Biden for Gambaryan's release.

Judge Emeka Nwite accused the prosecution and prison officials of delaying the trial, further escalating tensions. He ordered them to submit a medical report before the next hearing (scheduled for July 16). However, prison officials insisted that Gambaryan's health condition is not serious.