As a long-term crypto investor with a keen interest in the Nigerian market, I find the ongoing legal proceedings against Binance in Nigeria concerning. The accusations leveled against the exchange by the Central Bank of Nigeria (CBN) official, Dr. Olubukola Akinwunmi, are serious and could have significant implications for the crypto industry in the country.
A representative from the Nigerian Central Bank (CBN) has declared that Binance violated the laws in several aspects during its operations within the country. This announcement surfaces as Binance faces a court case in Nigeria regarding its cryptocurrency activities.
Binance Violated Naira Trading Policy – CBN Official
In April 2024, I found myself under investigation by the Nigeria Economic Financial Crime Commission (EFCC) alongside Binance and its executive Tigray Gambaryan. The accusations levied against us were severe: tax evasion, currency speculation, and money laundering, involving approximately $34.4 million.
As a legal analyst, I can tell you that after a pause in the court proceedings in June, the case resumed last Friday with the prosecution presenting Dr. Olubukola Akinwunmi as their witness. She is the Head of Payment Policy and Regulation Division at the Central Bank of Nigeria.
As a researcher, I’ve come across a report published by Nairametrics which alleges that Akinwunmi made statements accusing Binance of violating Nigerian laws. Specifically, Binance is said to have offered deposit and withdrawal services, an activity reserved for banks and financial institutions under the close monitoring of the Central Bank of Nigeria (CBN).
As a researcher studying the crypto market in Africa, I came across Akinwunmi’s comments regarding Binance’s peer-to-peer feature. He pointed out that for Binance to offer Naira-USD asset swaps in Nigeria, they need to acquire a license from the Central Bank of Nigeria (CBN). Akinwunmi identified Binance as an “authorized giver” or “Bureau de Change” since they’re facilitating currency exchanges. He also raised concerns about the anonymity of users on the platform, which he believed violated certain Nigerian laws.
As a crypto investor, I’d like to share that Binance requires a mandatory KYC (Know Your Customer) verification for all users on its P2P platform and other trading features. However, back in May, Binance, among other exchanges, suspended their Naira P2P services due to accusations of currency speculation leading to the rapid devaluation of the Naira.
After reviewing the statements given by the witnesses, Justice Emeka Nwite of the Abuja Federal High Court has decided to postpone the case until July 16. This gives the defense lawyers an opportunity to question the witnesses during their cross-examination.
Gambaryan’s Health Emerges As Major Issue
Recently, the state of health of Gambaryan has emerged as a significant concern in the ongoing court proceedings. Justice Nwite called for a medical report from the National Correctional Services regarding the detained Binance executive on Friday.
A Nigerian judge has issued a stern warning: if the medical staff at Kuje Prison in Abuja fail to adhere to certain instructions regarding the care of detainee Gambaryan, they will be called to answer in court. Since his detention in April, Gambaryan has allegedly fallen ill with pneumonia and malaria. These reports have sparked probes into his health condition.
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2024-07-06 14:41