Nigerian Witness Accuses Binance Users of Identity Misrepresentation

A Nigerian witness in a money laundering trial against Binance claimed that many users of the cryptocurrency exchange operate under false identities, violating local laws. 

Olubukola Akinwumi, a deputy director at the Central Bank of Nigeria (CBN) and head of Payment Policy and Regulation. Testified that Binance lacks the necessary operating license and unlawfully allows users to withdraw Nigerian naira. He stated that the CBN discovered this while monitoring payment providers. The case, involving Binance and Tigran Gambaryan, accuses them of laundering $34.5 million. 

Akinwumi also criticized Binance’s peer-to-peer platform for enabling transactions that bypass CBN oversight. The trial is postponed to July 16 for Binance to cross-examine the witness.

Clever Robot News Desk 9^th July 2024