TechFlow reports that the Central Bank of Nigeria (CBN) has criticized global cryptocurrency exchange Binance for providing banking services without authorization. Dr. Olubukola Akinwunmi, CBN's head of payment policy and regulation, testified at the Federal High Court, stating that deposit and withdrawal transactions conducted by Binance should be carried out exclusively by banks and authorized financial institutions. The Nigerian government accuses Binance and its executives Tigran Gambaryan and fugitive Nadeem Anjarwalla of allegedly concealing $35.4 million derived from illegal activities. The CBN emphasized that Binance's website misleads users into conducting Naira transactions and lacks proper authorization for currency exchange and financial services. The court will continue hearing the case on July 16.
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