The Central Bank of Nigeria (CBN) has accused Binance, a leading cryptocurrency exchange, of operating banking services without proper authorization. The bank's Head of Payment Policy and Regulation, Dr. Olubukola Akinwunmi, testified that Binance's deposit and withdrawal transactions should be reserved for banks and authorized financial institutions. The Nigerian government has also accused Binance and its executives of obscuring the origins of $35.4 million in financial proceeds from illegal activities in Nigeria. The court case has been adjourned until July 16 for the defense's cross-examination.