[Crypto News Express] According to BlockBeats, the Central Bank of Nigeria (CBN) recently criticized Binance, the world's largest cryptocurrency trading platform, for providing banking services without proper authorization. 😮

It is reported that Dr. Olubukola Akinwunmi, the director of payment policy and regulation of the CBN, testified at the Federal High Court in Abuja, claiming that Binance's deposit and withdrawal transactions should be handled by banks and authorized financial institutions. The Nigerian government even accused Binance and its executives of conspiring to conceal the source of $35.4 million in financial gains from illegal activities in Nigeria.

During the trial, Dr. Akinwunmi said that Binance's website misled Nigerians to conduct naira transactions through its platform and deposit and withdraw through cash links. The platform advertises free deposits and fixed-fee withdrawals, which are regulated by the CBN and should be conducted by licensed banks and financial institutions.

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