Golden Finance reported that Dr. Akinwunmi, a senior official of the Central Bank of Nigeria (CBN), testified against Binance at a recent court hearing in Abuja, accusing the company of operating without a license in the country. During the court questioning led by prosecutor Ekele Iheanacho, Akinwumi confirmed: "CBN has not issued any license to Binance." During the trial, Dr. Akinwunmi said that Binance's website misled Nigerians to trade naira through its platform and make deposits and withdrawals through cash links. The platform advertises free deposits and fixed-fee withdrawals, activities that are regulated by the CBN and should be conducted by licensed banks and financial institutions.