Techub News reported that according to Coin Edition, at a recent court hearing in Abuja, Nigeria, Akinwumi, a senior official of the Central Bank of Nigeria, accused Binance of operating without a license in the country.

Akinwumi said, "Binance provides a platform for traders to trade between naira and cryptocurrencies, and to pay between one cryptocurrency and another. They also facilitate the conversion from one fiat currency to another. This service requires authorization from the central bank, either as an authorized dealer or as a currency exchange."