According to TechFlow, the Central Bank of Nigeria (CBN) criticized Binance, a world-renowned cryptocurrency exchange, for providing banking services without authorization. Dr. Olubukola Akinwunmi, head of CBN payment policy and regulation, testified in the Federal High Court that Binance's deposit and withdrawal transactions should be conducted by banks and authorized financial institutions. The Nigerian government accused Binance and its executives Tigran Gambaryan and fugitive Nadeem Anjarwalla of covering up $35.4 million in proceeds from illegal activities. The CBN emphasized that the Binance website misled users into trading in naira and did not obtain the necessary authorization to conduct currency exchange and financial transactions. The court will continue to hear the case on July 16.