Dr. Olubukola Akinwunmi, the CBN’s Director of Payment Policy and Regulation, testified before Justice Emeka Nwite at the Federal High Court in Abuja, claiming that Binance’s deposit and withdrawal transactions should be processed by banks and authorized financial institutions.

The Nigerian government has accused Binance and its executives Tigran Gambaryan and fugitive Nadeem Anjarwalla of conspiring to conceal the origin of $35.4 million in financial proceeds from illegal activities in Nigeria.

During the trial, Dr. Akinwunmi said Binance’s website misled Nigerians into trading naira through its platform, depositing and withdrawing through Cashlink. The platform advertised free deposits and fixed-fee withdrawals, activities that are regulated by the CBN and should be conducted by licensed banks and financial institutions.