As a seasoned crypto investor with a strong background in international finance and regulatory compliance, I find the ongoing legal battle between the Nigerian Securities and Exchange Commission (SEC) and Binance deeply concerning. The accusations leveled against Binance by the Central Bank of Nigeria (CBN) for facilitating money laundering and illegal transactions without proper authorizations are serious allegations that could have far-reaching implications for the crypto industry as a whole.
As the money laundering investigation against Binance by the Nigerian Securities and Exchange Commission (SEC) progresses, the Central Bank of Nigeria (CBN) declared on July 5 that the cryptocurrency exchange had enabled unauthorized transactions. Dr Olubukola Akinwunmi, the CBN’s Payment Policy and Regulation Chief, stated that Binance provided banking and financial services without obtaining the necessary approvals.
As a researcher studying the regulatory landscape of digital asset exchanges in Nigeria, I testified before Judge Emeka Nwite at the Federal High Court of Abuja that Binance’s offerings were not intended for unlicensed banking or financial entities. Instead, they provided peer-to-peer asset exchange services and facilitated Naira-to-dollar conversions for individuals. This practice violated the Central Bank of Nigeria’s (CBN) guidelines, as their representative clarified, since Binance did not hold the necessary licenses to provide financial services in the country. Furthermore, Binance did not adhere to the compulsory Know Your Customer (KYC) data collection regulations for financial institutions in Nigeria.
As a crypto investor, I’m concerned about recent allegations against Binance for facilitating $35 million worth of illicit transactions and money laundering. These serious charges have resulted in one Binance executive, Tigran Gambaryan, being detained in a Nigerian prison. The other accused individual, Nadeem Anjarwalla, reportedly managed to escape the country several months ago.
US Senators made a visit to Gambaryan in June due to concerns over his deteriorating health. He had been afflicted by both pneumonia and malaria while in detention at Kuje Prison, which has gained infamy for housing members of Boko Haram and other notorious individuals. The senators urged Nigeria to grant him freedom, allowing Binance to handle any legal matters, as Gambaryan holds no executive position within the company.
Expert: At the recent court hearing, Judge Nwite directed prison authorities to share reports detailing Gambaryan’s hospital visits during the proceedings. This was a request made during an earlier hearing. Nevertheless, the prison officials have not complied with this order yet. Gambaryan’s legal team has repeatedly asked for these documents, while his family expresses concern that his health condition is being disregarded by the prison authorities without sufficient cause, keeping him in custody.
The next hearing is on July 16, when the court will hear the defense.
Image by Qubes Pictures from Pixabay
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- W PREDICTION. W cryptocurrency
- SOLO PREDICTION. SOLO cryptocurrency
- Understanding the Constant Rain in Pacific Drive: A Reddit Discussion
- Rainbow Six Siege directory: Quick links to our tips & guides
- Team Fight Tactics (TFT) Patch 14.23 Notes: What to Expect from Set 13 Release
- League of Legends: Saken’s Potential Move to LOUD Sparks Mixed Reactions
- Dragon Quest III HD-2D Remake Review: History Repeats
- KEN/USD
2024-07-07 14:28