The Central Bank of Nigeria (CBN) has concluded its testimony in the ongoing criminal trial against Binance, insisting that the crypto platform conducted “hidden operations” within Nigeria without regulatory approval.
The testimony, delivered by the CBN’s Director of Banking Supervision, Dr. Olubukola Akinwunmi, was concluded on Friday before Justice Emeka Nwite of the Federal High Court in Abuja.
The case, initiated by the Economic and Financial Crimes Commission (EFCC) in 2024, centres on allegations of money laundering and unlawful financial activities linked to the platform.
According to the prosecution, Binance and some of its executives are accused of conspiring to conceal proceeds of alleged illegal activities amounting to about $35.4 million.
The charges were brought under provisions of the Money Laundering (Prevention and Prohibition) Act, 2022. Binance has, however, denied all allegations.
During cross-examination by Binance’s counsel, Akinwunmi acknowledged that the platform was widely accessible and actively marketed to Nigerian users.
However, he maintained that transactions conducted through the Nigerian financial system were obscured by the use of pseudonyms by users on the platform.
He further stated that while cryptocurrency trading had existed for over a decade, its regulatory status in Nigeria had at various times been restricted.
The CBN official declined to confirm whether Binance deliberately concealed its operations but noted that access to the platform fluctuated, with periods requiring “covert channels.”
Following the conclusion of his testimony, the court discharged Akinwunmi and adjourned proceedings to May 15, 2026, for continuation of the trial.
The case forms part of a broader crackdown by Nigerian authorities on cryptocurrency activities. In 2024, the government classified crypto trading as a national security concern, prompting directives to fintech firms to block accounts linked to such transactions. Binance also suspended its naira peer-to-peer services amid mounting regulatory pressure.
In parallel proceedings, the platform is facing tax evasion claims by the Federal Inland Revenue Service, although both parties are reportedly exploring an out-of-court settlement.
The outcome of the trial is expected to shape Nigeria’s evolving regulatory stance on digital assets and the operations of global cryptocurrency platforms within its financial system.
