A senior official from the Central Bank of Nigeria (CBN) has accused Binance of operating illegally in Nigeria, highlighting violations of local financial laws.

The allegations surfaced during ongoing legal proceedings against Binance and its executive, Tigray Gambaryan, involving charges of tax evasion and money laundering amounting to $34.4 million.

The CBN official, Dr. Olubukola Akinwunmi, testified that Binance breached regulations by offering deposit and withdrawal services, activities restricted to licensed financial institutions overseen by the CBN.

The exchange's peer-to-peer feature allowing Naira-to-dollar swaps also drew criticism for operating without necessary licenses, violating Nigerian financial protocols.

Meanwhile, the health condition of Gambaryan, currently detained, has become a significant concern in court proceedings, prompting demands for a medical report from prison authorities.