A witness in Nigeria's ongoing money laundering case against Binance has accused many local users of the exchange of using false identities.

According to Olubukola Akinwumi, a deputy director at the Central Bank of Nigeria (CBN), Binance's operations allowing Nigerian naira withdrawals without proper licensing violate local regulations.

The Economic and Financial Crimes Commission (EFCC) witness highlighted concerns about Binance's peer-to-peer platform, which enables direct cryptocurrency transactions outside of the central bank's oversight.

The trial, involving $34.5 million in alleged money laundering charges against Binance and Tigran Gambaryan, has been postponed for Binance to cross-examine the witness, following Akinwumi's testimony on July 5.