New Telegraph

‘Binance Breached Nigerian Law, Operated Naira P2P For Crypto Assets’

A Director with the Security and Exchange Commission (SEC), Abdulkadir Abbas, on Friday, told a Federal High Court, Abuja how Binance Holdings Ltd breached the Nigerian law to operate naira peer-topeer services in exchange of crypto assets.

Abbas, the Director of Registration, Exchanges and Market Infrastructure Department at SEC, disclosed this while testifying before Justice Emeka Nwite in the trial of Binance and two of its officials on a charge bordering on money laundering. Abbas, the 1st prosecution witness (PW1), said that due to the large number of Nigerian users, who were leveraging on the model, it adversely affected the official exchange rate.

“As a matter of fact, the Binance platform became a reference point for determining the exchange rate,” he added. The News Agency of Nigeria (NAN) reports that the Economic and Financial Crimes Commission (EFCC) had filed a 5-count charge against Binance and Tigran Gambaryan as 1st and 2nd defendants, while listing Nadeem Anjarwalla as being at large.

Led in evidence by prosecuting lawyer, Ekele Iheanacho, Abbas said the operations of company negatively impacted Nigeria’s financial system. The director, who is the 1st prosecution witness (PW1), told the court that not only did Binance operate in Nigeria illegally, its mode of operation circumvented the normal currency trading route put in place by regulators. The witness said he met Gambaryan once during a meeting at the office of the National Security Adviser (NSA).

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