The crypto exchange Binance has been facing regulatory problems in Nigeria for a long time. On July 5, an official of the Central Bank of Nigeria ~reportedly~ testified in court that Binance does not have the necessary licenses and regulatory approvals. Specifically, Olubukola Akinwunmi, the head of the CBN’s Payment Policy and Regulation Department, testified to the judge, arguing that deposit and withdrawal operations on the exchange should be reserved for banks and authorized financial institutions.