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Binance P2P Feature Was Used To Devalue Naira – SEC Director Tells Court
A director at the Security and Exchange Commission (SEC), Abdulkadir Abbas, has told the Federal High Court, Abuja, that the cryptocurrency exchange platform, Binance Limited, used its Naira peer-to-peer (P2P) virtual feature to devalue the Nigerian currency.
Abbas, who identified himself as Director, of Exchanges and Market Infrastructure (SEC), told Justice Emeka Nwite on Friday that the Naira P2P feature deployed by Binance as well as the number of people on the platform “adversely affected the official exchange rate.”
Recall that the Nigerian government had accused Binance and its executives, Tygran Gambaryan and the fleeing Nadeem Anjarwalla, of allegedly conspiring amongst themselves to conceal the origin of the financial proceeds of their alleged unlawful activities in Nigeria, including $35,400, 000.
The Nigerian authorities said they committed an offense contrary to Section 21 (a) and punishable under Section 18(3) of the Money Laundering (Prevention and Prohibition) Act, 2022.
The trial commenced on Friday after the judge declined Gambaryan’s bail request.
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