Nigeria issues summons to Binance CEO over alleged financial crimes

  • The Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng over allegations of money laundering and terrorism funding.
  • Binance has been given until March 4 to appear before the committee, with the Central Bank of Nigeria expressing concerns over ‘suspicious flows’ of cash through the exchange in 2023.
  • Committee Chair Ginger Onwusibe warns that if Binance ignores the summons, the committee will take necessary actions, emphasising their constitutional authority to protect Nigerians from financial crimes.

Due to allegations of money laundering and terrorism funding, the Nigerian House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to testify.

Binance given deadline to respond

Punch, a local news source, reports that Ginger Onwusibe, the chair of the committee, gave Binance until March 4, 2024 to appear before the committee.

On February 27, the governor of Nigeria’s Central Bank (CBN) expressed worries over Binance, citing “suspicious flows” of cash through the exchange in 2023.

Also read: Nigerian Social Payments App Shuts Down Crypto Exchange Services

Nigerian Committee warns of action

Chairman Onwusibe issued a warning, stating that the committee would use its constitutional authority and take appropriate measures if Binance disregarded the summons.

The committee had already requested Teng to appear in 2023.

Onwusibe voiced his disappointment at Teng for ignoring multiple invitations. Onwusibe stressed Teng’s complete neglect of existing laws.

Reiterating the committee’s resolve to fight financial crimes, Onwusibe emphasised that they are empowered by the constitution to protect Nigerians from financial crimes, especially those involving foreign corporations.

Sylvia-Shen

Sylvia Shen

Sylvia Shen, a news reporter at BTW media dedicated in Fintech and Blockchain. She graduated from University of California, Davis. Send tips to s.shen@btw.media.

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