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Nigerian Financial Crimes Committee Issues Ultimatum for Binance CEO

Nigerian Financial Crimes Committee Issues Ultimatum for Binance CEO

Key Takeaways

  • The Nigerian Financial Crimes Committee summons Binance CEO Richard Teng over money laundering and terrorism financing suspicions linked to the platform.
  • Chair Ginger Onwusibe issues a seven-day ultimatum to Teng, stressing the urgency and previous non-compliance.
  • Regulatory actions escalate with the detention of two Binance executives.

The Nigerian House of Representatives Committee on Financial Crimes has issued a summons to Binance CEO Richard Teng amid concerns about money laundering and terrorism financing linked to the platform.

This action follows concerns the Central Bank of Nigeria (CBN) raised regarding "suspicious flows" of funds through Binance detected in 2023, highlighting potential risks to the nation's financial security.

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Chaired by Ginger Onwusibe, the committee has given Teng a seven-day ultimatum to appear before or on March 4, emphasizing the urgency of addressing these serious allegations.

Onwusibe's statement to the press revealed prior attempts to engage Teng in the hearings, expressing frustration over his non-compliance and hinting at constitutional measures to enforce cooperation.

The chairman also expressed his dedication to protecting Nigerian investors from exploitative businesses. He highlighted the infeasibility of a company engaging over 10 million Nigerians without paying taxes or offering a physical location for customer complaints regarding service issues.

The situation has escalated with reports that the National Security Adviser's office has detained and confiscated the passports of two Binance executives in Abuja.

This episode reflects the broader challenges and opportunities facing cryptocurrency exchanges operating in jurisdictions with evolving regulatory frameworks.

In other Binance-related news, the crypto exchange announced the end of support for leveraged tokens tied to Bitcoin, Ether, and BNB by April 3.

Aaron S., Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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