Nigerian Financial Crimes Committee Issues Ultimatum for Binance CEO

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.

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