Binance CEO Summoned by Nigerian Committee Amid Financial Misconduct Allegations

Binance CEO Richard Teng is under pressure to meet with Nigeria's financial crime committee after a stern warning. The committee threatened to exercise its legal powers if Teng ignores their call again. This follows Binance's legal troubles in the US, where it settled charges with the Department of Justice. Chairman Ginger Onwusibe demands Teng's presence by March 4, regarding accusations of financial misconduct like money laundering and funding terrorism. Failing to respond, the committee plans to use its constitutional authority to enforce compliance. After agreeing to a $4.3 billion fine in the US for similar charges, Binance seems reluctant to cooperate with Nigerian authorities. The committee's previous invitations have been consistently declined, sparking frustration.

Onwusibe stressed that protecting Nigerians from financial crimes by foreign entities is a constitutional duty. The serious charges against Binance warrant decisive action to prevent and address financial crimes. Amidst economic challenges, the committee is also focusing on tax collection, criticizing Binance for not paying taxes in Nigeria despite serving over 10 million Nigerian users. Onwusibe declared an end to exploitation by such companies.

Binance faces increasing difficulties in Nigeria, with recent actions by the Nigerian Communications Commission to block foreign crypto exchange websites and the detention of Binance executives by state security. Following reports of suspicious money movements through Binance Nigeria, the government reportedly demands $10 billion in compensation, accusing Binance of manipulating exchange rates. However, Binance claims it's unaware of such a fine, suggesting a possible miscommunication in reports.