Nigeria's House of Representatives has summoned Richard Teng, CEO of Binance, to appear in court on suspicion of money laundering and terrorist financing.
They gave him a seven-day ultimatum to appear before the committee by March 4, 2024.
The Central Bank of Nigeria has raised the issue that #Binance may be involved in money laundering.
The Financial Crimes Committee of the Nigerian House of Representatives summoned Binance's big boss Richard Tengu. It gave him a week to hand over the company before March 4, 2024. The reason. They are suspicious of Binance and believe it could be a source of money laundering and terrorist financing.
The head of this committee, Ginger Onwusibe, passed the legislation last Friday. He is very unhappy that Binance seems to be indifferent to Nigerian law, especially in how business and financial transactions should be conducted in Nigeria.
The Central Bank of Nigeria has descended on Binance, claiming that it not only trades #cryptocurrencies but also engages in money laundering. Onwusibe is not happy with this. According to him, if Binance doesn't prove their case, they are ready to make a big lunge and use their power to make them regret it.
They have been trying to call Tengu for a conversation since December 12, 2023, but he has been stubbornly silent. Onwusibe's message is clear. Nigeria will not let foreign companies in and we are not going to play by the rules, especially when this country is trying to keep its head above the economic water.
Onwusibe has publicly stated that all taxes must be claimed and the flow of funds to unscrupulous companies must be stopped. He also seeks to protect Nigerian investors from companies that are trying to take advantage of them. He accuses Binance of failing to fulfill its obligations, such as not paying taxes and not providing Nigerians with a place to go if they are unhappy with Binance's services.
On the other hand, Binance asks: "What are the fines?
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