Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The CEO of Binance has been called upon by Nigeria’s National Assembly to respond to inquiries regarding a questionable flow of funds managed by the exchange’s local branch in 2023.
The House of Representatives Committee on Financial Crimes in Nigeria has summoned Richard Teng, the CEO of Binance, to appear before the agency to address questions from the regulator. The Committee has raised concerns that the cryptocurrency exchange may be linked to terrorist financing and money laundering, as reported by local media.
Ginger Onwusibe, the Committee Chairman, has requested that the CEO attend the agency meeting scheduled for March 4. Should he decline, the Committee plans to “invoke the constitutional powers” and take legal action against the exchange. It is important to note that Teng previously disregarded a similar request from the Committee in late 2023 by not participating in a meeting.
Related Posts
Nigerian authorities are closely observing the operations of Binance’s local unit, as financial regulators have yet to identify the parties behind several transactions on the cryptocurrency exchange. Suspicious transactions conducted by Binance Nigeria in 2023 are estimated to total $26 billion. Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), stated that the activities of the crypto exchange in the nation contrast with the authorities’ efforts to safeguard citizens from manipulation.
For example, Bayo Onanuga, the Special Adviser to the Nigerian President, recently accused Binance of manipulating the exchange rate of the Nigerian naira (NGN) and adversely affecting the nation’s economy. These allegations arose after Binance established the USDT exchange rate limit at 1,802 NGN. Representatives from the crypto exchange indicated that these measures were implemented to comply with local authority requirements. However, Onanuga condemned the company’s actions, labeling them as sabotage to the local economy and estimating the resulting damage at $10 billion. In light of the accusations, the cryptocurrency exchange has entirely suspended P2P operations with NGN.
At the beginning of 2023, the Nigerian government permitted local cryptocurrency holders, who represent approximately one-third of all crypto users in Africa, to utilize digital assets for investment purposes. By the end of the year, the CBN authorized local banks to facilitate crypto transactions and engage with virtual asset service providers (VASP).
Сообщение Nigeria Accuses Binance of Terrorism Financing and Money Laundering появились сначала на CoinsPaid Media.
