Nigeria Targets Binance Amid Allegations of Financial Crimes

Binance, the world’s largest crypto exchange, faces mounting challenges as Nigeria’s House of Representatives Committee on Financial Crimes demands CEO Richard Teng’s appearance by March 4th. The Central Bank of Nigeria accuses Binance of involvement in money laundering and terrorism financing, prompting the committee’s call to action.

Committee Chairman Ginger Onwusibe emphasized the constitutional mandate to protect Nigerians from financial crimes, warning of consequences if Teng fails to comply. Nigeria, grappling with recession and tax collection challenges, aims to safeguard its finances and investors from predatory practices.

The move against Binance follows a historic $4.3 billion fine imposed by a US federal judge for lapses in internal controls, including failure to report suspicious transactions. Nigeria’s actions signal a broader international crackdown on Binance, with the Nigerian Communications Commission ordering telecom companies to block access to the exchange.

Despite these challenges, Binance contests allegations, denying knowledge of a $10 billion fine and emphasizing ongoing regulatory engagement. As tensions escalate, the outcome will shape Binance’s future operations and regulatory compliance efforts, amidst growing scrutiny from global authorities.