Nigerian Authorities Summon Binance Over Terrorism Financing, Money Laundering, and Unpaid Taxes
Nigeria Summons Binance CEO over Allegations of Terrorism Financing, Money Laundering, and Tax Evasion
Binance, the prominent cryptocurrency company, finds itself embroiled in yet another legal dispute as the House of Representatives Committee on Financial Crimes in Nigeria takes action. In response to serious allegations of terrorism financing and money laundering, the committee has summoned Richard Teng, the Chief Executive of Binance Holding Limited.
The committee’s Chairman, Ginger Onwusibe, issued a firm ultimatum, demanding Binance Holdings LTD. to appear within seven days, by March 4, 2024. Onwusibe expressed grave concern over the severity of the accusations, which include terrorism financing, money laundering, and tax evasion.
“The allegations leveled against Binance, such as terrorism financing, money laundering, and tax evasion, are deeply troubling. At this critical time, we need every tax dollar and we must block the channels that fund terrorism.”
Despite a previous summons in December 2023, Binance’s CEO, Richard Teng, reportedly refused to appear before the committee. The Chairman warned that failure to comply would result in the committee using its constitutional powers to take appropriate action.
The concerns of the committee go beyond terrorism financing and money laundering. Chairman Onwusibe raised issues regarding Binance operating in Nigeria without paying taxes and lacking a physical office for handling customer complaints.
“You cannot have a company with over 10 million Nigerians on your platform without paying taxes and without a physical office where Nigerians can report any challenges they face with your service.”
Chairman Onwusibe emphasized the committee’s unwavering commitment to combating financial crimes and protecting Nigerian citizens and the country’s financial integrity. As the House of Representatives Committee on Financial Crimes intensifies its investigation into Binance, the global cryptocurrency community closely observes to determine the trustworthiness of the company.
With former CEO Changpeng Zhao admitting to fraud in the U.S. SEC lawsuit and awaiting final sentencing, the legal summons against Binance Holdings adds an extra layer of anticipation for potential revelations. The question remains: Is Binance truly as trustworthy as it claims to be?