Nigeria Cracks Down on Binance Over Alleged Financial Crimes
Nigeria is taking action against Binance, the world’s largest cryptocurrency exchange, as part of a global crackdown on alleged money laundering and terrorist financing within the crypto industry. The House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to appear before them within seven days following allegations of involvement in financial crimes. The committee aims to hold Binance accountable for its alleged violation of Nigerian business and financial operations laws.
Concerns Over Binance’s Non-Compliance
Ginger Onwusibe, the Chairman of the Financial Crimes Committee, expressed concern over Binance’s refusal to respond to previous invitations. In response, the committee has issued an ultimatum, warning that they will exercise their constitutional powers if Binance fails to comply with the summons. Onwusibe emphasized the need to protect and defend the country’s finances, especially during times of economic challenges and recession.
Tax Compliance and Accountability
The committee had previously summoned Binance’s Managing Director over allegations of terrorism financing, money laundering, and tax evasion. The committee is determined to combat financial crimes and protect Nigerian investors from predatory firms. They aim to prevent channels that could potentially finance illegal activities and safeguard the country’s finances. Onwusibe highlighted the importance of foreign companies operating in Nigeria, like Binance, paying taxes and establishing a physical office where Nigerian users can address their concerns.
The committee stressed that exploitation of Nigerian investors will no longer be tolerated, and all offenders will be held accountable. They are committed to protecting Nigerian investors from predatory firms and ensuring that culprits are held responsible for their actions.
Hot Take: Nigeria Takes Firm Stance Against Binance
Nigeria has joined the global crackdown on alleged money laundering and terrorist financing within the crypto industry by summoning Binance CEO Richard Teng. The House of Representatives Committee on Financial Crimes has given Binance a seven-day ultimatum to appear before them following allegations of involvement in financial crimes. The committee seeks to hold Binance accountable for its alleged violation of Nigerian business and financial operations laws.
Ginger Onwusibe, the Chairman of the Financial Crimes Committee, expressed concern over Binance’s refusal to respond to previous invitations. The committee aims to protect and defend the country’s finances, especially during times of economic challenges and recession. They highlighted the need for foreign companies operating in Nigeria, like Binance, to pay taxes and establish a physical office where Nigerian users can address their concerns.
The committee emphasized that exploitation of Nigerian investors will no longer be tolerated, and all offenders will be held accountable. They are committed to protecting Nigerian investors from predatory firms and ensuring that culprits are held responsible for their actions.
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