House of Representatives Committee Summons Binance Nigeria’s Senior Executives Amidst Standoff

Binance US Unsuccessful in Providing Accounting Statements Even After Extension

House of Representatives Committee Summons Binance Nigeria’s Senior Executives Amidst Standoff

Bollywoodfever, March 4:  The Nigerian House of Representatives’ Financial Crimes Committee has issued a mandate for senior executives from the cryptocurrency exchange Binance to present themselves before March 4.

 Led by Ginger Onwusibe, the chairperson of the committee, a strict warning has been communicated regarding potential consequences if Binance’s leadership fails to adhere to this directive.

This development signifies a further intensification in the ongoing conflict between Binance and Nigerian regulatory authorities. According to recent reports, Binance’s high-level management team, including CEO Richard Teng, has been specifically requested to attend a session with the Financial Crimes Committee. 

Binance US Unsuccessful in Providing Accounting Statements Even After Extension

This move stems from allegations linking the cryptocurrency exchange to significant fluctuations in the Nigerian naira’s value, as detailed by News.

The confrontation began when Nigerian officials accused Binance of contributing to the naira’s depreciation in February, attributing it to the platform’s trading activities. 

The accusations against Binance have since broadened to include severe charges such as money laundering and economic sabotage. 

The tension escalated further following statements from the Nigerian president’s special adviser to the BBC, claiming Binance was fined $10 billion

In response, Binance has publicly refuted any claims of receiving such a fine, emphasizing its commitment to compliance and regulatory cooperation.

Safeguarding Nigeria’s Financial Integrity

A recent report from The Punch highlighted instances where Binance’s top executives did not respond to previous summonses from the same committee. 

With this backdrop, the committee’s chairman, Ginger Onwusibe, has issued a stern warning about the repercussions Binance could face for disregarding their latest directive. 

Onwusibe emphasized the critical need for Nigeria to address the alleged wrongdoing by the cryptocurrency exchange to protect the nation’s economic well-being.

Given the challenging economic landscape, with Nigeria on the brink of a recession, Onwusibe highlighted the gravity of accusations such as terrorism financing, money laundering, and tax evasion against Binance. In these trying times, it’s imperative that we maximize our tax revenue and close any loopholes that may facilitate the financing of terrorism,” Onwusibe stated.

Furthermore, Onwusibe voiced a strong commitment to defending Nigerian investors from exploitative practices by foreign entities. 

Highlighting Binance’s significant presence in Nigeria, with a reported 10 million users, he underscored the need for foreign companies operating within Nigerian borders to comply with local tax obligations, marking a decisive end to any practices that evade these responsibilities.

Also Read, Bitcoin Hits $64K, Continuing Its Remarkable Growth Trend

Montana Criticizes SEC’s Overreach in Kraken Case: Asserts Not All Crypto Assets Are Securities

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Pooja Chauhan

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