Nigerian Parliament Issues Warning to Binance After CEO Ignores Summons

Abuja, Nigeria, Monday, March 11, 2024 –Following Binance CEO Richard Teng’s continued absence after being summoned, Nigeria’s Parliament has issued a formal warning to the cryptocurrency exchange. The House of Representatives Committee on Financial Crimes had previously summoned Teng to address allegations of financial misconduct, including suspicious financial flows, money laundering concerns, and potential tax evasion.¹

In the most recent summons, Ginger Onwusibe, the Committee’s chairman, issued a seven-day ultimatum to Binance Holdings Ltd..’s management during a panel session. The ultimatum requires the company to present itself before the committee on or before March 4, 2024.

The committee chairman, Ginger Onwusibe, expressed disappointment at Teng’s failure to appear. He reiterated the need for Binance to clarify its operations in Nigeria and address the raised concerns.

This warning marks a potential escalation in tensions between the Nigerian government and Binance. The Parliament has not yet specified what actions might follow if Binance continues to disregard the summons.

Binance has yet to publicly respond to the warning. The situation reflects the ongoing challenges faced by regulators around the world as they attempt to establish frameworks for the rapidly growing cryptocurrency market.

Sources