Fun

Nigerian committee summons Binance CEO over financial crime suspicions

News Feed - 2024-03-03 08:03:38

Amaka Nwaokocha12 hours agoNigerian committee summons Binance CEO over financial crime suspicionsThe committee’s Chair, Ginger Onwusibe, warned that if Binance ignores the summons, the committee will exercise its constitutional authority and take necessary actions.14362 Total views16 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe Nigerian House of Representatives Committee on Financial Crimes has called Binance CEO Richard Teng to appear before the committee over suspicions of terrorism financing and money laundering.


According to a local news outlet, Punch, the committee’s Chair, Ginger Onwusibe, issued an ultimatum to the management of Binance on March 1 to appear before the committee on or before March 4, 2024.


The governor of the Central Bank of Nigeria (CBN) raised concerns on Feb. 27 about Binance, alleging “suspicious flows” of funds through the exchange in 2023.Screenshot of comment by Nigerian crypto enthusiast. Source: Arinze Maduekwe/X


Onwusibe warned that if Binance ignores the summons, the committee will exercise its constitutional authority and take necessary actions. According to Punch, in a letter dated Dec. 12, 2023, signed by Onwusibe, the committee called for Teng to appear before a hearing on Dec. 18, 2023.


Onwusibe expressed his disappointment at Teng for not attending despite multiple invitations. Onwusibe emphasized that it relates to the complete neglect of existing laws governing business and financial operations in the country.


Onwusibe reiterated the committee’s commitment to combating financial crimes, emphasizing that the constitution empowers them to safeguard Nigerians from financial crimes, particularly those involving foreign companies.


Related:Nigeriadenies report of $10B Binance fine


The National Security Adviser’s office has also reportedly detained two senior Binance officials in the Nigerian capital, Abuja, as the government looks to crack down on cryptocurrency exchanges to tame the speculation about its fiat currency, the Nigerian naira. Binance removed the naira from its peer-to-peer (P2P) service on Wednesday, Feb. 28, amid a crackdown on the crypto exchange.


The P2P feature allows users, buyers and sellers to trade without involving a third party. It became popular in Nigeria in 2021 following the government’s ban on its thriving crypto industry during former President Muhammadu Buhari’s administration.


However, in December 2023, the CBN lifted a two-year ban on banks engaging in crypto transactions and issued guidelines for regulating virtual asset service providers simultaneously. Nigeria was the second country to launch a central bank digital currency in 2022. In February, the Africa Stablecoin Consortium also launched the naira-pegged cNGN stablecoin in a CBN regulator sandbox.


Magazine:Bitcoin in Senegal: Why is this African country using BTC?# Blockchain# Cryptocurrencies# Law# Government# Nigeria# Cryptocurrency Exchange# Binance# RegulationAdd reactionAdd reaction

News Feed

Bitcoin Price Crash Trigger To $96,000: The Head And Shoulders Pattern That’s Forming
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Tomer Warschauer Nuni10 hours ago5 things crypto must get right for mainstream adoption to happenMainstream crypto adoption will require an enormous effort, and it’s still likely to be several years away.1024 Total vie
VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform
VAST Completes Private Investment Round as It Readies to Launch First-Ever EngageFi™ NFT Platform press release PRESS RELEASE.Miami, FL – VAST, the multimedia NFT marketpla
Paypal’s Crypto Embrace: Morgan Stanley Says Move Boon for Mass Adoption, Critics Say Payment Giant Violates Crypto Principles
Paypal"s Crypto Embrace: Morgan Stanley Says Move Boon for Mass Adoption, Critics Say Payment Giant Violates Crypto Principles The entry of Paypal into the crypt
Satoshi Nakamoto Kidnapped, Tortured by NSA to Destroy Crypto in New Movie ‘Decrypted’
Satoshi Nakamoto Kidnapped, Tortured by NSA to Destroy Crypto in New Movie "Decrypted"Decrypted, a new crypto movie about Satoshi Nakamoto, the mysterious creator of Bitcoin, is in
Zhiyuan Sun9 hours agoFC Barcelona secures $132M investment for blockchain and NFT ventureThe football club has been keen on creating nonfungible token collections for much of the past year.6109 Total views15 Total share
Brayden Lindrea37 minutes agoCrypto exchange Binance reopens exchange services in BelgiumIn June, Binance was ordered to halt its services in Belgium "with immediate effect," leading to the exchange redirecting
Time is Ticking for GameStop to Figure Out Its Future
| Image: ShutterstockFor all of the amazing businesses that the Internet has launched, it is also put a number of them out of business. We already know that Amazon is mowing its way
Amaka Nwaokocha1 hour agoCelsius Network approved to convert altcoins into BTC or ETHThe liquidations will pave the way for the distribution of the funds to creditors in the near future.1042 Total viewsListen to article
Turner Wright3 hours agoUS lawmakers discuss digital assets, and the House gets a new speakerWith the election of Mike Johnson as speaker of the U.S. House of Representatives, Congress will once again be able to move for
Venezuelan Buys Apartment Using Tether as Real Estate Market Warms Up to Crypto
Venezuelan Buys Apartment Using Tether as Real Estate Market Warms Up to Crypto A Venezuelan individual has reportedly purchased an apartment using cryptocurrenc
DentaVox: Market Statistics Powered by Blockchain
DentaVox: Market Statistics Powered by BlockchainBack in November 2017, the Netherlands-based Dentacoin Foundation launched its market research platform DentaVox among other softwar