Nigerian Lawmakers Order Arrest of Binance CEO Over Alleged Financial Crimes

Teng and handcuffs

Nigerian lawmakers have escalated the confrontation with Binance, ordering the arrest of CEO Richard Teng and management for their failure to address allegations of financial crimes. Despite Binance’s legal representative appearing before the committee, the chairman dismissed their excuse and proceeded to issue the warrant. This development underscores the intensifying scrutiny of cryptocurrency platforms in Nigeria amid concerns of illicit financial activities.

Allegations of Terrorism Financing

Nigerian lawmakers have issued an arrest warrant for Binance CEO Richard Teng and management amid allegations of terrorism financing and money laundering. The House of Representatives Committee on Financial Crimes took this drastic action after Binance representatives failed to appear before the committee to address the accusations.

Chairman Hon. Ginger Onwusibe ordered the immediate arrest when Binance’s legal representative, Senator Ihengen, appeared in lieu of Teng and management. Ihengen cited the prior arrest of two top management staff by the Federal Government as the reason for their absence, but the committee dismissed this explanation and unanimously voted for the arrest.

A Struggling Economy

The summoning of Binance follows allegations from the Central Bank of Nigeria regarding the platform’s involvement in illicit financial activities, including money laundering and terrorist financing. This is coming in the wake of an economic recession in the country of over 200 million people. The government of president Bola Tinubu, who was elected last May has been struggling to stabilize the naira. The nation’s currency has lost more than two-thirds of its value in eight months.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.