Top executives from Binance have been summoned to appear before the Nigerian House of Representatives Financial Crimes Committee no later than March 4. Ginger Onwusibe, the committee’s chairperson, has warned of possible repercussions should Binance executives fail to comply with the request.
Latest Escalation in the Standoff Between Binance and Nigerian Authorities
The Nigerian House of Representatives has reportedly summoned the top managerial team of the cryptocurrency exchange Binance. The team is required to appear before the House’s Financial Crimes Committee on or before March 4, according to a report in a local publication. The order to summon Binance’s top executives was issued by Ginger Onwusibe, the committee’s chairman.
The summoning of CEO Richard Teng and his colleagues marks the latest escalation in the dispute between Binance and the Nigerian government over the naira exchange rate. As previously reported by Bitcoin.com News, the standoff between the two parties began after Nigerian authorities attributed the local currency’s plunge in February to activities on the cryptocurrency platform.
Also Read: 47% of Nigerians Engaged in Crypto-Related Activities
Since then, Binance has been accused by Nigerian officials of committing crimes that range from money laundering to sabotaging the economy. The special adviser to the Nigerian leader escalated the situation when he informed the British Broadcasting Corporation (BBC) that Binance had been hit with a $10 billion fine. This allegation prompted the crypto exchange to issue a statement denying any knowledge of the fine.
Defending Nigeria’s Finances
Meanwhile, a report by The Punch suggested that Binance executives have previously failed to heed the same committee’s summons. In light of this possibility, the committee’s chairman warned of potential consequences should Binance ignore the latest summons. He further elaborated on the importance for his nation to exert control over the alleged malpractices of the cryptocurrency exchange.
“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering, and tax evasion amongst others leveled against Binance are damning enough. At this material time, we need all the tax dollars and to block the leaks and channels to financing terror,” Onwusibe said.
The chairman also asserted that his committee remains undeterred in its mission to safeguard Nigerian investors from “predatory firms.” Onwusibe, who revealed that Binance boasts a user base of 10 million in Nigeria, declared an end to the era where foreign firms could operate or offer their services in Nigeria without paying taxes.
Source: Bitcoin
