Nigerian Parliamentary Committee Summons Binance CEO Teng: Report

Two executives of the exchange were detained last week on arrival in the country.

AccessTimeIconMar 4, 2024 at 2:25 p.m. UTC
Updated Mar 8, 2024 at 10:36 p.m. UTC
  • The House of Representatives' Committee on Financial Crimes summoned Binance CEO Richard Teng to appear before it by March 4, the Punch reported.
  • Chairman Ginger Onwusibe said the committee will take appropriate measures if he doesn't appear, according to the newspaper.
  • Two Binance executives were detained on arrival in the country last week, reportedly after being invited to meet officials.

A committee of Nigeria's House of Representatives summoned Binance CEO Richard Teng to appear "on or before March 4" as it investigates alleged money laundering and financing of terrorism, Punch reported.

Ginger Onwusibe, chairman of the Committee on Financial Crimes, made the call on Friday, the Nigerian newspaper said on its website, days after two Binance executives were detained at their arrival in the country following an invitation to meet officials, according to a Bloomberg report.

The crypto exchange has raised the ire of the country's central bank, which blames it for exacerbating an economic crisis by allegedly fixing the country's exchange rate and allowing $26 billion of untraceable funds to leave the country as it faces a foreign exchange crisis. The BBC said Friday that Nigerian authorities said that they may fine the exchange as much as $10 billion, though a spokesperson for the president subsequently downplayed the report.

If the exchange fails to meet the summons, the committee will take appropriate measures Onwusibe said according to Punch.

“You cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service," Onwusibe said, according to Punch. "The era of exploitation is over and all culprits must be held accountable.”

CoinDesk reached out to Binance and Nigeria's National Assembly for comment and had not heard back before press time.

Edited by Sheldon Reback.


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Camomile Shumba

Camomile Shumba is a CoinDesk regulatory reporter based in the UK. She previously worked as an intern for Business Insider and Bloomberg News. She does not currently hold value in any digital currencies or projects.

Read more about