Binance CEO Richard Teng Summoned in Nigeria Over Money Laundering Suspicions: Report

The Central Bank of Nigeria (CBN) suspects that Binance was being used for money laundering and other unlawful activities.

Binance CEO Richard Teng Summoned in Nigeria Over Money Laundering Suspicions: Report

Photo Credit: Binance

Binance recently launched peer-to-peer trading for Nigerians via web and mobile app

  • Binance aims to be the world’s most licenced crypto firm
  • Binance has reportedly not registered in Nigeria
  • Nigeria is strengthening laws around foreign companies

Binance's new CEO, Richard Teng, joined the company in November 2023 after its founder and former CEO Changpeng Zhao pleaded guilty in the US for violating money laundering laws. As the waters were seeming to settle around Binance's internal turmoil, it's new CEO also may have found himself in a similar situation. Nigeria's House of Representatives Committee on Financial Crimes has reportedly summoned Teng on suspicions of the exchange's potential involvement in money laundering and terror financing.

With the crypto culture expanding rapidly around South Africa, governments are tightening their vigilance around crypto-related activities. The Central Bank of Nigeria (CBN), in this case, has alerted the Nigerian authorities about Binance, alleging that the platform may have played a role in suspicious fund transfers.

Ginger Onwusibe, the chairperson of the financial crimes committee, has asked Binance officials including Teng to present themselves before the Nigerian authorities, a report by local Nigerian publication, Punch said over the weekend. As per the report, Binance was given a seven-day ultimatum to meet with the Nigerian authorities by Monday, March 4. No details of Teng's meeting with the Nigerian authorities have, however, been reported so far.

Onwusibe, in the summon to Binance, has also reportedly warned the exchange that it could take appropriate measures to tackle with the suspicions if representatives of the firm fail to schedule a meeting. The CBN has red-flagged Binance's crypto exchange platform for being misused for money laundering and other unlawful activities.

“It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and manipulation can stop us. The allegations of terrorism financing, money laundering and tax evasion amongst others levelled against Binance are damning enough,” Punch quoted Onwusibe as saying.

Nigeria is taking steps to prevent financial crimes in the nation especially now that its economy is undergoing a recession-like climate. The country is getting stricter in terms of dealing with foreign companies. Calling Binance out, Onwusibe has disclosed that the company has neither registered its business in Nigeria nor has it established an office to address user grievances.

“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 has been quoted as saying.

This is not the first time, that Binance has found itself under legal scanner. In November 30, the Securities and Exchange Commission of Philippines had decided to block access to the world's largest crypto exchange. At the time, Philippines had claimed that Binance had not registered its operations with the authorities.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.
Affiliate links may be automatically generated - see our ethics statement for details.

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.

Radhika Parashar
Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at More
Ae Watan Mere Watan Trailer Released: Sara Ali Khan Plays Freedom Fighter Usha Mehta and Runs a Secret Radio Station During the Quit India Movement
Share on Facebook Gadgets360 Twitter Share Tweet Snapchat Share Reddit Comment google-newsGoogle News


Follow Us


© Copyright Red Pixels Ventures Limited 2024. All rights reserved.
Trending Products »
Latest Tech News »