Nigeria Accuses Binance of Terrorism Financing and Money Laundering

Binance, the leading crypto exchange embroiled in a legal battle since 2023, has been recently accused of terrorism financing and money laundering by the Nigerian government. Ginger Onwusibe, the Chairman of The House of Representatives Committee on Financial Crimes, has summoned Binance CEO Richard Teng over the allegations.

Onwusibe issued a seven-day ultimatum to Binance management, demanding their appearance before the committee on or before March 4 over alleged “suspicious flows” on Binance. Reflecting on the company’s failure to appear for previous panel hearings, the committee warned that the authority would take appropriate measures against the firm if it repeatedly neglected the orders. The committee added,

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. The era of exploitation is over and all culprits must be held accountable.

In a recent revelation, Olayemi Cardoso, the Governor of the Central Bank of Nigeria (CBN), disclosed Binance’s suspicious activities that allegedly resulted in $26 billion in illicit flows. Reportedly, two Binance executives were arrested in Abuja, the capital city of Nigeria.

Commenting on the West African nation’s obligation to protect the country’s finances, Onwusibe asserted that the authority is determined to block the leaks and channels to financing terror. He reiterated the country’s commitment to “protect Nigerian investors from predatory firms.” He added, “The allegations of terrorism financing, money laundering, and tax evasion, amongst others leveled against Binance, are damning enough.”