Ginger Onwusibe, the chair of the committee, issued a warning, stating that should Binance disregard the summons. The committee will utilize its constitutional jurisdiction and take appropriate measures.

The Nigerian House of Representatives Committee on Financial Crimes has invited Richard Teng. Binance’s CEO, to appear due to allegations of money laundering and terrorism financing.

Punch, a local news source, reports that Ginger Onwusibe, the chair of the committee. Gave the Binance management until March 1 to come before the committee by March 4, 2024, at the latest.

On February 27. The governor of Nigeria’s Central Bank (CBN) expressed worries regarding Binance, citing “suspicious flows” of funds through the exchange in 2023.

Screenshot of comment by Nigerian crypto enthusiast. Source: Arinze Maduekwe/X

Onwusibe’s Stern Warning to Binance CEO Over Ignored Summons and Financial Regulations

The Onwusibe issued a warning. Stating that the committee would use its constitutional authority and take appropriate action if Binance disregarded the summons. In a letter dated December 12, 2023, and signed by Onwusibe. Punch claims that the committee requested that Teng show up for a hearing on December 18, 2023.

The voiced his disappointment in Teng for declining several offers to attend. Onwusibe emphasized that individuals completely disregard the regulations currently governing the nation’s financial and corporate operations.

Onwusibe emphasized the committee’s resolve to fight financial crimes, stating that the constitution empowers them to protect Nigerians against financial crimes, especially those involving foreign corporations.

As the government attempts to crack down on cryptocurrency exchanges to quell speculation about its fiat currency, the Nigerian naira, the National Security Adviser’s office has reportedly detained two senior Binance officials in the Nigerian capital, Abuja. In the midst of a crackdown on the cryptocurrency exchange, Binance banned the naira from its peer-to-peer (P2P) service on Wednesday, February 28.

Users, buyers, and sellers can transact without the involvement of a third party thanks to the P2P feature. Following the government’s ban on the country’s booming cryptocurrency business during the administration of former President Muhammadu Buhari, it gained popularity in Nigeria in 2021.

But in December 2023, the CBN simultaneously released regulations for virtual asset service providers and repealed a two-year restriction on banks doing cryptocurrency transactions. In 2022, Nigeria became the second nation to introduce a digital currency issued by its central bank. The Africa Stablecoin Consortium introduced the cNGN stablecoin, pegged to the naira, under a CBN regulator sandbox in February.