Binance finds itself under severe scrutiny in Nigeria following a recent settlement with the U.S. DOJ. Richard Teng, the new CEO of Binance, has been summoned to appear before Nigeria's House of Representatives Committee on Financial Crimes. This development was confirmed on Friday, with the committee's chairman, Ginger Onwusibe, issuing a stark ultimatum for Teng to make an appearance by March 4th to address allegations including money laundering and terrorism financing.
The Nigerian government has leveled a staggering $10 billion demand against crypto giant Binance, accusing the firm of engaging in currency speculation and rate-fixing activities that contributed to the naira's dramatic depreciation. Over recent months, the Nigerian currency has plummeted by nearly 70% in value, a situation the government attributes to manipulative financial practices.
In a bold move that has sent shockwaves through the crypto world, Nigeria has escalated its crackdown on digital currency exchanges, singling out Binance, the globe-trotting crypto behemoth, in an audacious bid to curb naira speculation. The African giant's latest actions include detaining two of Binance's top brass and confiscating their passports, a dramatic escalation in the state's war on crypto, the Financial Times reports.