Nigerian authorities issue a final warning to Binance CEO Richard Teng

Nigerian authorities issue a final warning to Binance CEO Richard Teng

Nigerian authorities have reportedly issued a final warning to Binance CEO Richard Teng, demanding his presence before the House of Representatives Committee on Financial Crimes by March 4.

This comes after Binance settled with the U.S. Department of Justice for money laundering and agreed to a $4.3 billion fine. The committee is investigating Binance for alleged financial crimes, including money laundering and supporting terrorism.

Failure to comply could lead to severe legal action, reflecting the government’s commitment to safeguarding Nigerian citizens from foreign financial misconduct.

Binance has ignored requests to discuss its adherence to Nigerian laws and tax obligations, with over 10 million Nigerian users.

Nigeria’s actions against Binance are intensifying, with recent moves to block foreign crypto exchange websites and detain Binance executives.

The Central Bank of Nigeria has reported “suspicious” money flows through Binance, involving $26 billion from unidentified sources. The Nigerian government is reportedly seeking $10 billion in damages for alleged financial manipulation.


Judith Faith has been writing about cryptocurrencies and blockchain technology for over five years. She is well versed in the industry and has an extensive network of industry contacts. She is also a frequent contributor to various cryptocurrency publications. With her vast knowledge and experience, she is able to provide insightful and valuable content to her readers. Judith is also an active investor in the cryptocurrency space and has a vested interest in the success of the industry.