Binance CEO Richard Teng asked to appear before Nigerian committee
Nigeria's House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng to appear before the committee by March 4 due to alleged involvement in financial crimes. Binance's U.S. plea deal led to a historic fine of $4.3 billion and monitoring. The committee is determined to fight financial crime and collect taxes, as Binance allegedly caters to over 10 million Nigerians without paying taxes or having a physical presence. Nigeria's telecom regulator ordered blocking access to foreign crypto exchanges' websites, and the Department of State Security detained two Binance executives. The Nigerian government has ordered Binance to pay $10 billion in compensation, alleging manipulation of foreign exchange rates.
