Reps summon Binance boss over alleged terrorism financing, others

[Charles-Tim]

The House of Representatives Committee on Financial Crimes summons Binance CEO, Richard Teng over alleged involvement in terrorism financing and money laundering. Ginger Onwusibe which is the Chairman of the Committe said management of Binance should appear before or on March 4. He said the committee will invoke constitutional powers to take appropriate measures if Binance do not honour the summon.

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering and tax evasion amongst others levelled against Binance are damning enough.

Our government were sleeping before, but now they know that Binance needs to be paying tax. But not only Binance but also all other foreign exchanges.

https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing-others/

[Hatchy]

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering and tax evasion amongst others levelled against Binance are damning enough.

Our government were sleeping before, but now they know that Binance needs to be paying tax. But not only Binance but also all other foreign exchanges.

https://punchng.com/reps-summon-binance-boss-over-alleged-terrorism-financing-others/

It's interesting to see that the Nigerian government is starting to understand the web3 and online money system. I wonder where they've been all these years. However, attacking exchanges, especially targeting only Binance, is unnecessary.

We have other exchanges operating in Nigeria and if really there were to pay taxes then all exchanges should be expected to do so.
The only thing I don't get right now, is the part of binance financing terrorism. I don't know how that's possible. Or maybe the reps are jus looking for things to drag out binance and accuse them. Let's be watching though, where this will all lead to.

[Amphenomenon]

We have other exchanges operating in Nigeria and if really there were to pay taxes then all exchanges should be expected to do so.
The only thing I don't get right now, is the part of binance financing terrorism. I don't know how that's possible. Or maybe the reps are jus looking for things to drag out binance and accuse them. Let's be watching though, where this will all lead to.

This is understandable, since they have to go for the head first since its clear fact binance is the most top exchange use in Nigeria, once they finally set regulations for binance I guess all other exchanges will be require to follow them.

I know our government ain't to be trusted in their words but I will not exempt this since before this whole issue, everyone can literally do anything with crypto currency there was never a restriction except from the CBN banned nothing much, we were totally free and some people may have used this opportunity for such schemes

[Barikui1]

Nigeria my country, this our politicians will never seize to amazing me, where were they all this while, or is it because of the 26B dollars they think binance had made in Nigeria? It's very easy to know where they are actually driving to as a Nigerian, but what is not good is to accuse them of funding terrorism, and what is the benefits of binance by doing so?

In as much as we all know that they are looking for a way to milk some money out of them, I believe that the taxation process they are trying  to implement should be done sincerely, and legitimately, not this way.

[Igebotz]

The House of Representatives Committee on Financial Crimes summons Binance CEO, Richard Teng over alleged involvement in terrorism financing and money laundering. Ginger Onwusibe which is the Chairman of the Committe said management of Binance should appear before or on March 4. He said the committee will invoke constitutional powers to take appropriate measures if Binance do not honour the summon.

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering and tax evasion amongst others levelled against Binance are damning enough.

Our government were sleeping before, but now they know that Binance needs to be paying tax. But not only Binance but also all other foreign exchanges.

If they want Binance to pay tax, detaining their employees, requesting them to stop NGN P2P on their platform, and demanding a $10 million ransom will result in zero tax.

And if that wasn't enough, they're now accusing Binance of supporting terrorism, a case that if Binance pursued would cost Nigeria a large punishment because everything is based on assumptions and there is no evidence. We're only making jokes of ourselves.

[Charles-Tim]

If they want Binance to pay tax, detaining their employees, requesting them to stop NGN P2P on their platform, and demanding a $10 million ransom will result in zero tax.

Demanding $10 billion dollars is a fake news

Binance said government did not ask for $10 billion fine

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

“I said our government may impose heavy fines on Binance for what happened,” Mr Onanuga told The Gazette. “I never said Binance had been informed about the fines or that it would definitely be $10 billion.”
“I only said the amount may be imposed, which is because nothing has been finalised yet,” Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.

[Igebotz]

If they want Binance to pay tax, detaining their employees, requesting them to stop NGN P2P on their platform, and demanding a $10 million ransom will result in zero tax.

Demanding $10 billion dollars is a fake news

Binance said government did not ask for $10 billion fine

Asked for comments about Binance’s position, Mr Onanuga said his statement to the BBC was misrepresented in the media, noting that he never said the company had been informed or that the fine had been concluded by Nigerian regulators.

“I said our government may impose heavy fines on Binance for what happened,” Mr Onanuga told The Gazette. “I never said Binance had been informed about the fines or that it would definitely be $10 billion.”
“I only said the amount may be imposed, which is because nothing has been finalised yet,” Mr Onanuga said, placing repeated emphasis on the uncertainties around the fines.

Well, we know the present government is known for leaking confidential documents, and based on what Mr. Onanuga stated in this piece, it is clear that the FG is attempting to fine Binance, but the issue here is the actual amount and when they want to file it. "Nothing has been finalised yet", but trending reports contain an atom of truth.

[Agbe]

 My problem is when they take the tax they should use am to do weti dem supposed usam do and no be to divert am go private pockets. Because di real meaning of tax is to provide di necessary things the people need in the society which can be light, pipe born water, good roads, good environment for business and other things that go make life better for the country. I also see di news on newspaper and Binance says dem no go pay the #10 billions. Nigerian government e don dey wake up small Small but let dem reduce cost of living very well before doing all things things.
See di news.

[iBaba]

Well, we know the present government is known for leaking confidential documents, and based on what Mr. Onanuga stated in this piece, it is clear that the FG is attempting to fine Binance, but the issue here is the actual amount and when they want to file it. "Nothing has been finalised yet", but trending reports contain an atom of truth.

Well, I think, for a start, the recent action regarding Binance is a good approach by the administration. Issuing a 7-day ultimatum to the management of Binance Holdings to appear before the committee was another positive move. Today is already the 3rd of March, and by tomorrow, the ultimatum will expire. The truth of the matter is, at this point in time, the government needs to address tax collection, which is crucial, and also regulate the activities of some of these online exchanges. Personally, I believe that’s what’s necessary.

However, it’s evident that the government has only recently begun to address this issue, with talks of summoning the management and seeking accountability from online exchange platforms. What I expect from the Federal Government right now is to refrain from playing politics around the Binance issue. While it’s essential for the government to benefit from the volume of transactions on the platform, it should also focus on regulating the activities of the exchange platforms responsibly. Asking for taxes is a common practice worldwide, including in the United States. Therefore, the government’s failure to do so earlier indicates a lack of proactiveness.

It’s crucial for the government to keep politics out of this matter and focus on the real issues. They should regulate exchange platform activities responsibly and ensure ease of doing business for users in Nigeria. Citizens should not feel restricted in their online activities. The government should create an enabling environment for both companies and citizens. It’s about the welfare of the people, and nobody should be compelled to operate in an environment they’re unhappy with. Therefore, I expect the government to prioritize the citizens’ interests and create a conducive environment for all.

[AVE5]

The force and false alarms of the so federal government running Helter skelter against the Binance exchange is just of the taxation and not that they're running all these spheres for the welfares of the masses.
They should had pointed out how the exchange involved in terrorism.
The roles of our government is being so irritating above the international levels.

[Gozie51]

Na regulation wey everything dey waka go. Apart from say if binance begin pay tax say dem go still carry am enter their pocket, I no sure say binance go allow dem drag dem enter inside the terrorism matter. In fact, government no go succeed for dat. Na today we don dey hear say pepo dey sponsor terrorism for naija? How many of dem don dey prosecuted? Even people in government self don get the allegation of sponsoring boko haram, abi shey boko haram too no dey for terrorist organisations with the offense and attrocities wey dem don commit ontop the Nigeria people and society or abi na as Nigerian government dey play politics from labelling dem as terrorist? So people in government self don get such allegation and yet government still carry dem join body.

In fact, I go like see how all there terrorism allegation on binance go go. Of course na just make dem dey spread wings where dem no fit fly reach.

[Coyster]

The Nigerian government dey go about this matter in the wrong way, if dem continue in this way they would scare foreign investors away from the country, dem dey make baseless claims and they are trying to cajole Binance into giving them information about Nigerian traders in their platform. Sometimes i dey wonder who dey make these decisions, if you wan regulate crypto and get taxes from it, then it is definitely not through detaining representatives of Binance, that is a crazy move. Everything wey Naija dey do now would definitely amount to nothing, other than scare away foreign investors/businesses from Naija and worsen the situation wey dey bad already.

[Charles-Tim]

Binance executives in NSA custody, can’t attend N’Assembly hearing – Lawyer

March 4 was yesterday and Binance CEO, Richard Teng and other Binance executives did not appear before House Committee on Financial Crimes but their Lawyers appeared. The Chairman of the House Committee, Obinna Ginger, declared that a warrant would be issued for their arrest.

Responding, however, Binance counsel, Senator Ihenyen, explained that the executive could not appear because they were in custody.

Ihenyen pleaded with the committee to accord the company ample time to appear before it, noting that two top shots of Binance who arrived in the country last week were arrested by the Office of the National Security Adviser

“Following the arrest of two executives, other persons could not come into Nigeria because they were afraid of arrest too. Binance has responded appropriately to the demands of the committee and as our client, we are pleading that this honorable committee consider taking the report,” said..

I think they want Binance CEO and other executives to appear before them but two of the executives are in NSA custody. How can someone that you arrested in your country appear on the day unless you wanted them to appear. Or maybe because Richard Teng did not come to Nigeria has been the reason the other two executives were not given the privilege to also appear before the House Committee on Financial Crimes.

https://punchng.com/binance-executives-in-nsa-custody-cant-attend-nassembly-hearing-lawyer/

[parvashasan12]

As the situation with Binance in Nigeria continues to evolve,  Nigerian traders should explore other exchanges like Bitget as Binance isn't the only exchange that is operating in our region.