Nigerian Official Deems Allegations of Terror Financing and Money Laundering Against Binance ‘Damning’: Report

According to a report by the Punch newspaper, a Nigerian lawmaker is accusing Binance of breaking the law, citing violations related to terrorism financing, money laundering, and tax evasion. 

Ginger Onwusibe, chairman of Nigeria’s House of Representatives Committee on Financial Crimes, emphasized the duty of lawmakers to safeguard citizens from financial crimes and protect the country’s finances, especially amid economic challenges. 

Onwusibe stressed the need for tax compliance and accountability, noting Binance’s substantial user base in Nigeria. While reports initially suggested a $10 billion fine imposed on Binance by the Nigerian government, conflicting statements have since emerged regarding the status of the fine’s finalization.

Clever Robot News Desk 6^th March 2024