A Nigerian lawmaker is accusing Binance of violating the law, according to a report by the Punch newspaper.
The Punch report quotes the chairman of Nigeria’s House of Representatives Committee on Financial Crimes, Ginger Onwusibe, saying that the country’s constitution empowers lawmakers to “protect Nigerians from financial crimes, especially by foreign companies.”
“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 among others leveled against Binance are damning enough.
At this material time, we need all the tax dollars and to block the leaks and channels to financing terror.
It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and manipulation can stop us.”
The report further quotes the Financial Crimes committee chairman saying that Binance has millions of customers in Africa’s most populous country.
“You cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over and all culprits must be held accountable.”
A BBC report last week indicated that the Nigerian government had slapped Binance with a $10 billion fine over allegations related to foreign exchange rate manipulation.
A day later, however, Bayo Onanuga, special advisor to Nigerian President Bola Tinubu, told the Peoples Gazette, a local online news outlet, that a fine for the crypto exchange had not yet been finalized.
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