The House of Representatives Committee on Financial Crimes in Nigeria walked out lawyers from Udo Udoma and Belo-Osagie representing a cryptocurrency exchange company, Binance, accused of operating at variance with Nigerian laws. The committee had received a petition against Binance, and the lawyers appeared on behalf of the company instead of the Managing Director, Richard Teng, who was summoned for a hearing. The Committee Chairman, Hon. Ginger Onwusibe, criticized the lawyers’ appearance as despicable and unprofessional, emphasizing that the National Assembly is not a law court. The lawyers were walked out, and the company was directed to appear on another date.
The petition against Binance was filed by Empowerment for Unemployed Youths Initiative, Niger-Delta Youth Council, and partners, alleging crimes and infractions against Nigerians and a disregard for cryptocurrency laws. The Committee had summoned Binance’s Managing Director to address the allegations, but lawyers represented the company at the hearing, leading to their dismissal. The Committee expressed disappointment with the lawyers’ conduct and emphasized the need for Binance to address the allegations by physically appearing before the Committee. The groups warned against disobedience to foreign firms posing threats to national security and economic stability.
The groups cautioned Binance’s CEO, Richard Teng, against actions that could lead to Interpol arrest warrants and asset freezing, citing potential crimes such as money laundering, securities fraud, tax evasion, and failure to comply with regulatory frameworks. They urged Nigerians to distance themselves from Binance.com, emphasizing its alleged violation of Nigerian laws and regulations.
