The House of Representatives Committee on Financial Crimes has urgently summoned Richard Teng, the Chief Executive of Binance Holding Limited, amidst allegations of terrorism financing and money laundering.
Chairman Ginger Onwusibe issued a seven-day ultimatum during a panel session on Friday, demanding Binance Holdings LTD. management to appear before the committee no later than March 4, 2024.
Binance, an online cryptocurrency exchange, has drawn attention from the Central Bank of Nigeria for its alleged involvement in illicit financial activities, including money laundering.
Onwusibe emphasized that failure to comply with the summons would lead the committee to utilize constitutional powers to take necessary actions against Binance Holdings.
Expressing dismay over Teng’s refusal to attend despite multiple invitations, Onwusibe highlighted the importance of adhering to existing laws governing business and financial operations within Nigeria.
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The committee initially summoned Binance’s Managing Director through a letter dated December 12, 2023, requesting a hearing by December 18, 2023.
Reaffirming the committee’s commitment to combat financial crimes, Onwusibe stressed the constitutional mandate to protect Nigerians from such offenses, particularly amid the country’s economic challenges.
He emphasized the seriousness of allegations against Binance, including terrorism financing, money laundering, and tax evasion, stating the imperative to safeguard tax revenue and prevent funds from flowing into illicit channels, especially during a period of economic downturn.
Onwusibe further underscored the committee’s obligation to shield Nigerian investors from exploitative practices, insisting that companies like Binance must be held accountable for their actions and comply with taxation regulations and provide accessible avenues for complaint resolution.
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