The House of Representatives Committee on Financial Crimes has summoned the Chief Executive of Binance Holding Limited, Richard Teng, over allegations of terrorism financing and money laundering. The committee, chaired by Ginger Onwusibe, issued a seven-day ultimatum to Binance Holdings LTD., urging the CEO to appear before the committee by March 4, 2024.
Binance, an online cryptocurrency exchange platform, has been accused by the Central Bank of Nigeria of involvement in money laundering and other illicit activities. Onwusibe warned that if Binance Holdings fails to respond to the summons, the committee will invoke its constitutional powers to take appropriate measures.
The committee expressed concern over the refusal of Richard Teng to appear before them despite several invitations to address issues related to Binance’s alleged disregard for existing laws governing business and financial operations in Nigeria. The committee had initially summoned the Managing Director of Binance in a letter dated December 12, 2023, requesting a hearing on December 18, 2023.
Onwusibe reiterated the committee’s commitment to combating financial crimes and emphasized that the constitution empowers them to protect Nigerians from such activities, particularly by foreign companies. He stated that allegations of terrorism financing, money laundering, and tax evasion against Binance are serious, emphasizing the need to safeguard the country’s finances, especially amid economic challenges.
The committee emphasized the importance of tax compliance and the establishment of a physical office for Binance in Nigeria to address customer complaints. Onwusibe highlighted the committee’s determination to hold companies accountable and protect Nigerian investors from exploitative practices, stating that the era of exploitation is over.
