The House of Representatives Committee on Financial Crimes has summoned Richard Teng, the Chief Executive of Binance Holding Limited, over allegations of terrorism financing and money laundering.
The committee, chaired by Ginger Onwusibe, issued a seven-day ultimatum to Binance Holdings LTD., to appear before them on or before March 4, 2024.
Binance, an online exchange for cryptocurrency trading, has been flagged by the Central Bank of Nigeria for its alleged involvement in money laundering and other illicit activities.
Onwusibe expressed concern over the refusal of Richard Teng to appear before the committee despite multiple invitations.
The committee had initially summoned the Managing Director of Binance in December 2023, requesting a hearing on December 18, 2023.
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Onwusibe reiterated the committee’s commitment to combating financial crimes, emphasizing the constitutional mandate to protect Nigerians from such offenses, especially those perpetrated by foreign entities.
He stressed the need to safeguard the country’s finances, particularly amidst economic challenges, and highlighted the serious allegations against Binance, including terrorism financing and tax evasion.
The committee emphasized the importance of holding companies like Binance accountable, ensuring compliance with tax obligations, and providing avenues for Nigerian investors to address concerns.
They vowed to take necessary measures to address exploitation and uphold accountability in financial operations.
