The House of Representatives Committee on Financial Crimes has summoned Richard Teng, the chief executive officer of Binance Holding Limited, over alleged involvement in terrorism financing and money laundering.
The Chairman of the Committee, Ginger Onwusibe, at a panel recently issued a seven-day ultimatum to the management of Binance Holdings Ltd to appear before the committee on or before March 4, 2024.
The crypto platform has recently been flagged by the Central Bank of Nigeria (CBN) for aiding money laundering, amongst others. Onwusibe also warned that the committee would be forced to invoke its constitutional powers to take appropriate measures if the crypto firm fails to heed its summons.
Onwusibe noted Teng’s earlier refusals to appear after a series of invitations by the committee. The Committee had summoned the Managing Director of Binance, in a letter dated 12th December 2023 and signed by its chairman, Onwusibe requesting a hearing on the 18th of December, 2023.
“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 amongst others levelled 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,” the lawmaker added.
