The House of Representatives Committee on Financial Crimes has taken decisive action by summoning Richard Teng, the Chief Executive of Binance Holding Limited, amidst allegations of involvement in money laundering and terrorism financing.
In a panel session chaired by Ginger Onwusibe on Friday, the committee issued a stern seven-day ultimatum to Binance Holdings Ltd., demanding Teng’s appearance before March 4, 2024.
Binance, a prominent online cryptocurrency exchange, has drawn scrutiny from the Central Bank of Nigeria for its alleged involvement in illicit financial activities, including money laundering.
Expressing concern over Binance’s non-compliance with Nigerian financial laws, Onwusibe cautioned that the committee would invoke its constitutional powers if the company failed to heed the summons.
The committee chairman lamented the repeated refusal of Binance Holding Limited’s CEO, Richard Teng, to attend hearings despite multiple invitations, highlighting the company’s apparent disregard for the country’s regulatory framework governing business and financial operations.
“Onwusibe stressed the imperative of safeguarding the nation’s finances, particularly amid economic challenges and the looming threat of recession. The gravity of the allegations, including terrorism financing and tax evasion, levied against Binance underscores the urgency of the situation,” the lawmaker emphasized.
“At this critical juncture, it is paramount to secure every tax revenue and close off avenues that could potentially fund illicit activities, including terrorism,” Onwusibe emphasized, underscoring the significance of regulatory oversight in protecting national interests.
