The House of Representatives Committee on Financial Crimes has summoned Richard Teng, the Chief Executive of Binance Holding Limited, to address accusations of terrorism financing and money laundering.
Ginger Onwusibe, the chairman of the Committee, issued a seven-day ultimatum on Friday during a panel session, demanding that the management of Binance Holdings LTD. appear before the committee by March 4, 2024.
Binance, an internet platform facilitating cryptocurrency trading, has been scrutinised by the Central Bank of Nigeria for suspected involvement in money laundering and other illicit activities.
Onwusibe cautioned that if Binance Holdings disregards the summons, the committee will be compelled to utilize its constitutional authority to enforce necessary actions.
Onwusibe lamented the repeated failure of Binance Holding Limited’s Chief Executive, Teng, to attend numerous invitations aimed at updating the committee on concerns regarding financial regulations.
READ ALSO: Hunger, Killings in Nigeria are Signs of Last Days – Cleric
Reiterating the committee’s commitment to combating financial crimes, Onwusibe underscored the constitutional mandate bestowed upon them by the Federal Republic of Nigeria to safeguard citizens from such offenses, particularly those perpetrated by foreign entities.
“We 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, among others, levelled against Binance are damning enough.
“At this material time, we need all the tax dollars to block the leaks and channels for financing terror.
“We also have to do everything in our power to protect Nigerian investors from predatory firms, and no distraction or manipulation can stop us.
“You cannot run a company with over 10 million Nigerians on your platform without paying tax and having a physical office where Nigerians can lodge their complaints when they experience any challenge with your service. The era of exploitation is over, and all culprits must be held accountable.”
