The House of Representatives Committee on Financial Crimes has called upon Richard Teng, the Chief Executive of Binance Holding Limited, to address concerns regarding terrorism financing and money laundering.
Ginger Onwusibe, the chairman of the Committee, issued a seven-day ultimatum during a panel on Friday, requesting the management of Binance Holdings LTD. to appear before the committee by March 4, 2024.
Binance, an online platform for trading cryptocurrencies, has been accused by the Central Bank of Nigeria of being involved in money laundering activities.
If Binance Holdings does not comply with the summons, Onwusibe warned that the committee will use its constitutional powers to take necessary actions.
The committee criticized the Chief Executive of Binance Holding Limited, Teng, for not attending despite multiple invitations to discuss the company’s disregard for existing laws on business and finance in the country.
The committee sent a letter on December 12, 2023, signed by its chairman, Onwusibe, summoning the Managing Director of Binance for a hearing on December 18, 2023.
Onwusibe, while restating the resolve of the committee to fight financial crimes, maintained that “the constitution of the Federal Republic of Nigeria has empowered us to protect Nigerians from financial crimes, especially by foreign companies.
“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, among others, leveled 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.”
He added, “It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and 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.”
