Richard Teng, the CEO of Binance Holding Limited, has been called before the House of Representatives Committee on Financial Crimes regarding allegations of money laundering and terrorism financing.
At a panel on Friday, Ginger Onwusibe, the committee’s chairman, gave the management of Binance Holdings LTD. a seven-day ultimatum to come before the committee by March 4, 2024, at the latest.
The Central Bank of Nigeria has reported that Binance, an online cryptocurrency exchange, has engaged in money laundering among other illicit activities.
Onwusibe, however, issued a warning: should Binance Holdings disregard the summons, the committee will be compelled to use the constitutional authority granted to it in order to take the necessary action.
He expressed his displeasure with Teng, the CEO of Binance Holding Limited, declining multiple requests to update the committee on the complete disdain for current rules controlling the nation’s financial and corporate operations.
The committee had requested a hearing on December 18, 2023, and had summoned the Managing Director of Binance in a letter dated December 12, 2023, signed by its chairman, Onwusibe.
In summarizing the committee’s willingness to combat financial crimes, Onwusibe asserted that “the Federal Republic of Nigeria’s constitution 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 amongst 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.”
“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.”
