The House of Representatives Committee on Financial Crimes have summoned the Chief Executive of Binance Holding Limited, Richard Teng, over alleged terrorism financing and money laundering.
The chairman of the Committee, Ginger Onwusibe, on Friday, at a panel, issued a seven-day ultimatum to the management of Binance Holdings LTD., to appear before the committee on or before March 4, 2024.
Binance, an online exchange where users trade cryptocurrencies, has been flagged by the Central Bank of Nigeria to have been involved in money laundering amongst other things.
Onwusibe, however, warned that the committee will be forced to invoke the constitutional powers vested in the committee to take appropriate measures if Binance Holdings fails to heed the summon.
He decried the refusal of the Chief Executive of Binance Holding Limited, Teng, to appear after a series of invitations to brief the committee relating to the total disregard for extant laws governing business and financial operations in the country.
The committee had summoned the Managing Director of Binance, in a letter dated December 12 2023 and signed by its chairman, Onwusibe requesting 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.