The House of Representatives Committee on Financial Crimes has summoned the Chief Executive Officer (CEO) of Binance Holding Limited, Richard Teng, over alleged involvement in terrorism financing, money laundering, and tax evasion.
This is coming after the Federal Government imposed a $10 billion fine on Binance, a cryptocurrency trading platform, over alleged illegal transactions in the country.
Security operatives had earlier arrested two Binance executives in Abuja.
However, the chairman of the committee, Ginger Onwusibe, at a panel in Abuja on Friday, March 1, 2024, issued a seven-day ultimatum to the management of the cryptocurrency trading platform to appear before the committee on or before Monday, March 4.
The lawmaker decried the refusal of the Binance CEO 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.
FG slams $10bn fine on Binance over illegal transactions
Onwusibe further warned that the committee would be forced to invoke the constitutional powers vested in the committee to take appropriate measures if the platform’s management fails to heed the summon.
He said: “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 levelled against Binance are damning enough.
“At this material time, we need all the tax dollars and block the leaks and channels to financing terror.”
The committee had summoned the Managing Director of Binance in December 2023 but the cryptocurrency trading platform’s official failed to appear before the lawmakers.
The Central Bank of Nigeria (CBN) had accused Binance of involvement in money laundering and tax evasion, among others.
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