Reps Summon Binance CEO Over Alleged Funding Of Terrorism
House of Representatives summons the CEO of Binance over allegations of money laundering and terrorism financing.
Richard Teng, the CEO of Binance Holding Limited, has been called before the House of Representatives regarding allegations of funding terrorism and money laundering.
Ginger Onwusibe, the chairman of the House Committee on Financial Crimes, gave the firm's management a seven-day ultimatum at a panel on Friday, demanding that they appear before the committee on March 4, 2024, at the latest. Claiming that activities on its platform constituted serious harm to the Nigerian naira and the economy as a whole, the federal government had clamped down on Binance, a platform where users trade cryptocurrencies.
Mr. Onwusibe, however, lamented Mr. Teng's refusal to respond to earlier invitations and threatened to use the committee's constitutional powers to take appropriate action if he did not show up for the summons. The committee summoned the CEO of Binance on December 12, 2023, and asked for a hearing on December 18, 2023, so that he could brief the committee on the company's complete disdain for the laws that currently govern business and financial operations in the nation.
The chairman cited the constitution's provision protecting Nigerians from financial crimes, particularly those committed by foreign companies, in expressing the committee's resolve to combat them, “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, levelled against Binance are damning enough. At this material time, we need all the tax dollars 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,” he added.
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