Binance CEO Summoned by Nigerian House of Representatives Over Terrorism Financing

Nigerian flag and Binance logo

The Financial Crimes Committee of Nigeria’s House of Representatives has taken a bold step by summoning Binance CEO Richard Teng to address allegations of terrorism financing and money laundering. According to reports from The Punch, the committee has issued an ultimatum, giving Teng seven days to appear before them on or before March 4, 2024. This move comes amidst concerns raised by the Central Bank of Nigeria regarding Binance’s involvement in illicit financial activities, including money laundering. Chairman Ginger Onwusibe emphasized the committee’s commitment to upholding Nigerian laws and protecting citizens from financial crimes perpetrated by both domestic and foreign entities.

Allegations of Financial Misconduct

The Financial Crimes Committee of Nigeria’s House of Representatives has summoned Binance CEO Richard Teng to address allegations of terrorism financing and money laundering. According to reports from The Punch, the committee has issued an ultimatum, giving Teng seven days to appear before them on or before March 4, 2024.

Chairman Ginger Onwusibe emphasized the committee’s commitment to upholding Nigerian laws and protecting citizens from financial crimes perpetrated by both domestic and foreign entities. He stated, “The constitution of the Federal Republic of Nigeria has empowered us to protect Nigerians from financial crimes, especially by foreign companies.”

Binance Failed to Heed Previous Summons

The committee’s concerns stem from allegations raised by the Central Bank of Nigeria regarding Binance’s involvement in illicit financial activities, including money laundering. Onwusibe expressed disappointment in Binance’s failure to heed previous summonses, saying,

“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.”

In response to Binance’s lack of cooperation, Onwusibe warned,

“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 reiterated the committee’s determination to fight financial crimes and hold accountable those engaged in unlawful activities.

A Crackdown in The Face of Recession

Furthermore, Onwusibe highlighted the importance of ensuring compliance with Nigerian tax laws and regulations. “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,” he remarked.

The summoning of Binance’s CEO underscores the Nigerian government’s efforts to crack down on financial misconduct and protect its citizens from exploitation. With mounting pressure from regulatory authorities, Binance faces scrutiny over its business operations in Nigeria and may be required to address the allegations of financial impropriety in a timely and transparent manner.

Author: Grace

Grace likes gardening. She holds some BTC and ETH.