Reps Panel Summons Binance Holdings Over Alleged Terrorism Financing, Money Laundering

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The House of Representatives Committee on Financial Crimes has summoned the Chief Executive of Binance Holding Limited, Richard Teng over alleged acts of terrorism financing and money laundering.
Chairman of the Committee, Hon. Ginger Onwusibe, issued a seven-day ultimatum to the management of Binance Holdings Ltd to appear before the panel on or before Monday, March 4, 2024.

Onwusibe warned that the committee would be forced to invoke the constitutional powers vested in it to take appropriate measures in the event Binance Holdings fails to turn up for the summon.
Onwusibe expressed displeasure over the refusal of the chief executive of Binance Holdings to appear after series of invitations to state his own side of the matter 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, Richard Teng, in a letter dated December 12, 2023 signed by its chairman, Hon. Onwusibe requesting a hearing on December 18, 2023.
Onwusibe, while restating the resolve of the committee to fight financial crimes said; “The constitution has empowered us to protect Nigerians from financial crimes especially by foreign companies.

“We also have a duty to protect and defend the finances of the country 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 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 amount of 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.”