The House of Representatives has summoned the chief executive of Binance Holding Limited, Richard Teng, over alleged terrorism financing and money laundering.
Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, issued a stern seven-day ultimatum during a panel session on Friday, demanding Teng’s appearance before the committee by March 4, 2024. The committee has expressed frustration over previous failed attempts to engage with Binance’s management regarding these serious allegations.
The federal government’s crackdown on Binance, a popular platform for cryptocurrency trading, stems from claims that activities conducted on its platform have caused substantial damage to the Nigerian naira and the economy as a whole.
Mr. Onwusibe emphasized the gravity of the situation, warning that failure to comply with the summons would result in the committee invoking its constitutional powers to take appropriate measures. He underscored the necessity of Teng’s presence in shedding light on the allegations and ensuring accountability.
