Nigerian House of Representatives Committee Requests Presence of Binance CEO Amid Accusations of Financial Misconduct
Binance finds itself embroiled in yet another legal dispute, as the House of Representatives Committee on Financial Crimes in Nigeria summons Richard Teng, the Chief Executive of Binance Holding Limited, on allegations of terrorism financing and money laundering.
The committee’s chairman, Ginger Onwusibe, has issued a stern seven-day ultimatum for Binance Holdings LTD. to appear before the committee by March 4, 2024. Onwusibe expressed deep concerns regarding the serious allegations against Binance, which include terrorism financing, money laundering, and tax evasion.
“The allegations leveled against Binance, such as terrorism financing, money laundering, and tax evasion, are extremely damning. During this critical time, it is vital that we safeguard our tax revenue and block the channels that fund terrorism,” stated Chairman Onwusibe.
This is not the first time that the committee has summoned Richard Teng. In a letter dated December 12, 2023, Teng was previously called upon to address concerns related to Binance’s business operations in Nigeria. However, he reportedly declined to appear before the committee on multiple occasions.
Chairman Onwusibe warned that if Binance Holdings fails to comply with the summons, the committee will not hesitate to exercise its constitutional powers to take appropriate action.
The committee’s concerns go beyond allegations of terrorism financing and money laundering. Chairman Onwusibe also raised issues regarding Binance’s failure to pay taxes and the absence of a physical office in Nigeria to handle customer complaints.
“You cannot operate a company with over 10 million Nigerians on your platform without paying taxes or providing a physical office for Nigerian customers to address their concerns,” warned Chairman Onwusibe. “It is our duty to protect Nigerian investors from predatory firms, and no distractions or manipulations can deter us.”
Chairman Onwusibe emphasized the committee’s commitment to combat financial crimes and protect Nigerian citizens and the country’s financial integrity, stating that they will not hesitate to exercise the constitutional powers granted to them.
As the House of Representatives Committee on Financial Crimes intensifies its investigation into Binance, the global cryptocurrency community is closely watching to see if Binance can still be trusted. With former CEO Changpeng Zhao admitting to fraud in the lawsuit against the U.S. SEC and awaiting final sentencing, the legal summons and proceedings against Binance Holdings are expected to reveal further revelations.
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