The Financial Crimes Committee in the Nigerian House of Representatives has summoned Richard Teng, CEO of Binance Holding Limited, in connection with suspicions of terrorism financing and money laundering.
On December 1st, at a workshop, a final notice of seven days was given to the management board of Binance Holdings LTD. to appear before the committee on or before March 4th, 2024.
The Governor of the Central Bank of Nigeria (CBN) expressed concerns on February 27th about Binance, an online cryptocurrency exchange, alleging “suspicious funds” flowing through the exchange in 2023.
Onwusibe is said to have warned that if Binance Holdings disregards the summons, the committee will be compelled to exercise its constitutional powers to take necessary actions. According to Punch, the committee, through a letter dated December 12th, 2023, and signed by Chairman Onwusibe, called for a hearing with the CEO of Binance, scheduled for December 18th, 2023.
He expressed disappointment with the CEO of Binance Holding Limited, Teng, for not attending despite receiving multiple invitations. Onwusibe emphasized that it pertains to the complete disregard of existing laws regulating domestic business and financial operations.
Onwusibe reiterated the committee’s commitment to combating financial crimes, emphasizing that the constitution empowers them to protect Nigerians from financial crimes, particularly those related to foreign companies.
