Reps committee summon Binance Holdings over alleged terrorism financing, money laundering

The House of Representatives Committee on Financial Crimes has summoned the Chief Executive of Binance Holding limited, Mr Richard Teng over alleged committal of terrorism financing and money laundering.


The chairman of the Committee, Hon Ginger Onwusibe, issued a 7 day ultimatum to the management of Binance Holdings LTD., to appear before the committee on or before 4th of March 2024.


Onwusibe warned that the Committee will be forced to invoke the constitutional powers vested in the committee to take appropriate measures in the event Binance Holdings fails to heed to the summon.


Onwusibe, decried the refusal of the Chief Executive of Binance Holding limited, Mr Richard Teng 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 12th December, 2023 and signed by its chairman, Hon. Ginger Onwusibe requesting a hearing on the 18th of December, 2023.


Onwusibe, while restating the resolve of the Committee to fight financial crimes maintained that, “the constitution of the Federal Republic of Nigeria has empowered us to protect Nigerians from financial crimes especially by foreign companies.


Onwusibe said “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”‘.

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