Reps summon Binance CEO over alleged terrorism financing, money laundering

The House of Representatives Committee on Financial Crimes has summoned the Chief Executive Officer (CEO) of Binance Holding Limited, Richard Teng, over alleged terrorism financing and money laundering.

The committee’s chairman, Ginger Onwusibe, Friday issued a seven-day ultimatum to Binance Holdings Limited management to come before the committee on or before March 4, 2024.

The Central Bank of Nigeria has highlighted Binance, an online exchange where users trade cryptocurrencies, as being involved in money laundering, among other things.

However, Onwusibe warned that if Binance Holdings fails to respond to the summons, the committee will be forced to use its constitutional powers to take appropriate action.

He condemned Teng, the CEO of Binance Holding Limited, for refusing to appear despite a series of invitations to brief the committee on the company’s complete contempt for existing rules controlling commercial and financial operations in the country.

The committee summoned Binance’s Managing Director in a letter dated December 12, 2023, written by its chairman, Onwusibe, asking for a hearing on December 18, 2023.

Onwusibe, while restating the committee’s determination to combat financial crimes, underlined that “the constitution of the Federal Republic of Nigeria has empowered “us to protect Nigerians from financial crimes, especially by foreign companies.”

“We also have to protect and defend the country’s finances, especially now that the country is nose-diving into recession. The allegations of terrorism financing, money laundering, and tax evasion, among others, leveled against Binance are damning enough.”