Nigerian Parliamentary Committee Summons Binance CEO Teng

Nigerian Parliamentary Committee Summons Binance CEO Teng
  • The House of Representatives Committee on Financial Crimes summoned Binance CEO Richard Teng to appear before it by March 4.
  • Chairman Ginger Onwusibe said the committee will take appropriate measures if he doesn’t appear.

Binance, the cryptocurrency giant, is in the midst of another legal storm as the House of Representatives Committee on Financial Crimes in Nigeria takes action.

The committee has summoned Richard Teng, the Chief Executive of Binance Holding Limited, amid serious allegations of terrorism financing and money laundering.

Ginger Onwusibe, chairman of the Committee on Financial Crimes, made the call on Friday, the Nigerian newspaper said on its website, days after two Binance executives were detained at their arrival in the country following an invitation to meet officials.

The crypto exchange has raised the ire of the country’s central bank, which blames it for exacerbating an economic crisis by allegedly fixing the country’s exchange rate and allowing $26 billion of untraceable funds to leave the country as it faces a foreign exchange crisis. 

Evading The Law?

Despite a previous summons in December 2023, Binance’s CEO, Richard Teng, allegedly refused to appear before the Committee.

The Chairman warned that failing to comply would force the Committee to use constitutional powers to take appropriate measures.

The Committee’s worries extend beyond terrorism financing and money laundering. Chairman Onwusibe raised issues about Binance operating in Nigeria without paying taxes and lacking a physical office for customer complaints.

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.

Highlighting the Committee’s commitment to fighting financial crimes, Chairman Onwusibe emphasized using constitutional powers to protect Nigerian citizens and the country’s financial integrity.

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