In a significant development, the House of Representatives has issued a summons to Richard Teng, the chief executive of Binance Holding Limited, regarding allegations of terrorism financing and money laundering.
Chairman of the House Committee on Financial Crimes, Ginger Onwusibe, delivered the summons during a panel session held on Friday, setting a seven-day ultimatum for Teng to appear before the committee by March 4, 2024. The move comes in response to the federal government's crackdown on Binance, a popular platform for cryptocurrency trading, which authorities claim has had detrimental effects on the Nigerian economy and currency, the naira.
Onwusibe emphasized the seriousness of the allegations against Binance, warning that failure to comply with the summons would result in the committee exercising its constitutional powers to take appropriate action. He cited previous attempts to engage with Binance, noting the company's disregard for Nigerian laws governing business and financial operations.
Highlighting the committee's commitment to combatting financial crimes, Onwusibe underscored the need to protect Nigerian citizens from exploitation by foreign entities. He emphasized the importance of safeguarding the country's financial resources, particularly amid economic challenges such as recession.
"The allegations of terrorism financing, money laundering, and tax evasion, amongst others, levelled against Binance are damning enough," Onwusibe stated. "We need all tax revenues to combat financing terrorism and protect Nigerian investors from predatory practices."
Furthermore, Onwusibe called attention to Binance's obligation to fulfill tax obligations and establish a physical presence in Nigeria to address customer complaints effectively. He emphasized that the era of exploitation by foreign firms was over and stressed the importance of holding accountable those responsible for financial crimes.
As the House of Representatives continues its investigation into Binance's operations, stakeholders await further developments in this ongoing saga, which has far-reaching implications for Nigeria's financial sector and regulatory landscape.
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