House Of Representatives Summons Binance CEO Over Allegations Of Financial Crimes

Date: 02-03-2024 9:55 pm (1 month ago) | Author: Mister Jay Wonder
- at 2-03-2024 09:55 PM (1 month ago)
(m)

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.


Posted: at 2-03-2024 09:55 PM (1 month ago) | Addicted Hero
- gogoman at 2-03-2024 10:45 PM (1 month ago)
(m)
 Grin Grin Grin as if he will answer them  Roll Eyes Roll Eyes Roll Eyes
Posted: at 2-03-2024 10:45 PM (1 month ago) | Grande Master
Reply
- delightlove at 2-03-2024 11:24 PM (1 month ago)
(m)
How can Nigeria invite binance an online app just like inviting yahoo or Google a non registered company.
Posted: at 2-03-2024 11:24 PM (1 month ago) | Newbie
Reply
- fineboy77 at 3-03-2024 12:42 AM (1 month ago)
Online (m)
good

Posted: at 3-03-2024 12:42 AM (1 month ago) | Addicted Hero
Reply
- kp45 at 3-03-2024 05:49 AM (1 month ago)
(m)
This country leaders are just cruise  Cheesy
Posted: at 3-03-2024 05:49 AM (1 month ago) | Addicted Hero
Reply

fire TRENDING GISTS fire

TODAY'S TOP
  1. Disgraceful Videos Of Student Bullying In Nigeria's Boarding School, Lead British School Abuja

  2. IK Ogbonna Writes Romantically To Alleged Lover, Ini Edo On Her Birthday, Shares Video

  3. Kanye West Shocks Many As He Says He Wants To Have Threesome With Ex 1st Lady, Michelle Obama

  4. Kenyan Police Reportedly Arrest Binance Executive, Nadeem Anjarwalla Who Fled Nigeria

  5. BBN Star, Liquorose Sparks BBL Rumours In Recent Video With Actor, Deyemi Okanlawon

  6. 500 Lawyers Storm Supreme Court Over Planned Arrest Of Ex-kogi Gov, Yahaya Bello On Fraud

  7. PROUD MOTHER: Mercy Aigbe Gushes Over Daughter, Michelle As She Shares Photos Of Her

  8. Singer, Fireboy Recounts How He Failed Trying To Copy Beyonce's Stage Presence

  9. Naira Abuse: I’m Only Artist Who Stops Supporters From Spraying Me Says Seun Kuti

  10. Many Dead As Two Navy Helicopters Crash After Colliding Mid-Air In Malaysia

  11. Total Blackout Hits Three States As Vandals Destroy TCN Towers

  12. Police, Ogun State Govt On Trail Of Killers Of Babcock University Lecturer

  13. SAD: Five Missing Children Found Suffocated To Death Inside Car In Niger State

  14. "Most Hit Songs In Nigeria Are Not Good Music" – Nigerian Singer Ric Hassani Claims

  15. Mercy Chinwo Not Aware EeZee Tee Treated Me Unfairly – Producer Dr Roy Says After Calling Her

  16. NSCDC Intercepts 10 'Potential' Human Trafficking Victims In FCT

  17. How Strange Illness Claims 8 Lives In Sokoto, 208 Cases Identified


THIS WEEK
  1. Davido Reveals Fate of Peruzzi And Other Signed Artistes After Dissolving DMW Record Label

  2. Abia Police Parade Suspected Criminals, Including ABSU Student Involved In Fatal Shooting

  3. How Past Abia Govt Paid N107.2 Bn To Contractors For Non-existent Abia Airport & Other Projects

  4. 'Brand Ambassador', Phyna Calls Out Pepsi For Supplying Her Expired Drinks

  5. Pastor, David Odeniyi Seeks Divorce After Wife Strips Him Nak3d In Front Of His Congregation

  6. Ex-Nigerian Customs Sole Administrator, Omlago Ango Damages Estranged Wife's Abuja Home

  7. Abia State Police Arrest Suspects Linked To Mysterious Death of 23-Yr-Old Hope Chinedu Prosper

  8. Nollywood Actress Toyin Abraham Extends Olive Branch To Funke Akindele,Calls For Industry Unity

  9. Nigerian Man Introduces Innovative Solution For Money Spraying At Parties Amidst EFCC Crackdown

  10. Owner of Cybercrime 'Yahoo Yahoo' Training School, Ikemesit Edet Jailed 10 Years in Uyo


TOP MEMBERS: