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Nigeria: Binance CEO Summoned Over Terrorism Financing Allegations, Others

House-of-Reps (News Central TV)

Nigeria’s House of Representatives Committee on Financial Crimes has called upon Richard Teng, the Chief Executive of Binance Holding Limited, regarding allegations of involvement in terrorism financing and money laundering.

Chairman of the Committee, Ginger Onwusibe issued a seven-day ultimatum during a panel on Friday, urging Binance Holdings Ltd’s management to appear before the committee by March 4, 2024.

Binance, a global online cryptocurrency exchange, has been flagged by the Central Bank of Nigeria for its alleged involvement in money laundering activities.

Onwusibe cautioned that if Binance Holdings disregards the summon, the committee will utilise its constitutional powers to take appropriate actions.

Expressing dissatisfaction with Richard Teng’s refusal to appear before the committee, Onwusibe highlighted concerns over the company’s non-compliance with existing laws governing business and financial operations in the country.

The Committee previously summoned the Managing Director of Binance through a letter dated December 12, 2023, requesting a hearing on December 18, 2023.

“We must safeguard the country’s finances, particularly amid the current economic downturn. The serious allegations against Binance, including terrorism financing, money laundering and tax evasion, underscore the urgency of our actions,” stated the lawmaker, emphasising the importance of preventing financial resources from being diverted to support terrorist activities.

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