Reps Summon Binance Over Alleged Terrorism Financing

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

chairman of the Committee, Ginger Onwusibe, on Friday, at a panel, issued a seven-day ultimatum to the management of Binance Holdings LTD., to appear before the committee on or before March 4, 2024.

Binance, an online exchange where users trade cryptocurrencies, has been flagged by the Central Bank of Nigeria to have been involved in money laundering amongst other things.

SEC Declares Binance illegal, says Nigerians Investing at own Risks

Onwusibe, however, warned that the committee will be forced to invoke the constitutional powers vested in the committee to take appropriate measures if Binance Holdings fails to heed the summon.

He decried the refusal of the Chief Executive of Binance Holding Limited, Teng, to appear after a series of invitations to brief the committee relating to the total disregard for extant laws governing business and financial operations in the country.

The committee had summoned the Managing Director of Binance, in a letter dated December 12 2023 and signed by its chairman, Onwusibe requesting a hearing on December 18, 2023.

Onwusibe, while restating the resolve of the committee to fight financial crimes maintained 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 amongst others leveled against Binance are damning enough.

“At this material time, we need all the tax dollars and to block the leaks and channels to financing terror.”

He added, “It is also our duty to do everything in our power to protect Nigerian investors from predatory firms, and no distraction and manipulation can stop us.

“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. The era of exploitation is over and all culprits must be held accountable.”


Discover more from LN247

Subscribe to get the latest posts sent to your email.

Advertisement

Most Popular This Week

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

More from Author

Advertisement

Read Now

Nigerian Ports Authority Increases Charges By 15%

The Nigerian Ports Authority (NPA) has announced a 15% increase in port tariffs, marking the first adjustment since 1993. The move aims to enhance efficiency and boost Nigeria's port competitiveness. However, the decision has faced pushback from manufacturers, who argue that the higher charges will further escalate operational...

Google Maps Marks 20 Years, Unveils Nigeria’s Most Popular Locations

Google Maps is marking its 20th anniversary, celebrating two decades of transforming how more than 2 billion monthly users explore and navigate the world. In a statement on Thursday, the tech giant highlighted the platform’s evolution into an indispensable tool, empowering users to travel with confidence. “Over the past...

Bank of England Lowers Interest Rate to 4.5%

The Bank of England has reduced its base interest rate from 4.75% to 4.5%, marking a strategic shift in monetary policy aimed at stimulating economic growth. The quarter-point cut comes as policymakers respond to sluggish economic performance and persistent inflationary pressures. In a statement published on Thursday, titled...

Discover more from LN247

Subscribe now to keep reading and get access to the full archive.

Continue reading