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House of Reps summon Binance CEO Richard Teng

by Vicky Oselumese
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House of Reps summons Binance CEO Richard Teng

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The House of Representatives Committee on Financial Crimes in Nigeria has issued a summons to Richard Teng, the Chief Executive of Binance Holding Limited, amidst allegations of terrorism financing and money laundering. The committee’s chairman, Ginger Onwusibe, has given Binance Holdings LTD. a stern seven-day ultimatum to appear before the committee by March 4, 2024.

The allegations against Binance are grave, including terrorism financing, money laundering, and tax evasion. Chairman Onwusibe expressed concerns about these serious allegations, emphasizing the need to block channels that could potentially finance terror.

He stated, “At this material time, we need all the tax dollars and to block the leaks and channels to financing terror.” This is not the first time that Binance Holding Limited’s Chief Executive, Richard Teng, has been summoned by the committee.

Despite previous invitations, Teng has reportedly refused to address concerns related to Binance’s business operations in Nigeria. The committee has warned that if Binance Holdings fails to comply with the summons, constitutional powers will be invoked to take appropriate measures.

In addition to terrorism financing and money laundering, the committee has raised concerns about Binance’s alleged tax evasion and exploitation.

Chairman Onwusibe highlighted the company’s operation in Nigeria without paying taxes and the absence of a physical office for handling customer complaints.

He warned Binance, stating, “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 committee has emphasized its commitment to combating financial crimes and protecting Nigerian investors.

It remains to be seen how Binance will respond to the summons and what implications this legal procedure will have on the company’s trustworthiness.

With the former CEO Changpeng Zhao already admitting to fraud in a lawsuit against the U.S. SEC, the cryptocurrency community worldwide is closely monitoring the developments surrounding Binance Holdings.

This article was updated 2 months ago

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