The Financial Crimes Commission in the Nigerian House of Representatives has summoned Richard Teng, CEO of Binance Holding Limited, in relation to suspicions of terrorism financing and money laundering.
On December 1st, at a seminar, a seven-day ultimatum was given for the Binance Holdings LTD management board to appear before the commission on or before the 4th of March 2024.
The Central Bank of Nigeria (CBN) expressed concern on the 27th of February about Binance, an online cryptocurrency exchange, accusing it of “suspicious money flow” through the exchange in 2023.
Onwusibe is said to have warned that if Binance Holdings disregards the summons, the commission will be compelled to utilize its constitutional powers to take necessary actions. According to Punch, the commission, through a letter dated December 12th, 2023, and signed by Chairman Onwusibe, called for a hearing with Binance CEO, scheduled for December 18th, 2023.
He expressed disappointment with Richard Teng, the CEO of Binance Holding Limited, for not attending despite receiving multiple invitations. Onwusibe emphasized that it relates to a complete disregard for existing laws regulating domestic business and finance operations.
Onwusibe reiterated the commission’s commitment in combating financial crimes, emphasizing that the constitution empowers them to protect Nigerians from financial crimes, especially those related to foreign companies.
