Reps summon Binance CEO over tax dollars

The Nigerian House of Representatives has summoned the Chief Executive Officer (CEO) of Binance Holding Limited, Richard Teng to appear before the House Committee on Financial Crimes.

TheNewsGuru.com (TNG) reports the House of Representatives summoned the Binance CEO over allegations bothering on terrorism financing, money laundering and tax evasion.

The House Committee on Financial Crimes, chaired by Ginger Onwusibe on Friday 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 (CBN) to have been involved in money laundering amongst other sundry allegations.

Onwusibe, however, warned that the committee will be forced to invoke its constitutional powers to take appropriate measures if Teng or any representatives of Binance fails to heed the summon.

The committee chair decried the refusal of Binance CEO to appear after a series of invitations.

He stressed the invitation was for Teng to brief the committee on issues relating to the total disregard for extant laws governing business and financial operations in Nigeria.

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 levelled 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”.

Onwusibe went further to say: “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”.