Nigeria's House of Representatives Committee on Financial Crimes has asked Binance's Chief Executive Officer, Richard Teng, to appear before the committee for a hearing on alleged terrorism financing and money laundering offenses.
According to a local news agency, the Central Bank of Nigeria (CBN) has listed Binance, an online exchange that trades cryptocurrencies, as suspected of money laundering, among other activities. The committee’s Chair, Ginger Onwusibe, issued a seven-day ultimatum to the management of Binance to appear before the Commission on or before 4 March 2024.
“We are concerned that certain practices go on that indicate illicit flows going through a number of these entities and suspicious flows at best. In the case of Binance, in the last year alone, $26 billion has passed through Binance Nigeria from sources and users who we cannot adequately identify,” as stated by Nigeria’s Central Bank Governor Olayemi Cardoso.
In addition, Onwusibe warned that if Coin ignores the subpoena, the committee will exercise its constitutional powers and take necessary action. According to Punch, in a letter dated 12 December 2023 signed by Onwusibe, the Commission demanded Teng's presence at the 18 December 2023 hearing.
