The Nigerian House of Representatives summoned Binance CEO for alleged terrorism financing and money laundering.
At a panel on Friday, Ginger Onwusibe, chairman of the House Committee on Financial Crimes, issued a seven-day ultimatum to the firm’s management to appear before it by March 4, 2024.
Onwusibe cautioned that if Mr Teng did not come for the summons, the committee would be compelled to use its constitutional powers to take necessary action, citing his prior refusal to appear for invitations.
“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 to block the leaks and channels to financing terror.
“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,” he added.
The Development comes amid the continued clampdown on Binance by the Nigerian Government over the Naira crisis.
The government reportedly arrested two executives of Binance last week following its restriction on Nigerian cyberspace.
On Friday, the federal government said it plans to impose a $10 billion fine on Binance.
Recall that the Central Bank of Nigeria governor revealed that more than $26 billion was funnelled through the cryptocurrency platform, Binance in the last one year.
Meanwhile, Naira appreciated to N1,548.25 per USD, according to FMDQ data on Friday.