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The Nigerian House of Representatives has summoned Binance CEO over alleged terrorism financing and money laundering.
Ginger Onwusibe, the chairman of the House Committee on Financial Crimes at a panel on Friday, issued a seven-day ultimatum to the firm’s management to appear before it on or before March 4, 2024.
Onwusibe warned that if Mr Teng fails to show up for the summons, it would be forced to invoke the constitutional powers vested in the committee to take appropriate measures, as he decried his failure to appear for previous 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.
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