Newly appointed Binance CEO, Richard Teng, faces summons by Nigeria’s House of Representatives Committee on Financial Crimes over concerns regarding the company’s lax Know Your Customer (KYC) and Anti-Money Laundering (AML) policies, which are suspected to have facilitated terrorism financing and money laundering activities.
According to local reports, Committee Chairman Ginger Onwusibe issued the ultimatum to Teng during a panel session last week. Teng was given seven days to appear before the committee, with the deadline set for today.
Onwusibe emphasized that if the CEO fails to comply with the summons, the committee will invoke its constitutional powers to take appropriate action.
This isn’t the first attempt by the committee to summon Teng. In a letter dated December 12, 2023, and signed by Onwusibe, the committee requested Teng’s presence at a hearing scheduled for December 18, 2023.
Highlighting the committee’s responsibility to safeguard the country’s financial integrity, especially amidst economic challenges, Onwusibe stressed the gravity of the allegations against Binance, including terrorism financing, money laundering, and tax evasion.
He further emphasized the importance of tax compliance and the establishment of a physical office to address Nigerian users’ grievances, stating that exploitation of Nigerian citizens will no longer be tolerated, and all responsible parties must be held accountable.
Nigeria has Binance in its sights.
Nigeria has turned its attention towards Binance, focusing on the cryptocurrency exchange amid concerns and allegations related to lax Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. This heightened scrutiny comes amidst broader worries about potential links to terrorism financing and money laundering activities. The Nigerian authorities are summoning Binance’s CEO, Richard Teng, to address these concerns before the House of Representatives Committee on Financial Crimes. The committee, chaired by Ginger Onwusibe, has issued a stern ultimatum, emphasizing the importance of Binance’s compliance and cooperation with the investigation. Failure to comply may result in the committee invoking its constitutional powers to take appropriate action. This development underscores the seriousness with which Nigerian authorities are approaching allegations against Binance and their commitment to safeguarding the country’s financial integrity.
