Sunday, August 3, 2025

The Truth Banishes Fear!

Forex Crisis: Reps Summon Binance CEO Over Tax Dollars

The New Diplomat
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By Abiola Olawale

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

The purpose of this summons is to request that Teng provide testimony and answer questions regarding matters related to financial crimes, the New Diplomat gathered.

Over the past few days, Binance has been enmeshed in several allegations concerning 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.

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 fail to heed the summons.

In his words, “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 leveled 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”.

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