The House of Representatives Committee on Financial Crimes has summoned the Chief Executive of Binance Holding Limited, Richard Teng, over alleged involvement in terrorism financing and money laundering.

The Chairman of the Committee, Ginger Onwusibe, on Friday at a panel, issued a seven-day ultimatum to the management of Binance Holdings Ltd to appear before the committee on or before March 4, 2024.

Binance, an online exchange where users deal in cryptocurrency, has been flagged by the Central Bank of Nigeria to have been involved in money laundering, amongst others.

Onwusibe, however, warned that the committee would be forced to invoke the constitutional powers vested in the committee to take appropriate measures if Binance Holdings fails to heed the summon.

Onwusibe, decried the refusal of the Chief Executive of Binance Holding Limited, Teng, to appear after a series of invitations to brief the committee relating to the total disregard for extant laws governing business and financial operations in the country.

The Committee had summoned the Managing Director of Binance, in a letter dated 12th December 2023 and signed by its chairman, Onwusibe requesting a hearing on the 18th of December, 2023.

“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 and to block the leaks and channels to financing terror,” the lawmaker added.