Nigerian House of Representatives Summons Binance CEO Over Financial Crimes Investigation

The Nigeria House of Representatives Committee on Financial Crimes has summoned Binance CEO Richard Teng to appear before it as part of an investigation into alleged money laundering and terrorism financing.

Chairman Ginger Onwusibe issued the call following recent detention of two Binance executives upon their arrival in Nigeria after an invitation for discussions with officials.

The Central Bank of Nigeria has accused Binance of contributing to the country’s economic challenges by allegedly influencing the exchange rate and permitting huge sums of money to leave the nation during a time of foreign exchange instability.

A recent BBC report suggested that Nigerian authorities could be seeking to recover up to $10 billion, although a presidential spokesperson later downplayed the figure.

If Binance fails to comply with the summons, the House of Representatives Committee has indicated that it will take further actions to address the situation, emphasizing the importance of accountability for all involved parties.