Nigeria’s House of Representatives Committee on Financial Crimes has summoned Richard Teng, the newly appointed CEO of Binance, to address concerns regarding the company’s lax Know Your Customer (KYC) and Anti-Money Laundering (AML) policies. Allegations suggest that these policies may have facilitated terrorism financing and money laundering activities.
Committee Chairman Ginger Onwusibe issued the ultimatum to Teng during a recent panel session, setting a deadline of seven days for his appearance before the committee. Failure to comply may lead to the committee exercising its constitutional powers to take appropriate actions.
This isn’t the first attempt by the committee to summon Teng. In December 2023, a similar request was made, emphasizing the committee’s responsibility to safeguard the country’s finances, particularly during economic challenges.
The Nigerian government has intensified scrutiny of Binance amid concerns about the risks associated with increased cryptocurrency adoption in the country. In response, Binance executives have been detained, and the company faces fines and investigations related to alleged money laundering activities.
Overall, Nigeria is taking proactive measures to regulate the cryptocurrency sector and hold accountable those found violating financial regulations and contributing to economic instability.