The House of Representatives Committee on Financial Crimes has summoned the Managing Director of Binance Holding limited, Mr Richard Teng over alleged committal of financial crimes in the country.

The Chairman of the House Committee on Financial Crimes, Mr Ginger Onwusibe issued the directive following the failure of Teng to appear before the committee on Monday, this week.

Onwusibe described as despicable and an affront on the national Assembly following the appearance of lawyers from Udo Udoma and Belo-Osagie Chambers to stand in for Teng during the committee proceeding.

He thereby walked the legal practitioners out and directed that the company be given another date to appear just as he accused them of misleading the cryptocurrency firm.

Recall that on the 5th of December, 2023, Empowerment for Unemployed Youths Initiative, Niger-Delta Youth Council and their partners petitioned Binance Holdings Limited, the operators of Digital Assets Exchange before the House Committee on Financial Crimes alleging a plethora of crimes and infractions against Nigerians and total disregard for extant laws governing cryptocurrencies which has posed a risk to Nigerians especially the youth who are vulnerable to such schemes.

The House Committee on Financial Crimes, swiftly summoned the Managing Director of Binance, Richard Teng in a letter dated 12th December, 2023 and signed by its chairman, Hon. Ginger Onwusibe requesting a hearing on the 18th of December, 2023.

Reacting, the National Coordinator of Empowerment for Unemployed Youth Initiative, Amb. Solomon Adodo, the National Coordinator of the Niger Delta Youth Council, Chief (Engr.) Jator Abido wondered why a knowledgeable law firm could have the effrontery to treat the hallowed Chambers of the National Assembly with such disdain capable of bringing shame and ridicule on the House.

The group insisted that Binance Holdings Ltd must explain to the National Assembly and Nigerians the status of their operations in Nigeria by physically appearing before the House Committee on Financial Crimes with the relevant documents requested of them rather than enlisting the services of lawyers who have chosen the unprecedented route to promote gross ineptitude and primitive accumulation without any iota of patriotic commitment to the fatherland.

“Binance Holdings LTD. has a case to answer and they must avail themselves to the nation’s legitimate authority. You cannot be operating in the country and think you can disregard the laws of that country.

“Those beating the drums of disobedience to foreign firms whose operations threatens national security and economic stability must think twice. We are well within our mandate as civil societies and must continue to act as watchdogs to safeguard the economy and governance structure in the country.

“Those who are in bed with enemies of the country should know that their time is up.”