The Nigerian House of Representatives has summoned Binance CEO Changpeng Zhao over allegations of terrorism financing and money laundering. 

According to Dailypost report, the House Committee Chairman, Ginger Onwusibe has issued a 7-day ultimatum for Zhao to appear before the committee by March 4th, 2024 or face appropriate measures. 

Onwusibe decried Zhao’s failure to appear for previous invitations and stated the committee must protect and defend the country’s finances, especially with Nigeria entering a recession. He called the allegations against Binance “damning” and said all tax dollars are needed to block terror financing channels. 

Onwusibe added that Binance cannot operate in Nigeria with over 10 million users without paying taxes or having a physical office for complaints. He said the era of exploitation is over and all culprits will be held accountable. 

This summons comes amid a Nigerian government clampdown on Binance over the Naira crisis. Two Binance executives were reportedly arrested last week after restrictions on the platform. The government also recently denies imposing a $10 billion fine on Binance, with over $26 billion allegedly funneled through it last year.

The Naira appreciated against the dollar on Friday, lending hope for an end to the ongoing financial turmoil.

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