The House of Representatives has summoned the chief executive of Binance Holding Limited, Richard Teng, over alleged terrorism financing and money laundering.

The chairman of the House Committee on Financial Crimes, Ginger Onwusibe, at a panel on Friday, issued a seven-day ultimatum to the firm’s management to appear before it on or before March 4, 2024.

The federal government had clamped down on Binance, where users trade cryptocurrencies, claiming that activities on its platform constituted serious damage to the Nigerian naira and the economy at large.

Mr Onwusibe, however, warned that if Mr Teng fails to show up for the summons, it would be forced to invoke the constitutional powers vested in the committee to take appropriate measures, as he decried his failure to appear for previous invitations.