Binance CEO Richard Teng asked to appear before Nigerian committee

Binance is facing trouble in Nigeria following its settlement with the U.S. Department of Justice (DOJ). The Nigerian House of Representatives Committee on Financial Crimes issued an ultimatum to Binance CEO Richard Teng on Friday, according to a local news report.

Chairman Ginger Onwusibe of the committee has requested that Teng appear before the committee by March 4th. The summons was issued due to Binance's alleged involvement in financial crimes, including money laundering and terrorism financing.

Onwusibe warned that Teng's failure to respond to the summons would force the committee to invoke its constitutional powers and take appropriate action.

In its U.S. plea deal, which received the judge's approval last week, Binance admitted to money laundering and terrorism financing. The exchange also agreed to pay a record-breaking fine of $4.3 billion and operate under monitoring as part of its settlement.