The House of Representatives has issued a call for the arrest of top executives of Binance Holdings Limited, a cryptocurrency exchange platform facing allegations of fraud.
The company is accused of exploiting the Nigerian currency, Naira, which has contributed to its depreciation in value. Additionally, Binance is under investigation for allegations of terrorism financing, money laundering, tax evasion, and other financial crimes.
On Monday, the executives of the foreign firm were summoned to appear before the House Committee on Financial Crimes. However, instead of appearing in person, they sent their legal representatives. This move did not sit well with the Chairman of the House Committee, Obinna Ginger, who declared that warrants would be issued for their arrest.
In response to the committee’s displeasure, Binance’s legal counsel, Senator Ihenyen, explained that the executives were unable to appear because they were detained. He pleaded with the committee to grant the company more time to present itself, citing that two high-ranking officials of Binance who recently arrived in the country were apprehended by the Office of the National Security Adviser.
Despite the explanation provided by Binance’s counsel, Chairman Ginger remained steadfast in his demand for the appearance of the Chief Executive of Binance Holding Limited, Mr. Richard Teng.
