The House of Representatives has taken a decisive step in the case involving Binance Holdings Limited, a cryptocurrency exchange platform accused of fraudulent activities and other financial crimes in Nigeria.
In a session held on Monday, the House Committee on Financial Crimes demanded the appearance of top executives from Binance before the committee to address the allegations against them. However, instead of the executives, lawyers representing the company appeared before the committee.
Expressing displeasure at this development, the Chairman of the Committee, Obinna Ginger, declared that a warrant would be issued for the arrest of the Binance executives. He reiterated the committee’s commitment to combating financial crimes in the country and insisted that the Chief Executive of Binance Holding Limited, Mr. Richard Teng, must appear before them as summoned.
Binance’s counsel, Senator Ihenyen, explained that the executives were unable to appear because they were in custody, with two top executives having been arrested by the Office of the National Security Adviser. He pleaded with the committee to give the company more time to address the allegations.
However, the committee chairman maintained that Binance executives must appear before them to answer questions regarding the grave allegations against them, including terrorism financing, money laundering, and tax evasion.
The committee’s decision follows petitions submitted by the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths Initiatives, alleging shady practices by Binance in Nigeria. Danesi Momoh, a spokesperson for the Empowerment for Unemployed Youths Initiatives, accused Binance of defrauding unemployed youths and highlighted the company’s lack of a physical presence in Nigeria despite its operations in the country for over five years.
The House of Representatives’ move signifies a significant escalation in the investigation into Binance’s activities in Nigeria and underscores the government’s determination to hold accountable those involved in financial misconduct.
