The House of Representatives has intensified its pursuit of top executives of Binance Holdings Limited, a cryptocurrency exchange platform, amidst mounting allegations of fraud and illicit financial activities.
Accused of exploiting the Nigerian currency, Naira, leading to its devaluation, Binance faces grave accusations, including terrorism financing, money laundering, and tax evasion. Despite summons by the House Committee on Financial Crimes, the company’s executives failed to appear before the committee, opting instead to send their legal representatives.
Expressing dissatisfaction with this development, Committee Chairman Obinna Ginger declared plans to issue a warrant for the arrest of Binance executives. However, Binance’s counsel, Senator Ihenyen, explained that the executives were unable to attend the hearing as they were allegedly in custody.
While pleading for leniency and requesting ample time for the company to comply with the committee’s demands, Ihenyen revealed that two top executives of Binance, who arrived in Nigeria last week, had been apprehended by the Office of the National Security Adviser.
Undeterred by these explanations, Chairman Ginger reiterated the committee’s insistence on the appearance of Binance’s Chief Executive, Mr. Richard Teng. Ginger emphasized the committee’s commitment to combatting financial crimes and stated its intention to recommend the House of Representatives to invoke its powers to issue a subpoena and warrant for the arrest of Binance executives.
The move follows petitions from various groups, including the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths Initiatives, alleging fraudulent practices by Binance in Nigeria. Danesi Momoh, spokesperson for the Empowerment for Unemployed Youths initiative, accused Binance of engaging in shady practices, including defrauding unemployed youths who had embraced the platform for trading.