The House of Representatives Committee has decided to issue arrest warrants for executives of the cryptocurrency platform, Binance, following a hearing on a petition against the company held by the Committee on Financial Crimes on Monday.
The House of Representatives Committee on Financial Crimes made this decision following a resolution passed during a hearing on a petition against the crypto firm.
This resolution from lawmakers follows the Nigerian government’s recent efforts to suppress the operations of the leading cryptocurrency trading company.
The Committee’s Chair, Obinna Ginger, declared that the Committee would advocate for the arrest of Binance executives to the larger House.
He clarified that the arrest warrant guarantees the executive’s appearance before the lawmakers.
Naija News recalls that the House of Representatives Committee on Financial Crimes had summoned the CEO of Binance Holding Limited, Richard Teng, to appear before them over the allegations of money laundering and financing of terrorism.
Binance’s lawyer, Senator Ihenyen, appeared before the Committee and presented a written address for his client, but the lawmakers did not accept his representation.
Ihenyen conveyed that the company’s board is afraid of returning to Nigeria due to the possibility of further government arrests.
Naija News reported earlier that the Nigerian security forces in Abuja detained two employees of Binance as part of an investigation into the cryptocurrency exchange’s operations in Nigeria.
Furthermore, Special Adviser to President Bola Tinubu on Information & Strategy, Bayo Onanuga, pointed out the dangers of Binance’s unregulated manipulation of foreign exchange rates, warning of its potential to harm the Nigerian economy.
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