House of Reps Seek Arrest of Binance Executives Over Fraud Allegations

The House of Representatives has called for the arrest of the top executives of Binance Holdings Limited amidst serious allegations, including fraud, terrorism financing, money laundering, and tax evasion.

The cryptocurrency exchange platform has been specifically accused of actions leading to the depreciation of the Nigerian currency, the Naira, prompting legislative scrutiny.

During a session on Monday, the executives were expected to present themselves before the House Committee on Financial Crimes.

However, in a move that the committee found unsatisfactory, Binance chose to have their legal representatives attend in their stead.

This led to a stern response from the committee’s chairman, Obinna Ginger, who announced that a warrant for the arrest of the executives would be issued.

In defence, Binance’s counsel, Senator Ihenyen, clarified the absence of the company’s executives by revealing they were already in custody.

Ihenyen urged the committee to allow the company some time to make a formal appearance, citing that two top officials of Binance who had recently arrived in Nigeria were detained by the Office of the National Security Adviser.

However, the committee’s chairman, Ginger, insisted that the Chief Executive of Binance Holding Limited, Richard Teng, must appear.

The committee had summoned Teng in a letter dated December 12, 2023