The House of Representatives Committee on Financial Crimes has recommended the exercise of its powers to subpoena and arrest high-ranking executives of Binance Holdings Limited, citing financial infractions and involvement in terrorism financing.

Binance Nigeria
Binance Nigeria

The committee’s recommendation comes in response to Binance’s failure to attend a public hearing organized by the panel, relating to allegations of terrorism financing, money laundering, tax evasion, and other criminal activities.

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Expressing frustration over the absence of Binance CEO Mr. Richard Teng, Chairman of the Committee, Hon. Obinna Ginger, highlighted the repeated invitations extended to the company. The committee had initially summoned Teng on December 12, 2023, and their dissatisfaction grew when Binance disregarded the invitation, failing to send legal representatives to the public hearing.

Ginger asserted the committee’s stance on not accepting legal representation and emphasized that, given The crypto company’s non-compliance, the committee would recommend the arrest of Binance executives to the House.

“As long as the Committee is concerned, Binance is not at this meeting because we have said it severally that we do not want representation by lawyers but that the chief executives should appear before us. The crypto company is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance, and that position stands.”

Based on The crypto company’s absence, Ginger declared the committee’s resolution to recommend to the House the invocation of its constitutional powers by issuing a subpoena and a warrant for the arrest of The crypto company executives.

The Committee had received petitions from the Empowerment for Unemployed Youths Initiatives and Niger Delta Youths Council, alleging serious financial crimes.

The crypto company’s legal representative, Senator Ihenyen, appealed to the Committee for sufficient time, citing the arrest of two company executives upon their arrival in the country by the Office of the National Security Adviser. Ihenyen urged the committee to consider the circumstances and take the report into account.

The situation reflects growing tension between regulatory bodies and cryptocurrency platforms, underscoring the need for a comprehensive regulatory framework in the evolving financial landscape.

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