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Binance Executives Face Arrest As House Committee Demands Appearance

The committee said they were dissatisfied with the non-appearance of Binance executives and vowed to recommend their arrest



Tax Evasion Trial Against Binance Adjourned

The House Committee on Financial Crimes has called for the arrest of top executives of Binance Holdings Limited, the cryptocurrency exchange platform facing allegations of fraud and financial misconduct, News About Nigeria reports.

The committee, led by Chairman Obinna Ginger, said they were dissatisfied with the non-appearance of Binance executives and vowed to recommend their arrest.

Binance’s legal counsel, Senator Ihenyen, addressed the committee, explaining that the company’s executives were currently in custody.

He pleaded for enough time, citing the recent arrest of two top Binance executives by the Office of the National Security Adviser.

“Following the arrest of two executives, other persons could not come into Nigeria because they were afraid of arrest too. Binance has responded appropriately to the demands of the committee, and as our client, we are pleading that this honourable committee consider taking the report,” Senator Ihenyen said.

However, Committee Chairman Obinna Ginger insisted that Binance’s Chief Executive, Mr. Richard Teng, must appear before the committee.

“The committee will be forced to recommend to the House the arrest of Binance executives since they have failed to appear before the committee,” Ginger declared.

He said that the committee’s stance was that Binance executives should not be represented by lawyers and insisted on their direct appearance before the committee.

The committee had earlier summoned Mr. Richard Teng in a letter dated December 12, 2023.

The accusations against Binance include exploiting the Nigerian currency (Naira), leading to its depreciation, as well as allegations of terrorism financing, money laundering, and tax evasion.

In reaction to the absence of Binance executives during the scheduled hearing, Ginger announced the committee’s intention to recommend to the House of Representatives the issuance of a subpoena and a warrant for the arrest of Binance executives.