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House of Representatives calls for arrest of Binance executives amid fraud allegations

House of Representatives Demands Accountability from Cryptocurrency Exchange Platform

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The House of Representatives in Nigeria has escalated its scrutiny of Binance Holdings Limited, a leading cryptocurrency exchange platform, by calling for the arrest of its top executives over allegations of fraud and financial misconduct.

Accusations leveled against Binance include the exploitation of the Nigerian currency, the Naira, resulting in its depreciation, as well as allegations of terrorism financing, money laundering, and tax evasion.

Despite summoning the executives to appear before the House Committee on Financial Crimes, they failed to attend, sending legal representatives instead. In response, Chairman Obinna Ginger declared that warrants would be issued for their arrest.

Binance’s counsel, Senator Ihenyen, cited the arrest of two executives by the Office of the National Security Adviser as the reason for their absence. He pleaded for understanding and requested additional time for the company to comply with the committee’s demands.

However, Ginger reiterated the committee’s insistence on the appearance of Binance’s Chief Executive, Mr. Richard Teng, emphasizing the gravity of the allegations and the need for accountability.

The committee, acting on petitions from groups like the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths Initiatives, expressed concerns about Binance’s operations in Nigeria. Danesi Momoh, a spokesperson for the Empowerment for Unemployed Youths initiative, accused Binance of fraudulent practices and highlighted the absence of physical offices in any of Nigeria’s 36 states.

The House of Representatives’ pursuit of accountability underscores growing regulatory scrutiny of cryptocurrency platforms and the imperative for transparency in financial operations, particularly concerning significant economic entities operating within the country.

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