By Akinsuroju Olubunmi
Binance executives in NSA custody, unable to attend National Assembly hearing – Lawyer
The House of Representatives convened on Monday to address the allegations of fraud leveled against Binance Holdings Limited, a prominent cryptocurrency exchange platform accused of exploiting the Nigerian currency, Naira, resulting in its depreciation.
In addition to accusations of currency manipulation, Binance faces allegations of terrorism financing, money laundering, and tax evasion. The House Committee on Financial Crimes summoned the company’s top executives to appear before them, but instead, legal representatives were sent on their behalf.
Expressing dissatisfaction with this arrangement, Committee Chairman Obinna Ginger announced plans to issue arrest warrants for the Binance executives. However, Binance’s counsel, Senator Ihenyen, revealed that the executives were unable to attend the hearing as they were in custody.
Ihenyen pleaded for the committee’s understanding, explaining that two senior Binance officials had been arrested by the Office of the National Security Adviser upon their arrival in Nigeria.
Despite the plea, Chairman Ginger insisted on the appearance of Binance’s Chief Executive, Mr. Richard Teng, citing a previous summons issued to him in December 2023.
Ginger reiterated the committee’s commitment to combating financial crimes and emphasized the necessity for Binance executives to answer the allegations against them directly.
Meanwhile, the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths Initiatives had petitioned the National Assembly, urging them to investigate Binance’s activities in Nigeria.
In an interview, Danesi Momoh, spokesman for the Empowerment for Unemployed Youths initiative, accused Binance of engaging in fraudulent practices and highlighted the absence of physical offices across Nigeria despite several years of operation in the country.
The committee, determined to address the allegations, resolved to recommend to the House of Representatives the issuance of subpoenas and arrest warrants for Binance executives to compel their attendance and response to the accusations.
The unfolding saga underscores the importance of regulatory oversight in the cryptocurrency industry and the government’s commitment to safeguarding the interests of Nigerian citizens.
Binance, fraud allegations