Reps Recommends Arrest of Binance Executives
The House Committee on Financial Crime has recommended the arrest of the Executives of a cryptocurrency exchange company, Binance.
The Committee submitted the failure of the executive of Binance to appear during an investigative hearing on the allegations of money laundering, terrorist financing and other financial crimes against the Company.
Binance has been alleged to be using its cryptocurrency platform for money laundering, terrorist financing other financial crimes.
Adopting a motion moved by a member of the Committee, Mr. Isah Dogoyaro, the Committee in their resolution recommended to the House to issue a warrant of arrest on the Executive of the Binance for them to appear before the Committee.
The Chairman of the Committee, Mr. Obinna Ginger, said the recommendation was in line with the constitutional mandate of the Committee.
The representative of Binance, Senator Inhenya, told the committee that it would be difficult for the executives of Binance to appear before the Committee for concerns of their safety
The Federal Government was alleged to have arrested and detained two senior executives of Binance
According to a report, the executives were arrested and their passports seized, when they flew into Nigeria following a ban on their website.
According to a report by Chainalysis, between July 2022 and June 2023, cryptocurrency transactions in Nigeria surpassed $56.7 billion, making it one of the biggest peer-to-peer markets in the world.
