Reps Committee Set To Issue Arrest Warrant For Binance Executives
The House of Representatives Committee on Financial Crimes has taken a firm stance against executives of the cryptocurrency platform Binance, resolving to issue a warrant of arrest after they failed to appear for an investigation.
Chairman of the Committee, Ginger Onwusibe, announced on Monday that the decision to issue the warrant of arrest was made to compel the Binance executives to appear before lawmakers and respond to allegations of sponsoring terrorism and involvement in financial crimes.
During the committee session, a lawyer representing Binance presented a written address, explaining that the company’s board is apprehensive about coming to Nigeria due to fears of further government arrest.
However, lawmakers rejected this explanation, emphasizing the importance of the executives’ presence for the investigation.
Last week, two Binance executives were arrested in Nigeria, and the government is now seeking nearly $10 billion in compensation from the cryptocurrency firm. Allegations against Binance include manipulation of foreign exchange rates, which are believed to have had adverse effects on the value of the Nigerian currency, the naira.
The decision to issue an arrest warrant underscores the seriousness with which the House of Representatives Committee on Financial Crimes is pursuing the investigation into Binance’s activities and its implications for Nigeria’s financial system.
