House of Representatives Committee Recommends Arrest of Binance CEO for Alleged Financial Crimes

The House of Representatives Committee on Financial Crimes has recently recommended the arrest of the Chief Executive Officer of Binance Holding Ltd over alleged tax evasion and money laundering in Nigeria.

The recommendation comes after a petition by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria, which accused Binance of several financial crimes.

During a public hearing on Monday in Abuja, the committee invited the CEO of Binance to respond to questions about terrorism, tax evasion, and money laundering.

However, the CEO failed to appear, prompting the committee to recommend issuing a subpoena and a warrant for his arrest.

Binance is an online financial company operating in Nigeria for more than six years with not less than 20 million Nigerian users on its platform.

The committee is particularly concerned about the company’s alleged exploitation of young Nigerians over the last six years.

The Legal Counsel to Binance argued that the company had responded in writing to all the allegations and was willing to provide more answers in writing if needed.

However, the committee rejected this argument, stating that it had previously decided not to entertain legal representation from Binance.

The Chairman of the committee, Rep. Ginger Obinna, emphasized that the leadership of Binance should be arrested and brought to the committee to answer questions about the grave allegations against the company.

The House of Representatives is expected to consider the committee’s recommendation to invoke its constitutional powers and issue a subpoena and warrant for the arrest of Binance executives.

This development highlights the growing concern over the potential for cryptocurrency platforms like Binance to engage in financial crimes and the need for increased oversight and regulation.

The outcome of this case will have significant implications for the future of cryptocurrency in Nigeria and the broader financial industry.