The House of Representatives Committee on Financial Crimes has taken decisive action against cryptocurrency exchange platform Binance for its failure to appear before the committee in an investigation hearing. The committee resolved to recommend invoking the House’s powers to subpoena and arrest Binance executives following their absence from the hearing.
The Chairman of the Committee, Hon Ginger Obinna Onwusibe, expressed disappointment over Binance executives’ non-appearance at the investigation hearing scheduled for Monday, March 4. The executives were summoned to address allegations related to terrorism financing, money laundering, tax evasion, and other financial crimes.
Despite being represented by legal counsel, Binance’s absence drew criticism from the committee. Chairman Onwusibe reiterated the committee’s previous decision not to entertain legal representation from the company and emphasized the need for the executives to appear in person.
In response to Binance’s concerns regarding recent arrests of its executives, the committee remained firm in its stance and resolved to recommend invoking the House’s powers of subpoena to compel the appearance of Binance leadership. The committee intends to issue a warrant for the arrest of Binance executives to ensure they are brought before the committee to address the serious allegations leveled against them.
Hon Onwusibe expressed gratitude to the petitioners for exposing the alleged financial crimes perpetrated by Binance in Nigeria over the past six years. He highlighted the urgency of investigating the company’s operations, which reportedly affect millions of Nigerians.
The House of Representatives Committee’s decision to recommend the arrest of Binance executives underscores the gravity of the allegations leveled against the cryptocurrency exchange platform. As the investigation progresses, the committee aims to hold Binance accountable for its alleged involvement in financial crimes and ensure transparency and accountability in Nigeria’s financial sector.
