More troubles for Binance as Nigerian lawmakers threaten to issue arrest warrant on executives

Friday Ajagunna
Friday Ajagunna
Binance Nigeria

Cryptocurrency giant, Binance, is facing new trouble in Nigeria, as the country’s parliament has threatened to issue a warrant of arrest on the company’s executives.

The House of Representatives Committee on Financial Crimes issued the threat on Monday during an investigative hearing.

The panel had summoned the Managing Director of Binance, Richard Teng, in a letter dated 12 December 2023, but he did not honour the invitation.

However, the company has been sending its Nigerian lawyer, Senator Ihenyen, to appear before the committee.

At the resumption of the hearing on Monday, the lawmakers once again rejected Ihenyen’s representation, stating that Teng or any other member of the senior management team must appear before the committee.

The Chairman of the Committee, Ginger Onwusibe (LP, Abia), announced that the panel would issue a warrant of arrest on the executives for failing to appear before it.

The threat by the parliament is coming despite the detention of two other senior officials of Binance.

PREMIUM TIMES reported the arrest of two Binance officials by Nigerian authorities over allegations of “illegal transactions” in Nigeria.

The Nigerian government is demanding at least $10 billion as retribution from Binance amid a crackdown on the crypto exchange platform in desperate moves to salvage the value of the naira, the nation’s currency.

Authorities in Nigeria say some users have used the Binance platform for criminal activities such as money laundering and currency speculation. They are also accusing the cryptocurrency firm of operating illegally in Nigeria in violation of the country’s laws.

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