The House of Representatives demanded the arrest of top executives of Binance Holdings Limited, a cryptocurrency exchange platform, over allegations of fraud, terrorism financing, money laundering, and tax evasion.
Binance was accused of exploiting the Nigerian Naira, contributing to its depreciation in value. Despite expectations for Binance executives to appear before the House Committee on Financial Crimes, their lawyers represented them, prompting Chairman Obinna Ginger to declare plans for their arrest.
Binance’s counsel, Senator Ihenyen, explained that the executives were in custody and requested adequate time for their appearance, revealing that two top officials were already detained by the Office of the National Security Adviser.
Petitions from groups like the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths Initiatives urged the National Assembly to question Binance’s practices.
Source: Parrot Nigeria