Alleged Financial Crimes: Reasons Behind Reps Panel’s Recommendation for Arrest of Binance Executives

Alleged Financial Crimes: Reasons Behind Reps Panel's Recommendation for Arrest of Binance Executives

The House of Representatives Committee on Financial Crimes is poised to exercise its constitutional authority against Binance Holdings Limited due to its failure to appear at a public hearing to address a series of allegations, including terrorism financing, money laundering, tax evasion, and other financial crimes.

Binance Holdings Limited, a digital asset exchange in Nigeria, has allegedly operated in the country for over six years without adhering to financial regulatory frameworks. It has been accused of exploiting Nigerians and engaging in various financial crimes.


Earlier, a coalition of civil society organizations, spearheaded by the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths, petitioned the committee to investigate the activities of the firm.

During the public hearing in Abuja, the committee’s chairman, Ginger Onwusibe, expressed dismay over the absence of Binance Holding Limited’s Chief Executive, Mr. Richard Teng, despite multiple invitations. The committee had sent a summons to Teng on December 12, 2023, requesting his presence at the hearing. However, instead of sending the management team, a team of lawyers was dispatched, but the committee refused to accept their representation.


In response, the legal team of Binance, led by Senator Ihenyen, explained that the executives did not appear before the committee because two other executives, who were supposed to attend the meeting, were arrested upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA). Senator Ihenyen further highlighted concerns that other executives, who are not based in the country, were apprehensive about coming to Nigeria due to the recent arrests.

Rather than appearing before the committee, Binance communicated through its lawyer, Senator Ihenyen. Despite the committee’s reiterated stance on not accepting legal representation, Binance sent lawyers. Chairman Onwusibe emphasized the committee’s resolve to combat financial crimes and stated that Binance’s absence would compel them to recommend to the House of Representatives to arrest Binance executives.

Chairman Onwusibe reiterated the committee’s position, stating that Binance’s absence was unacceptable and that the committee would recommend invoking its powers to issue a subpoena and warrant for the arrest of Binance executives. This action was necessary to compel them to answer questions regarding the serious allegations raised in the petitions.

The committee commended the petitioners for bringing to light these serious financial crimes, which have been ongoing for over six years. They noted that Binance has been operating in the financial space of Nigeria, exploiting millions of Nigerians without accountability.


In response, Senator Ihenyen appealed to the committee to consider Binance’s response and consider it.

In conclusion, the House of Representatives Committee on Financial Crimes is determined to hold Binance Holdings Limited accountable for its alleged involvement in various financial crimes. It will take necessary actions to ensure compliance with regulatory standards and accountability to the Nigerian people.


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