The House of Representatives has demanded the arrest of Binance Holdings Limited senior executives amidst allegations that the cryptocurrency exchange platform is exploiting the Nigerian Naira, thereby contributing to its depreciation.
The committee issued a summons to Mr. Teng in a letter dated December 12, 2023, signed by its chairman, Ginger Onwusibe, requesting his presence at a hearing. However, instead of the company’s management team appearing before the House committee, a team of lawyers was dispatched as required by law. The committee promptly informed the lawyers that their representations would not be accepted.
In response, the legal team of Binance, led by Senator Ihenyen, whose representation was rejected, explained that Binance executives did not attend the committee hearing due to the arrest of two other executives upon their arrival in Nigeria by the Office of the National Security Adviser (ONSA).
Senator Ihenyen cited the apprehension among executives, particularly those not based in the country, following the recent arrests. He emphasized that the fear of arrest deterred other personnel from entering Nigeria.
The situation underscores the tension surrounding the allegations against Binance Holdings Limited and the complexities of addressing them through legal proceedings.
