The House of Representatives Committee on Financial Crimes has suggested the apprehension of Binance Holding Ltd.’s CEO due to accusations of tax evasion and money laundering in Nigeria.
This recommendation came after a motion by Isah Dogonyaro (APC-Jigawa State) during a public hearing in Abuja.
But despite invitations, Binance’s CEO failed to appear before the committee to address concerns regarding terrorism, tax evasion, and money laundering.
However, Binance responded to the allegations in writing and expressed concerns about the safety of its officials in Nigeria.
The committee, chaired by Ginger Obinna (LP-Abia), decided not to accept legal representation from Binance and called for the arrest of the company’s leadership to answer questions regarding the accusations.
According to him: “This committee has resolved to recommend to the House to invoke its constitutional powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this committee to answer these questions on terrorism, money laundering and other financial crimes as stated in the petition, including evasion of tax.”
The chairman then expressed appreciation to the petitioners for uncovering serious financial crimes and the exploitation of 20 million young Nigerians on the platform over the past six years.
