Reps Committee orders arrest of Binance Executives

A committee of the House of Representatives has resolved to issue warrants of arrest against executives of cryptocurrency platform, Binance.

The Committee on Financial Crimes made the resolution on Monday during a hearing on a petition brought against the crypto firm.

This is the latest in a series of clampdowns against the company by the Nigerian government.

It would be recalled that the Nigerian government reportedly arrested two Binance executives over alleged money laundering and terror financing.

The Chairman of the Committee, Obinna Ginger ruled that the Committee would recommend to the larger House for the executives of Binance to be arrested.

He explained that the warrant of arrest is to ensure that the executive appears before the lawmakers.

Senator Ihenyen, the lawyer to Binance, appeared before the Committee on behalf of his client and presented a written address, however, the lawmakers rejected his representation.

Ihenyen said the board of the company is scared of coming to Nigeria over the fear of further arrest by the government.