… we are scared of been arrested- Binance Rep

By Gift ChapiOdekina, Abuja

The House of Representatives Committee on Financial Crimes is set to evoke its constitutional powers against Binance Holdings Limited because it failed to appear to its public hearing to respond to series of allegations of terrorism, money laundry, tax invasion and other crimes.

Binance Holdings Limited, operators of Digital Assets Exchange in Nigeria has been operating in Nigeria over 6 years allegedly without any adherence to financial regulatory frameworks and has been accused of exploiting Nigerians and committing other financial crimes.

Recall that a coalition of civil society organisations led by the Niger Delta Youth Council Worldwide and the Empowerment for Unemployed Youths against Binance Holdings Limited had petitioned the Committee to scrutinise the firm’s activities.

Speaking during the public hearing, in Abuja on Monday, , the committee chairman, Hon Ginger Onwusibe, decried that the Chief Executive of Binance Holding limited, Mr Richard Teng has refused to appear before the committee after series of invitations.

The Committee had summoned the Managing Director of Binance, Richard Teng in a letter dated 12th December, 2023 and signed by its chairman, Hon. Ginger Onwusibe requesting appearance at the hearing.

However, instead of the Management team of the Company to appear before the House Committee as required by law, a team of lawyers was sent instead. The lawyers were told by the committee that their representations will not be accepted.

Rather than appear before the committee Binance wrote through it’s lawyer Senator Ihenyen .

The Chairman of the Committee, Hon. Ginger Onwusibe, while restating the resolve of the Committee to fight financial crimes maintained that, “the committee will be forced to recommend to the House to arrest Binance executive since they have failed to appear before the committee.

“As long as the committee is concerned, Binance is not at this meeting because we have said it severally that we do not want representation by lawyers but the chief executives should appear before the committee.

“Binance is not here. We have taken a position on it in our last sitting that we are not going to entertain legal representation from Binance and that position stands.

“Based on the fact that Binance is not here, we need to make a recommendation to the House of Representatives for the House to invoke its powers of subpoena to issue a warrant for the leadership of Binance to be arrested and be brought to this Committee to answer questions of the grave allegations leveled against them in the petitions brought to us by the Empowerment for Unemployed Youths and Niger Delta youths Council.

“This Committee has resolved to recommend to the House to invoke its constituonal powers by issuing a subpoena and a warrant for Binance executives to be arrested and brought to this Committee to answer these questions relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax.

“We thanks the petitioners for unearthing this grievous financial crimes going on in this country for more than six years now. Binance has been operating in the financial space of this country for more than six year and they have not less than 20 million Nigerians that they are exploiting.”

Responding, the legal team of Binance led by Senator Ihenyen who’s representation was rejected said Binance executives did not appear before the committee because two other executive who were to appear at the meeting were arrested upon their arrival to Nigeria by the office of the National Security Adviser.

He said among other reasons executives of the company which is not based in the country were apprehensive because of two of their executives that were arrested recently and are still in custody.

“Following the arrest of two executive, other persons could could not come into Nigeria because if the first if been arrested too.

” Binance has responded appropriately to the demands of the committee and as our client we are pleading that this honorable committee consider taking the report.