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HOUSE OF REPRESENTATIVES COMMITTEE RECOMMENDS WARRANT OF ARREST ON BINANCE EXECUTIVES

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HOUSE OF REPRESENTATIVES COMMITTEE RECOMMENDS WARRANT OF ARREST ON BINANCE EXECUTIVES                                                              04-03-24

By Sadiq Aminu                                                       The House Committee on Financial Crime has recommended for the arrest of the Executives of a crypto currency exchange company, Binance,
The Committee made the submission following the failure of the executive of Binance to appear during an investigative hearing on the allegations of money laundering, terrorist financing and other financial crimes against the Company.
Binance has been alleged to be using their crypto currency platform for money laundering, terrorist financing other financial crimes
Adopting a motion moved by a member of the Committee, Mr. Isah Dogoyaro, the
Committee in their resolution recommended to the House to issue warrant of arrest on the Executive of the Binance for them to appear before the Committee.
The Chairman of the Committee, Mr. Obinna Ginger, said the recommendation was in line with the constitutional mandate of the Committee.
Earlier the, representative of Binance, Senator Inhenya, told the committee that it will be difficult for the executives of Binance to appear before the Committee for the concerns of their safety
The Federal Government was alleged to have arrested and detained two senior executives of Binance
According to a report the executives were arrested and their passports seized, when they flew into Nigeria following a ban on their website.
Nigeria is one of the largest peer-to-peer crypto markets in the world, according to a report between July 2022 and June 2023, crypto transactions in the country reached $56.7bn, according to Chainalysis.
Binance is an online exchange where users can trade cryptocurrencies.

 

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