Reps seek arrest of Binance executives

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By Disun Amosun

House of Representatives Committee on Financial Crimes Monday resolved to recommend to the House Leadership to invoke its Legislative Powers and issue warrant of arrests on the management team of Binance, on alleged financial concern that deals in crypto-currencies worldwide.

This is sequel to the failure of Binance executives to honour repeated invitations to appear before the Committee in relation to petitions by the Unemployed Youth Forum from Niger Delta EUYFND, over allegations of being ripped off of their meager savings, running into millions of naira with promises of returns on their investments in millions in crypto- backed millions in dollars.

Despite pleas by the head of Binance legal Representatives, Mr. Senator Ihenyen for leniency and understanding on why Binance management could so far not appear before the Committee, its Chairman and members would have none of such consideration.

According to the Committee Chairman, Rep Ginger Obinna, “The truth is that Binance, despite the last invitation and warning issued it at last week’s Committee sitting, still did not show up Monday as expected. That is more of an affront to the Nigerian House of Representatives, he then threw the issues open for discussion by the Committee members.

Rep. Isa Babayaro wasted no time in raising a motion urging the Committee to recommend to the House as a whole to invoke all legislative apparatus to force the Benance appearance before the Committee, a motion that was unanimously carried at the Committee level.

Spokesperson of Binance Legal Representatives at the meeting in a leniency plea had said two of the firm’s executives that flew into the country last week were promptly arrested on arrival by operatives of the National Security Adviser, NSA, further throwing the company into confusion.

Asked by the Committee Chairman if the arrested two were scheduled to be part of Binance management to appear before the Committee, Ihenyen was not forthcoming, saying no such confirmation came to them as legal representatives, coupled with the swiftness of their arrests.

In an interview after the meeting, Coordinator EUNYND, Solomon Adodo commended the Committee and the House as a whole for rising up to the expectations of Nigerians in taking up the matter to ensure that the hard earned savings of Nigerian youths are not deceitfully taken from them and carried out of the country.

He alleged that Binance, said to be operating from America, Europe and Asia specifically refused to register its operations in Nigeria in order to escape paying tax, despite having over 2 million subscribers on its register, and involved in business running into billions of Dollars worldwide.

Adodo described Binance’s underlining operations as suspect, insinuating that such faceless entities that do business running up to billions of dollars are the ones prone to economic scam and terrorism financing and as such, the firm must be thoroughly investigated.