Binance has told the Nigerian House of Representatives that its Chief Executive Officer (CEO), Richard Teng cannot come to the country.
TheNewsGuru.com (TNG) reports the Legal Counsel to Binance, Mr Senator Ihenyen said this on Monday before a hearing of the House Committee on Financial Crimes.
The hearing was on a petition by the Empowerment Fund for Nigerian Youth Initiative and the Niger Delta Youth Council of Nigeria on several crimes allegedly committed by Binance.
Binance, an online financial company, has been operating in the cyber space of Nigeria for more than six years with no less than 20 million Nigerians on the platform.
The firm had been accused of terrorism financing, tax evasion, money laundering and the exploitation of 20 million young Nigerians on the platform in the last six years.
The Legal Counsel to Binance disclosed that the company had responded in writing to all the allegations levelled against it.
He stressed that the company was also ready to provide more answers in writing if the need arises in the cause of the hearing.
Ihenyen, however, explained that the company was concerned over the safety of its officials in Nigeria following the recent arrest of two senior officials of the company.
The counsel explained that two top officials of the company who came to Nigeria were arrested by the office of the National Security Adviser (NSA).
However, Chairman of the Committee, Rep. Ginger Obinna (LP-Abia) said that the committee had taken a position at its last sitting not to entertain legal representation from Binance.
Obinna said the leadership of Binance should be arrested and be brought to the committee to answer questions of the grave allegations levelled against the company.
“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,” he said.
The Chairman thanked the petitioners for unearthing the grievous financial crimes and the exploitation of 20 million young Nigerians in the last six years.
Moving the motion earlier for arrest of Teng, Rep. Isah Dogonyaro (APC- Jigawa State) said that the committee earlier invited the CEO of Binance to appear and respond to questions on terrorism, tax evasion and money laundering against the company but failed to appear.
Dogonyaro said that the committee gave another chance to enable the Binance executive to appear on March 4, 2024 but refused to appear again.
According to him, the refusal to appear is an insult on the committee and on the Nigerian people.