The House of Representatives’ Committee on Financial Crimes has recommended that the parliament should evoke its powers to subpoena and arrest top executives of Binance Holdings Limited for financial infractions and terrorism financing.

The Reps committee made the call against the failure of Binance to appear for the public hearing organised by the panel.

The call was sequel to non-appearance on Monday, of the company over allegations bothering on terrorism financing, money laundry, tax invasion and other crimes at the committee’s public hearing.

The Chairman of the Committee, Hon. Obinna Ginger lamented the non-appearance of the Chief Executive of Binance Holding limited, Mr Richard Teng, after many invitations.
The Committee had in a letter dated 12 December, 2023 summoned Tang to appear at the public hearing.

The Committee got infuriated with Binance disregard of the invitation and failure to send legal representatives to the public hearing.

Ginger said the committee will be forced to recommend the arrest Binance executives to the House over its failure to appear before the it.

“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 that the chief executives should appear before us.

“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 Initiatives and Niger Delta youths Council.

“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 relationship financing of terrorism, money laundering and other financial crimes as stated in the petition including evasion of tax,” Ginger said.

Counsel to Binance, Senator Ihenyen who appeared for the company pleaded with the Committee to give the firm ample time to appear before it.

Ihenyen disclosed that two of the company’s executives that arrived the country for the meeting were arrested by the Office of the National Security Adviser.

“Following the arrest of two executive, other persons could not come into Nigeria because they are afraid of arrest 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,” he said.