House of Representatives orders the immediate arrest of CEO, Binance Holdings, Richard Teng.

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The House of Representatives Committee on Financial Crimes has ordered the immediate arrest of the Chief Executive of Binance Holding Limited, Richard Teng and Management, for failure to appear before the committee and defend its alleged involvement in terrorism financing and money laundering.

Chairman of the Committee, Hon. Ginger Onwusibe issued the warrant of arrest on Monday when the CEO and Management again failed to appear before the committee but instead sent one Senator Ihengen, the company’s legal representative.

Ihengen, in his defence, said two top management staff of the company who arrived in the country earlier to appear before the committee were arrested by the Federal Government last week.

However, The Chairman of the committee dismissed the excuse and with a voice vote ordered the arrest of the CEO and Management.

Recall that on Friday, Reps had summoned the CEO and Management of Binance to appear before the committee on Monday unfailingly.

Binance, an online trading platform where users deal in cryptocurrency, has been flagged by the Central Bank of Nigeria to have been involved in money laundering, and terrorist financing among others.


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