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Reps Orders Arrest of Binance CEO Amid Money Laundering Allegations

The House of Representatives Committee on Financial Crimes has issued a directive for the immediate arrest of Richard Teng, the Chief Executive of Binance Holding Limited, along with its management team, 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 during a hearing on a petition brought against the crypto firm.

He explained that the warrant of arrest is to ensure that the executive appears before the lawmakers.

Senator Ihenyen, the lawyer to Binance, appeared before the Committee on behalf of his client and presented a written address, however, the lawmakers rejected his representation.

Truthlive news recall that the Nigerian government as part of it latest crackdown on the company reportedly arrested two of it executives over alleged money laundering and terror financing.

Ihenyen explained that the company’s board is hesitant to visit Nigeria due to concerns about further government arrests.

Binance, an online trading platform for cryptocurrency, has faced scrutiny from the Central Bank of Nigeria for its alleged involvement in various illicit activities, including money laundering and terrorist financing.



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