Nigeria Binance Executives Face Arrest as House Committee Digs into Cryptocurrency's Alleged Financial Crimes

The House of Representatives has undertaken a motion to investigate the potential national security implications arising from cryptocurrency and digital asset transactions. The inquiry also extends to scrutinizing the e-naira's current status on the global cryptocurrency platform, including the associated costs, creation processes, and compliance with statutory regulations.

Isiaka Ibrahim, a lawmaker from Ogun State, announced the resolution on Tuesday, emphasizing the need to understand the connection between gateway platforms and prevailing security challenges in the country. The House has mandated the Committee on National Security and Intelligence to spearhead this investigation.

This development follows a separate resolution by the House of Representatives Committee on Financial Crimes, which declared its intent to issue a warrant of arrest against executives of the cryptocurrency platform, Binance. The committee, chaired by Ginger Onwusibe, seeks the executives' appearance to address allegations of sponsoring terrorism and financial crimes.

Despite a lawyer representing Binance presenting a written address, citing concerns about the board's safety if they come to Nigeria, lawmakers rejected the explanation. This unfolds amidst the recent arrests of two Binance executives in Nigeria, with the government demanding nearly $10 billion in compensation over allegations of manipulating foreign exchange rates, adversely impacting the naira's value.