Reps assure of comprehensive probe of Binance
The House of Representatives Committee on Financial Crimes has assured a comprehensive investigation into the activities of Binance, a crypto currency platform in Nigeria.
The Chairman of the Committee, Rep. Ginger Onwusibe (LP-Abia), said this when he addressed newsmen on Tuesday in Abuja.
He said that the committee would not be distracted from carrying out the probe by the baseless bribery allegations levied by Bianace, saying it would remain focused on its mandate.
The chairman said that no member of the committee of staff approached Binance for anything.
“I want to assure all Nigerians of the integrity, transparency, and competence of the House of Representatives Committee on Financial Crimes, which I have the privilege and honour to chair.
“We refuse to be diminished or deflated by the shenanigans of Binance and other enemies of Nigeria.
“The committee will continue with its functions and assignments undeterred; we recognise that the blackmail by Binance is merely an attempt to distract and draw attention away from the serious allegations of criminality against it, which are now compounded by its role in the security breach of sovereign Nigeria.
“The committee will continue with its legitimate functions as indicated and will update the relevant authorities, the general public, and the media as the need arises,” he said.
Onwusibe said that the committee was investigating Binance for alleged tax evasion, having operated illegally in Nigeria and generating billions of dollars in profits with zero tax remittance.
He said that other allegations included providing a platform for money laundering activities and illegal transfers of funds to foreign shores.
He said that Binance allegedly provided a platform for terrorism financing, enabling terrorists and enemies of Nigeria to receive ransoms without trace, thus facilitating purchase of sophisticated arms and weapons.
The rep also said that cryptocurrency platform allegedly manipulated the Nigerian Forex space, which led to a sharp spike in the price of foreign currencies against the naira, and operated outside the regulations of the Securities and Exchange Commission (SEC)
Onwusibe said that the committee would also look into the circumstances surrounding the escape of Binance executives from lawful custody and how they left the country.
He said that relevant government agencies were also investigating the activities of Binance, saying that the probe by the committee was by no means a witch hunt.
Some social media reports indicated that agents of the committee approached Binance's representatives, demanding a bribe of 140 million dollars to close the case.
