A committee in Nigeria is urging for the executives of Binance to be arrested for allegedly allowing various financial crimes on the platform. The House Committee on Financial Crimes plans to suggest that Congress use its power to subpoena the executives after they did not appear before the committee willingly. The company’s leaders were initially summoned to respond to accusations of terrorist financing, money laundering, and tax evasion made by certain youth groups. Binance chose to have legal representation present instead, which left the committee feeling disappointed. In our recent meeting, we decided that we will not accept legal representation from Binance, and that decision remains unchanged,” stated committee chairman Ginger Obinna Onwusibe. Binance lawyer Senator Ihenyen mentioned that the exchange was hesitant to send executives as two of them were detained the previous week. Bloomberg previously reported on the detentions of two executives, one British and one American citizen, in Abuja, Nigeria’s capital city last week. The arrests occurred the day after they arrived to discuss with the government about banning multiple cryptocurrency trading sites like Binance, Coinbase, and Kraken. Binance was contacted by Decrypt for a statement, but they did not respond right away. Nigerian officials started targeting crypto platforms due to the steep decline in the Naira, causing inflation to reach a 29.9% high in January, the highest in many years. These informal exchanges serve as a way to determine the Naira’s worth compared to other currencies and to acquire assets like Bitcoin, seen as a hedge against inflation. Nigeria recently fined Binance $10 billion for allegedly manipulating exchange rates and causing the Naira to plummet in value. Binance was also fined over $4 billion by the U.S. Department of Justice for violating anti-money laundering regulations, leading to the ousting of founder Changpeng Zhao as CEO. Andrew Hayward’s editing resulted in the settlement absolving Binance of previous allegations of market manipulation. Keep informed about cryptocurrency news by receiving daily email updates.