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Reps Order Immediate Arrest Of Binance CEO

The House of Representatives Committee on Financial Crimes has issued a warrant for the immediate arrest of Richard Teng, Chief Executive of Binance Holding Limited, and its management. The directive came following their failure to appear before the committee to address allegations of involvement in terrorism financing and money laundering.

Committee Chairman Hon. Ginger Onwusibe authorized the arrest on Monday after Teng and the management team, once again, declined to attend the committee session. Instead, the company sent Senator Ihengen, its legal representative, to present their defense.

Ihengen cited the recent arrest of two senior management staff by the Federal Government as the reason for their absence. However, the committee chairman dismissed the explanation, deeming it inadequate. Through a voice vote, the committee unanimously ordered the arrest of Teng and the entire management team.

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