The House of Representatives has called for the arrest of top executives of Binance Holdings Limited due to allegations that the cryptocurrency exchange platform is taking advantage of the Naira, the currency of Nigeria, causing a free fall in value.

The committee had summoned Teng in a letter dated December 12, 2023 signed by its chairman, Ginger Onwusibe, requesting his appearance at the hearing.

However, instead of the management team of the company appearing before the House committee as required by law, a team of lawyers was sent instead but the lawyers were told by the committee that their representations would not be accepted.

Responding, the legal team of Binance, led by Senator Ihenyen, whose representation was rejected, said Binance executives did not appear before the committee because two other executives, who were to appear at the meeting were arrested upon their arrival in Nigeria by the Office of the National Security Adviser, ONSA.

He said among other reasons, executives of the company, who are not based in the country were apprehensive because two of their executives were arrested recently and were still in custody.

"Following the arrest of two executives, other persons could not come into Nigeria because they would have been arrested too.