The House of Representatives Committee on Financial Crimes has resolved to issue a warrant of arrest against executives of the cryptocurrency platform, Binance, for failing to appear before it for an investigation.

Chairman of the Committee, Ginger Onwusibe, stated that the warrant of arrest is to compel the executives to appear before the lawmakers to answer on allegations of sponsoring of terrorism, and financial crimes.

A lawyer, who appeared before the committee on behalf of Binance presented a written address, stating that the board of the company is scared of coming to Nigeria for fear of further arrest by the government.

However, the explanation by the lawyer was rejected by the lawmakers.

Two Binance executives were arrested in Nigeria last week, and the government is demanding almost 10 billion dollars in compensation from the cryptocurrency firm on allegations of manipulation of foreign exchange rates which has negatively affected the value of the naira.