*The Nigerian House of Representatives moves to regulate cryptocurrencies and other digital assets transactions as the House has mandated the Committee on National Security and Intelligence to investigate the current status of gateway platforms and possible links with extant security challenges in the country

Isola Moses | 绿帽献妻

Against the backdrop of alleged links between Foreign Exchange (Forex) market, cryptocurrency cum other digital assets transactions, and recent heightened security challenges, members of the Nigerian House of Representatives, in the National Assembly (NASS), Abuja, FCT, have resolved to investigate the security implications of these virtual assets transactions on the country’s financial ecosystem.

绿帽献妻 reports Lower Legislative Chamber is also set to investigate the current status of the e-Naira, the Central Bank Digital Currency, on the global cryptocurrency platform, the cost incurred, processes undertaken, and statutory compliance in creating the digital currency.

Nigerian House of Representatives in a plenary聽 聽 聽 聽File Photo

Hon. Isiaka Ibrahim, a Federal legislators from Ogun State, South-West region, read the resolution of the House in this regard Tuesday, March 5, 2024.

Ibrahim said: 鈥淭he House, hereby, resolved mandates the House Committee on National Security and Intelligence to investigate the current status of gateway platforms and how they truly or not connect with many security challenges in the country.鈥�

It is recalled the House of Representatives Committee on Financial Crimes Monday this week, had resolved to issue warrant of arrest against the Executives of Finance, a leading cryptocurrency platform, for failing to appear before it for an investigation.

Nigeria demands $10bn compensation from Binance for Forex infractions

The Central Bank of Nigeria (CBN) recently alleged that about $26 billion passed through Binance Nigeria’s platform in the past one year.

Ginger Onwusibe, Chairman of the Committee, stated that the warrant of arrest would compel the Binance Executives to appear before the lawmakers to answer on allegations of sponsoring of terrorism, and financial crimes in Nigeria.

Following earlier summons, however, a lawyer, who appeared before the Committee on behalf of Binance, presented a written address.

The legal practitioner reportedly informed the Federal legislators, the Board of Directors of Binance is afraid of coming to Nigeria for fear of further arrest by the Federal Government.

However, the lawmakers rejected the lawyer’s explanation, according to report.

Previously, security agencies in conjunction with Office of the National Security Adviser (ONSA) had apprehended two Binance Executives last week in Nigeria last week.

The government is also demanding about $10 billion in compensation from the cryptocurrency firm on allegations of manipulation of Foreign Exchange exchange rates.

The alleged Forex infractions by Binance are said to have negatively affected the value of the Naira, the country’s currency.

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