Nigeria Defends Binance Exec’s Charge Amid Criticism From US Lawmakers
Nigeria's Minister of Information, Mohammed Idris, has said the trial of Binance and its CEO Tigran Gambarian for illegal cryptocurrency trading in Nigeria follows the country's legal process.
According to the statement, Idris said that the legal process followed due process at every stage and the prosecution is confident in their case based on the evidence gathered.
Binance has announced that it will have the opportunity to defend itself against serious financial crime charges in court, with the next hearing set for June 20, 2024.
US politicians demand release of Binance exec.
The minister's statement follows the recent plea of 12 US politicians to President Joe Biden to facilitate the release of the Gambia hostages by the US government.
In the letter, Gambarian is accused of several “baseless” crimes, including money laundering and tax evasion, which Nigerian authorities believe is a coercion scheme to exploit Binance.
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However, the minister confirmed that Binance received proper consular services and all due care from the US, following standard diplomatic protocols and the rule of law.
He said the right to bail was denied because of the high risk of flight the accused had to face, especially because his co-accused, who now has an Interpol arrest warrant, had left the country illegally.
Legal challenges of Binance in Nigeria
Binance and its executives face two separate cases by the federal Internal Revenue Service and the Economic and Financial Crimes Commission. The former borders on tax evasion, while the latter deals with money laundering and foreign exchange violations.
In February, the Nigerian government arrested Gambarian and Nadeem Anjarwala, an American citizen, on suspicion of money laundering and tax evasion. Anjarwala escaped from prison and fled to Kenya, while his colleague remained in Kuje prison in Nigeria's capital, Abuja.
The arrests came after the federal government banned cryptocurrency channels as part of its campaign to curb currency speculation. The court ordered Binance to provide the Nigerian government with information and details of Nigerian traders using the platform.
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