Nigeria Defends Binance Exec Prosecution

Nigeria defends Binance amid US lawmakers’ criticism; the minister assured that Binance had received appropriate consular access from the US and all due care.

The Nigerian Minister of Information, Mohammed Idris, stated that the country’s legal procedures are conducting the trial of Binance and its executive, Tigran Gambaryan, for illicit cryptocurrency trading in Nigeria.

According to the statement, Minister Idris reportedly stated that the legal proceedings have adhered to due process at every stage and that prosecutors are confident in their case due to the evidence they have collected.

Binance will have the opportunity to defend itself against the grievous financial crime charges in court, with the next hearing scheduled for June 20, 2024, as he noted.

U.S. politicians call for Binance exec’s release

Following a recent appeal by 12 United States politicians to President Joe Biden, the minister issued a statement imploring the U.S. government to utilize its hostage affairs unit to facilitate the release of Tigran Gambaryan.

The letter stated that Gambaryan had been charged with several “baseless” offenses, such as money laundering and tax evasion. The letter’s authors suspect these charges are part of a coercive strategy employed by Nigerian authorities to extort Binance.

The minister reassured Binance that the U.S. had granted Binance the necessary consular access and taken all the required precautions by standard diplomatic protocols and the rule of law.

He stated that the defendant’s parole was denied due to his high flight risk, which was primarily caused by the illegal departure of a co-defendant, who is currently the subject of an Interpol arrest warrant.

Binance’s legal challenges in Nigeria

Binance and its executives are sued by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission (EFCC) in two distinct lawsuits. The former pertains to tax evasion, whereas the latter pertains to money laundering and foreign exchange contravention.

The Nigerian government apprehended Gambaryan, a U.S. citizen, and Nadeem Anjarwalla in February on suspicion of tax evasion and money laundering. Anjarwalla evaded custody and fled to Kenya while his colleague remained in the Kuje correctional facility.

The detention occurred after the federal government prohibited cryptocurrency channels as part of an initiative to mitigate currency speculation. The court ordered Binance to provide the Nigerian government with access to data and details of Nigerian traders using its platform.