Nigeria stands by decision to prosecute Binance executive despite criticism from US lawmakers

The Nigerian Minister of Information, Mohammed Idris, has stated that the trial of Binance and its executive, Tigran Gambaryan, for engaging in illegal cryptocurrency trading in Nigeria is following the country’s legal procedures.
Idris emphasized that the legal process has been meticulously followed at every step, with prosecutors confident in their case based on the evidence collected. Binance will have the opportunity to present its defense against the serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.
In a move to support Gambaryan, 12 United States politicians have appealed to President Joe Biden, urging the U.S. government to intervene using its hostage affairs unit to secure his release. They argue that the charges against Gambaryan, including money laundering and tax evasion, are unfounded and may be a ploy by Nigerian authorities to extort Binance.
Despite these claims, the minister reassured that Binance has been provided with proper consular access from the U.S., ensuring that all necessary care is being taken in accordance with diplomatic protocols and the rule of law. Bail was denied due to concerns over the defendant’s high risk of fleeing, particularly as a co-defendant has already fled the country and is now the subject of an Interpol arrest warrant.
Binance and its executives are currently facing legal challenges from both the Federal Inland Revenue Service and the Economic and Financial Crimes Commission in Nigeria. The former is related to tax evasion, while the latter pertains to money laundering and foreign exchange violations.
In February, Gambaryan, a U.S. citizen, and Nadeem Anjarwalla were arrested by the Nigerian government on suspicion of money laundering and tax evasion. Anjarwalla managed to evade custody and fled to Kenya, while Gambaryan remains in the Kuje correctional center in Abuja, Nigeria’s capital.
These arrests were made following the government’s ban on cryptocurrency platforms as part of a crackdown on currency speculation. The court has ordered Binance to provide the Nigerian government with access to data and information on Nigerian traders using its platform.
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