The trial of Binance and its executive, Tigran Gambaryan, for engaging in illegal cryptocurrency trading in Nigeria is proceeding according to the country’s legal procedures, as stated by the Nigerian Minister of Information, Mohammed Idris.
Idris emphasized that the legal process has been meticulously followed at every step, and prosecutors are confident in their case based on the evidence gathered. Binance will have the opportunity to defend itself against the serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.
In response to this, 12 United States politicians have urged President Joe Biden to intervene and facilitate the release of Gambaryan through the U.S. government’s hostage affairs unit. They believe the charges leveled against Gambaryan, including money laundering and tax evasion, are unfounded and are being used as a coercion tactic by Nigerian authorities to extort Binance.
Despite these claims, the minister assured that Binance has been granted appropriate consular access from the U.S. and has been treated with all due care, adhering to standard diplomatic procedures and the rule of law. Bail was denied due to the flight risk posed by the defendant, especially after a co-defendant fled the country illegally 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 case revolves around tax evasion, while the latter involves money laundering and foreign exchange violations.
The arrest of Gambaryan, a U.S. citizen, and Nadeem Anjarwalla in February on suspicion of money laundering and tax evasion occurred after the Nigerian government banned cryptocurrency platforms as part of an effort to combat currency speculation. Anjarwalla managed to evade custody and fled to Kenya, while his colleague remains in the Kuje correctional center in Abuja, Nigeria’s capital.
As part of the legal proceedings, the court has mandated that Binance provide the Nigerian government with access to data and information on Nigerian traders using its platform.