The Minister of Information in Nigeria, Mohammed Idris, has stated that the legal proceedings against Binance and its executive, Tigran Gambaryan, for engaging in illegal cryptocurrency trading in the country are being conducted according to the established legal procedures.
Idris emphasized that due process has been followed at every stage of the legal proceedings, and the prosecutors are confident in their case based on the evidence gathered so far. 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 separate development, 12 politicians from the United States have urged President Joe Biden to intervene and facilitate the release of Gambaryan through the use of the U.S. government’s hostage affairs unit. These politicians believe that the charges of money laundering and tax evasion against Gambaryan are unfounded and are part of a ploy by Nigerian authorities to pressure Binance.
Despite these claims, the Minister assured that Binance has been granted consular access from the U.S. and has been treated with all due care in accordance with diplomatic protocols and the rule of law. The denial of bail to Gambaryan was justified by the high flight risk posed by the defendant, especially considering that 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 case revolves around tax evasion, while the latter concerns allegations of money laundering and violation of foreign exchange regulations.
The arrest of Gambaryan, a U.S. citizen, and Nadeem Anjarwalla in February on suspicion of money laundering and tax evasion came after the Nigerian government banned cryptocurrency transactions as part of an effort to control currency speculation. Anjarwalla managed to evade custody and escape to Kenya, while Gambaryan remains detained in the Kuje correctional center in Abuja, the capital of Nigeria.
As part of the legal process, the court has mandated that Binance provide the Nigerian government with access to data and information regarding Nigerian traders using its platform.
Nigeria stands by decision to prosecute Binance executive despite objections from US lawmakers