Nigeria’s Minister of Information, Mohammed Idris, has insisted that the prosecution of Binance and its executive Tigran Gambaryan for illegal cryptocurrency trading in Nigeria complies with the country’s legal procedures. The statement comes amid growing criticism from U.S. lawmakers calling for Gambarian’s release.
Compliance with legal proceedings
Minister Mohammed Idris emphasized that the legal proceedings against Binance and Gambaryan followed due process at all stages. He expressed confidence in the strength of the evidence collected by the prosecution that served as the basis for the charges. Binance and Gambarian will have the opportunity to defend themselves against serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.
Appeals from U.S. lawmakers
The minister’s statement comes after a dozen US politicians recently appealed to President Joe Biden. Lawmakers urged the U.S. government to use its hostage affairs unit to facilitate Gambarian’s release. They called the charges against him, including money laundering and tax evasion, “baseless” and suggested that Nigerian authorities were using them as a coercive tactic to extort Binance.
Consular Access and Diplomatic Protocol
Minister Idris reassured Binance that it had received appropriate consular access from the United States and that all actions taken were in accordance with standard diplomatic protocols and the rule of law. He pointed out that Gambarian was denied bail due to his high flight risk, which was made worse by his co-accused who fled the country illegally and is currently subject to an Interpol arrest warrant.
Binance’s Legal Issues in Nigeria
Binance and its executives are engaged in two separate legal battles with Nigeria’s Federal Inland Revenue Service (FIRS) and the Economic and Financial Crimes Commission (EFCC). The FIRS case concerns alleged tax evasion, while the EFCC case relates to alleged money laundering and foreign exchange offences.
In February, Nigerian authorities arrested Gambaryan and Nadeem Anjarwalla, both U.S. citizens, on charges of money laundering and tax evasion. Anjarwalla subsequently evaded detention and fled to Kenya, while Gambaryan was left behind at the Kuje Correctional Center in Abuja. The arrests come after the Nigerian government banned cryptocurrency channels as part of a wider campaign to curb currency speculation. The court also ordered Binance to provide the Nigerian government with access to data and details of Nigerian traders who use the platform.
tension and continuous development
The cases against Binance and Gambarian highlight tensions between Nigerian authorities and global cryptocurrency exchanges over regulatory compliance and financial crime. The situation continues to evolve and has significant implications for Binance’s operations in Nigeria and potentially other jurisdictions.