Nigeria Defends Prosecution of Binance Executive Amid US Law

The Nigerian Minister of Information, Mohammed Idris, asserted that the trial of Binance and its executive, Tigran Gambaryan, for illegal cryptocurrency trading in Nigeria adheres strictly to the country’s legal procedures.

In a statement, Idris emphasized that the legal process has been meticulously followed, and prosecutors are confident in their case based on the evidence collected. He pointed out that Binance will have a fair chance to defend itself against the serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.

U.S. Politicians Call for Binance Executive’s Release

The minister’s remarks follow a recent plea by 12 United States politicians to President Joe Biden, urging the U.S. government to employ its hostage affairs unit to secure Gambaryan’s release. The letter from the U.S. lawmakers claimed that Gambaryan faces several “baseless” charges, including money laundering and tax evasion, which they believe are part of a coercive tactic by Nigerian authorities to extort Binance.

Despite the criticism, Minister Idris assured that Binance had been granted appropriate consular access from the U.S. and received due care, in line with standard diplomatic protocols and the rule of law. He explained that bail was denied due to Gambaryan’s high flight risk, especially since a co-defendant, who is now subject to an Interpol arrest warrant, fled the country illegally.

Binance’s Legal Challenges in Nigeria

Binance and its executives are facing two separate lawsuits by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The first lawsuit involves tax evasion, while the second pertains to money laundering and foreign exchange violations.

In February, the Nigerian government arrested Gambaryan, a U.S. citizen, and Nadeem Anjarwalla 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 Nigeria’s capital, Abuja.

These arrests followed the federal government’s ban on cryptocurrency channels as part of a broader effort to curb currency speculation. The court has mandated that Binance provide the Nigerian government with data and details of Nigerian traders using its platform.