The Nigerian government is following due process in the trial of cryptocurrency platform Binance and its executives, according to Minister of Information and National Orientation, Mohammed Idris.
This comes amid ongoing interest in the trial of the “rogue online platform” and one of its chief executives accused of illegal cryptocurrency trading in Nigeria.
Idris, in a statement on Wednesday signed by his Special Assistant (Media) Rabiu Ibrahim, emphasized that due process is being observed at every stage, as reported by Sahara Reporters.
“At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered. Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024,” he said.
He noted that Binance has received consular access and due care, adhering to normal diplomatic protocols and the rule of law.
The minister added that bail was denied due to the flight risk, as a co-accused, now under an Interpol warrant, had absconded.
The statement highlighted Binance’s significant financial impact in Nigeria: “It would be recalled that Binance had a turnover in Nigeria of over US$20 billion in 2023 alone, far above the federal budget for health and education, fueling currency speculation and the cost-of-living crisis.”
Furthermore, the statement pointed out that Binance is not registered in Nigeria and has never paid taxes within the jurisdiction, operating without oversight or safeguards against criminal activity. Idris underscored Binance’s controversial history, stating, “Binance is an entity whose representatives have been variously imprisoned, fined, sanctioned, and banned in North America, Europe, and Asia, in recent years.”
He continued, “Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States after being found guilty of money laundering, while Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and aiding and abetting paedophile gangs.”
Law enforcement agencies believe Binance’s operations in Nigeria are part of a broader international pattern. “It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable,” Idris said.
The arrest and detention of Binance executives Tigran Gambaryan and Nadeem Anjarwalla on February 26 followed an investigation by the Economic and Financial Crimes Commission (EFCC). They face charges of money laundering and terrorism financing. Gambaryan was arraigned on five counts, including alleged tax evasion and money laundering amounting to $34,400,000.
The escape of Anjarwalla led to Gambaryan’s bail application being denied on May 17, 2024.
Gambaryan’s wife, Yuki, raised concerns about his continued detention in Kuje prison, where he is reportedly held with Boko Haram terrorists and bandits. U.S. lawmakers, including House Foreign Affairs Committee Chair Michael McCaul and 15 other leaders, have urged President Biden to treat Gambaryan’s case as a hostage situation, citing fears for his life due to malaria and inadequate treatment.
“We fear for his life. Immediate action is essential to ensure his safety and preserve his life. We must act swiftly before it is too late,” they stated in their letter to President Biden, Secretary of State Antony Blinken, and Presidential Envoy for Hostage Affairs Roger D. Carstens.
The letter claims Gambaryan has been unlawfully detained for three months in Nigeria.
