Key takeaways:
- The trial of Binance and its executive for unlawful crypto trading in Nigeria is proceeding in accordance with the nation’s legal protocols.
- The minister assured that Binance had granted the US proper consular access and had taken all necessary precautions, adhering to established diplomatic norms and the law.
The trial of Binance and its executive, Tigran Gambaryan, for unlawful crypto trading in Nigeria is proceeding in accordance with the nation’s legal protocols, according to Nigeria’s Minister of Information, Mohammed Idris.
In the statement, Idris is claimed to have stated that the legal process has been followed to the letter at every turn and that the prosecution is confident in their case because of the evidence they have obtained.
The next hearing is scheduled for June 20, 2024, he said, giving Binance the chance to defend itself in court against the serious financial crime allegations.
The minister’s remarks come in response to a recent plea to President Joe Biden from twelve US lawmakers asking the US government to utilize its hostage affairs team to help free Gambaryan.
The letter stated that Gambaryan had been accused of several “baseless” offenses, such as tax evasion and money laundering, which they feel is a ploy by Nigerian authorities to coerce Binance.
Nonetheless, the minister assured that Binance had granted the US proper consular access and had taken all necessary precautions, adhering to established diplomatic norms and the law.
He said that the defendant’s high flight risk—primarily as a result of unlawful immigration by a co-defendant who is currently the subject of an Interpol arrest warrant—was the reason bail was denied.
The Economic and Financial Crimes Commission and the Federal Inland Revenue Service have filed two separate lawsuits against Binance and its officials. The former pertains to tax evasion, while the latter is concerned with foreign exchange contravention and money laundering.
The Nigerian government detained US citizens Gambaryan and Nadeem Anjarwalla in February on charges of tax evasion and money laundering. While his colleague was detained at the Kuje detention facility in Abuja, Nigeria, Anjarwalla escaped and fled to Kenya.
As part of an effort to stop currency speculation, the federal government outlawed crypto channels, which led to the arrest. The Nigerian government was ordered by the court to receive data and information about Nigerian merchants who use Binance’s platform.
