Nigeria stands by decision to prosecute Binance executive despite backlash from US lawmakers

The Nigerian Minister of Information, Mohammed Idris, stated that the legal proceedings against Binance and its executive, Tigran Gambaryan, for engaging in illegal cryptocurrency trading in Nigeria are in accordance with the country’s legal system.
Idris emphasized that every step of the legal process has been strictly followed, and prosecutors are confident in the evidence they have gathered to support their case.
He mentioned that Binance will have the opportunity to present its defense against the serious financial crime charges in court, with the next hearing set for June 20, 2024.
A group of 12 United States politicians recently urged President Joe Biden to intervene and assist in securing the release of Gambaryan, claiming that the charges against him, such as money laundering and tax evasion, are unfounded and may be a tactic by Nigerian authorities to pressure Binance.
Despite these claims, the minister reassured that Binance has been provided with appropriate consular assistance from the U.S. and has been treated according to diplomatic norms and legal regulations.
The minister explained that bail was denied due to concerns about the defendant’s potential flight risk, particularly because a co-defendant, who is now the subject of an Interpol arrest warrant, fled the country illegally.
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 relates to tax evasion, while the latter involves allegations of money laundering and foreign exchange violations.
In February, Gambaryan, a U.S. citizen, and Nadeem Anjarwalla were arrested on suspicion of money laundering and tax evasion. While Anjarwalla managed to evade custody and flee to Kenya, Gambaryan remained in detention at the Kuje correctional center in Abuja, Nigeria’s capital.
These arrests occurred following the Nigerian government’s decision to ban cryptocurrency transactions as part of an effort to combat currency speculation. The court has mandated that Binance provide the Nigerian government with access to data and information on Nigerian traders using its platform.