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

The Minister of Information in Nigeria, Mohammed Idris, has stated that the legal proceedings against Binance and its executive, Tigran Gambaryan, for illegal cryptocurrency trading in Nigeria are in accordance with the country’s legal procedures.
Idris emphasized that due process has been followed at every stage of the legal proceedings, and prosecutors are confident in their case based on the evidence gathered. Binance will have the opportunity to defend itself against the severe financial crime charges in court, with the next hearing scheduled for June 20, 2024.
In a separate development, 12 United States politicians have called on President Joe Biden to use the U.S. hostage affairs unit to secure the release of Gambaryan. They believe that Gambaryan has been charged with “baseless” crimes as part of a coercion tactic by Nigerian authorities to extort Binance.
The minister, however, assured that Binance has received appropriate consular access from the U.S. and has been treated according to standard diplomatic protocols and the rule of law. Bail was denied due to the high flight risk posed by the defendant, particularly after a co-defendant fled the country illegally and is now the subject of an Interpol arrest warrant.
Binance and its executives are facing two separate lawsuits by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. One lawsuit pertains to tax evasion, while the other involves money laundering and foreign exchange contravention. In February, Gambaryan, a U.S. citizen, and Nadeem Anjarwalla were arrested on suspicion of money laundering and tax evasion. Anjarwalla evaded custody and fled to Kenya, while Gambaryan remained in the Kuje correctional center in Nigeria’s capital, Abuja.
The arrests took place after the Nigerian government banned cryptocurrency channels as part of an effort to curb currency speculation. The court has mandated that Binance provide the Nigerian government with access to data and details of Nigerian traders using its platform.