In accordance with the legal procedures of Nigeria, Minister of Information Mohammed Idris stated that the trial of Binance and its executive, Tigran Gambaryan, for illegal cryptocurrency trading is proceeding as per the country’s laws.
Idris emphasized that the legal process has been meticulously followed at each step, with prosecutors confident in their case based on the evidence gathered. Binance will have the opportunity to defend itself against the serious financial crime charges in court, with the next hearing set for June 20, 2024.
In a separate development, 12 United States politicians have appealed to President Joe Biden to intervene and secure the release of Gambaryan. They believe that the charges against him, including money laundering and tax evasion, are unfounded and part of a ploy by Nigerian authorities to extort Binance.
Despite these claims, the Minister assured that Binance has been provided with proper consular access by the U.S., adhering to 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 and is now subject to an Interpol arrest warrant.
Binance is currently facing legal challenges in Nigeria, with two separate suits filed by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The former focuses on tax evasion, while the latter involves money laundering and foreign exchange violations.
Gambaryan, a U.S. citizen, was arrested by the Nigerian government in February on suspicion of money laundering and tax evasion, along with Nadeem Anjarwalla. While Anjarwalla managed to evade custody and flee to Kenya, Gambaryan remains in the Kuje correctional center in Abuja.
The arrests came after the Nigerian government imposed a ban on cryptocurrency channels to combat currency speculation. As part of the legal proceedings, the court has mandated that Binance provide the Nigerian government with access to data and information on Nigerian traders using its platform.
For more on the regulation of cryptocurrency and the balance between enforcement and innovation, check out our magazine feature: “Cleaning up crypto: How much enforcement is too much?”