Nigeria’s Minister of Information, Mohammed Idris, has defended the prosecution of Binance executive Tigran Gambaryan, asserting that the legal proceedings adhere to the country’s legal protocols. This defense comes in response to criticism from U.S. lawmakers.
Legal Procedures Followed
Minister Idris emphasized that the trial of Binance and Gambaryan for illegal cryptocurrency trading has followed due process at every stage. He stated that prosecutors are confident in their case based on the evidence gathered. Binance will have the opportunity to defend itself against charges of severe financial crimes in court, with the next hearing scheduled for June 20, 2024.
U.S. Politicians Call for Release
The minister’s statement follows a recent appeal by 12 U.S. politicians to President Joe Biden, urging the U.S. government to facilitate Gambaryan’s release through its hostage affairs unit. The lawmakers argued that Gambaryan faces several “baseless” charges, including money laundering and tax evasion, suggesting that Nigerian authorities are using these charges to extort Binance.
Assurances of Due Process
Minister Idris assured that Binance has received appropriate consular access from the U.S. and that all actions have adhered to standard diplomatic protocols and the rule of law. He noted that bail was denied due to Gambaryan being considered a high flight risk, especially since a co-defendant, Nadeem Anjarwalla, evaded custody and fled to Kenya, becoming the subject of an Interpol arrest warrant.
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Legal Challenges Facing Binance
Binance and its executives face two separate suits in Nigeria. The Federal Inland Revenue Service accuses them of tax evasion, while the Economic and Financial Crimes Commission charges them with money laundering and foreign exchange contravention.
In February, Nigerian authorities arrested Gambaryan, a U.S. citizen, and Anjarwalla on suspicion of money laundering and tax evasion. While Anjarwalla fled the country, Gambaryan remains in custody at the Kuje correctional center in Abuja.
Government’s Stance on Cryptocurrency
The arrests followed the Nigerian government’s ban on cryptocurrency channels, part of a broader campaign to curb currency speculation. The court has also mandated Binance to provide the Nigerian government with data and details of Nigerian traders using its platform.
