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 the country are being conducted according to the nation’s legal procedures.
Idris emphasized that the legal process has been followed meticulously at each stage, with prosecutors confident in the evidence they have gathered for the case. Binance will have the opportunity to present its defense against the serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.
In a separate development, a group of 12 United States politicians recently appealed to President Joe Biden, urging the U.S. government to intervene using its hostage affairs unit to secure the release of Gambaryan. The politicians argued that the charges against Gambaryan, including money laundering and tax evasion, are unfounded and may be a tactic by Nigerian authorities to extort Binance.
Despite these claims, the Minister assured that Binance has been granted consular access from the U.S. and is being treated according to diplomatic protocols and the rule of law. Bail was denied due to concerns about the defendant’s potential flight risk, especially since a co-defendant has already fled the country and is the subject of an Interpol arrest warrant.
Binance is currently facing legal challenges in Nigeria from both the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The former case involves allegations of tax evasion, while the latter is related to money laundering and foreign exchange violations.
In February, Gambaryan, a U.S. citizen, along with Nadeem Anjarwalla, were arrested by the Nigerian government on suspicion of money laundering and tax evasion. Anjarwalla managed to evade custody and fled to Kenya, while Gambaryan remains in detention at the Kuje correctional center in Abuja.
These arrests came after the Nigerian government implemented a ban on cryptocurrency transactions as part of efforts to combat currency speculation. The court has ordered Binance to provide the Nigerian government with access to data and information on Nigerian traders using its platform.