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 engaging in illegal cryptocurrency trading in Nigeria are in accordance with the country’s legal system.
According to Idris, the legal process has been carried out diligently at every step, and the prosecutors have strong evidence to support their case. Binance will have the opportunity to defend itself against the serious financial crime charges in court, with the next hearing scheduled for June 20, 2024.
In a separate development, 12 United States politicians have written to President Joe Biden, urging the U.S. government to intervene through its hostage affairs unit to secure the release of Gambaryan. They believe that the charges against him, such as money laundering and tax evasion, are unfounded and are being used as a tactic by Nigerian authorities to pressure Binance.
Despite these claims, the minister has assured that Binance has been given the necessary consular access from the U.S. and has been treated with due care, following standard diplomatic procedures and the rule of law. Bail was denied to Gambaryan due to concerns about his potential flight risk, especially after a co-defendant fled the country and is now the subject of an Interpol arrest warrant.
Binance is currently facing legal challenges in Nigeria, with two separate lawsuits filed by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The former is related to tax evasion, while the latter involves allegations of money laundering and violations of foreign exchange laws.
In February, Gambaryan, a U.S. citizen, and Nadeem Anjarwalla were arrested on suspicion of money laundering and tax evasion. Anjarwalla managed to evade custody and escape to Kenya, while Gambaryan remains in detention at the Kuje correctional center in Abuja, Nigeria’s capital.
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 government with access to data and information on Nigerian traders using its platform.