The Minister of Information in Nigeria, Mohammed Idris, has stated that the trial of Binance and its executive, Tigran Gambaryan, for engaging in illegal cryptocurrency trading in Nigeria is being conducted in accordance with the country’s legal procedures. Idris emphasized that the legal process has been meticulously followed at every step, and that the prosecutors are confident in their case based on the evidence they have gathered.
He mentioned that Binance will have the opportunity to defend itself against the serious charges of financial crimes in court, with the next hearing scheduled for June 20, 2024. In a recent development, 12 U.S. politicians have appealed to President Joe Biden, urging the U.S. government to intervene through its hostage affairs unit to secure the release of Gambaryan.
The statement by the minister comes amidst allegations by the U.S. politicians that the charges against Gambaryan, including money laundering and tax evasion, are unfounded and may be a tactic by Nigerian authorities to pressure Binance. However, Idris reassured that Binance has been provided with consular access from the U.S. and all necessary care, in accordance with diplomatic protocols and the rule of law.
He explained that bail was denied due to concerns about the defendant’s high risk of fleeing, particularly as a co-defendant has already fled the country and is now the subject of an Interpol arrest warrant. Binance and its executives are currently facing legal challenges in Nigeria, with separate suits filed by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The former case pertains to tax evasion, while the latter involves allegations of money laundering and foreign exchange violations.
The arrest of Gambaryan, a U.S. citizen, and Nadeem Anjarwalla on suspicion of money laundering and tax evasion took place in February. While Anjarwalla managed to evade custody and flee to Kenya, Gambaryan remains in detention at the Kuje correctional center in Abuja, Nigeria’s capital. The arrests occurred following the government’s ban on cryptocurrency transactions as part of efforts to curb currency speculation. The court has also mandated that Binance provide the Nigerian government with access to data and information on Nigerian traders using its platform.