Nigeria stands by decision to prosecute Binance executive despite US lawmakers disapproval

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 the country are being conducted in accordance with Nigerian legal procedures.
Idris emphasized that the prosecution has followed due process at every step and that the evidence gathered has strengthened the case against Binance. The company 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, a group of 12 United States politicians have called on President Joe Biden to intervene and secure the release of Gambaryan, claiming 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 appeals, the minister assured that Binance has been provided with consular access from the U.S. and has been treated with all due care, in compliance with diplomatic protocols and the rule of law. He explained that bail was denied due to the high risk of flight, especially since a co-defendant has fled the country and is now the subject of an Interpol arrest warrant.
Binance is currently embroiled in legal battles in Nigeria, facing lawsuits from both the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. The former case is related to tax evasion, while the latter concerns money laundering and violations of foreign exchange laws.
The arrest of Gambaryan, a U.S. citizen, and Nadeem Anjarwalla in February on suspicion of money laundering and tax evasion came after the Nigerian government banned cryptocurrency transactions in an effort to combat currency speculation. Anjarwalla managed to evade custody and fled to Kenya, while Gambaryan remains in detention at the Kuje correctional center in Abuja.
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.