Nigeria’s Minister of Information, Mohammed Idris, has assured a fair process in the prosecution of Binance executive Tigran Gambaryan for alleged illegal cryptocurrency activities, asserting that the process adheres to the country’s legal standards.
Minister Idris stated that the trial of Binance and Gambaryan, accused of financial crimes including money laundering and tax evasion, has strictly followed legal protocols.
He confirmed that the prosecution is based on solid evidence and that Binance will have the opportunity to present its defence in court, with the next hearing scheduled for June 20, 2024.
This development comes amid calls from 12 U.S. lawmakers urging President Joe Biden to secure Gambaryan’s release.
They argue that the charges against him are baseless and suggest that Nigerian authorities are using coercive tactics against Binance.
In response to these concerns, Minister Idris assured that Gambaryan has received appropriate consular access and that diplomatic protocols have been respected.
He explained that bail was denied due to Gambaryan being considered a high-flight risk, particularly after a co-defendant fled the country, leading to an Interpol arrest warrant.
Binance faces significant legal challenges in Nigeria, with lawsuits from both the Federal Inland Revenue Service and the Economic and Financial Crimes Commission. These suits allege tax evasion and money laundering, respectively.
The legal troubles escalated in February when Gambaryan and another executive, Nadeem Anjarwalla, were arrested. Anjarwalla managed to escape to Kenya, while Gambaryan remains in custody.
These arrests follow Nigeria’s broader crackdown on cryptocurrency, which includes banning crypto channels to curb currency speculation.
The Nigerian government has also mandated that Binance provide access to data on Nigerian traders using its platform.
By standing firm on the legal prosecution, Nigeria reaffirms its commitment to addressing financial crimes while navigating the complex interplay of international diplomatic and legal pressures.
