Buzzapp Master The Nigerian Government says the ongoing court case against Binance, a global cryptocurrency trading company, and its executive, Tigran Gambaryan, will be handled fairly.
Mohammed Idris, the Minister of Information and National Orientation, gave the assurance in response to the accusation by the US lawmakers that Nigeria is holding Gambaryan hostage.
The background
On February 28, Nigerian Authorities arrested Nadeem Anjarwalla, Binance’s Africa Manager, and Tigran Gambaryan, the Head of Financial Crime Compliance.
They were investigated for claims of illegal activities, foreign exchange rate manipulation in Nigeria. The Nigerian government also accused Binance of not paying taxes.
Shortly after the two officials were arrested, one of them, Anjarwalla, dramatically escaped from custody.
America’s demand and Nigeria’s position
Recently, U.S. lawmakers accused the Nigerian Government of holding Gambaryan hostage.
They wrote to President Joe Biden, asking for help to get him released and expressed concerns about the fairness of the Nigerian court process.
In response, Minister Idris emphasised that the trial of Binance and Gambaryan will follow due process according to the Nigerian laws.
He assured that the accused would have a fair chance to defend themselves in court.
Idris said: “At all stages, everything has been done right, and prosecutors are confident of their case, based on the facts and evidence gathered.
“Binance will have every chance to defend itself in court against these serious charges of financial crimes against Nigeria.”
He added that Gambaryan was allowed to meet with officials from his country and was treated justly. Gambaryan had been bail because of the risk of him fleeing the country after his colleague did.
According to Idris, Binance’s business in Nigeria was over $20 billion in 2023, much more than the federal budget for health and education, leading to currency speculation and a cost-of-living crisis.
He said the company is not registered in Nigeria and has never paid taxes, and operates without any supervision.
Idris pointed out that Binance representatives have faced jail time, fines, sanctions, and bans in North America, Europe, and Asia in recent years.
He mentioned that Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is serving a four-month prison sentence in the United States for money laundering.
Binance operations in Nigeria, according to Idris, are part of a broader international pattern. “It will be for the courts here, as in other jurisdictions, to hold the company and its executives accountable.”
The next hearing is scheduled for June 20.
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