The Minister of Information and National Orientation in Nigeria, Mohammed Idris, has asserted that due processes are being meticulously followed in the ongoing trial of the online platform Binance and one of its chief executives, Tigran Gambaryan.
In a statement on Wednesday, June 5, 2024, Idris emphasized that the defendant has received consular access and all necessary care in accordance with diplomatic protocols and the rule of law.
Idris explained, “At all stages, due process has been followed, and prosecutors are confident of their case, based on the facts and evidence gathered. Binance will have every opportunity to defend itself in court against these severe charges of financial crimes against the Federal Republic of Nigeria. The next hearing is on June 20, 2024.”
The minister added that the judge in the case denied bail to Gambaryan due to him being a flight risk, following the escape of his colleague Nadeem Anjarwalla, who is now the subject of an Interpol warrant.
Idris pointed out that Binance had a turnover in Nigeria exceeding $20 billion in 2023, which significantly surpasses the federal budget for health and education.
This turnover has been linked to currency speculation and a subsequent cost-of-living crisis. Moreover, Binance is not registered in Nigeria and has not paid any taxes within the Nigerian jurisdiction, operating without oversight or standard regulations to flag criminal activities.
The minister highlighted that Binance’s representatives have faced various legal issues globally, including imprisonment, fines, and sanctions in North America, Europe, and Asia.
He noted, “Changpeng Zhao, the billionaire co-founder and former CEO of Binance, is currently serving a four-month prison sentence in the United States after being found guilty of money laundering. Binance has openly accepted its role in facilitating terrorism, corruption, sanctions busting, and aiding and abetting paedophile gangs.”
Idris concluded by stating that law enforcement agencies believe Binance’s operations in Nigeria are part of a broader international pattern, and it will be up to the courts to hold the company and its executives accountable.
