The federal government says due processes are being applied in the ongoing trial of Binance, a popular cryptocurrency platform, and Tigran Gambaryan, one of its executives.
On February 28, the government detained two top executives
of Binance as part of a probe bordering on illegal operations in the country
and foreign exchange rate manipulations.
The detained executives included Nadeem Anjarwalla, a
37-year-old British-Kenyan and Binance’s regional manager for Africa; and
Tigran Gambaryan, a 39-year-old US citizen and Binance’s head of financial
crime compliance.
Nigeria’s government, on March 25, filed a criminal charge
against Binance for “tax evasion” — the same period Anjarwalla fled detention.
On June5, lawmakers in the United States accused the
Nigerian government of taking Gambaryan “hostage”.
The lawmakers, in a letter dated June 4, urged President Joe
Biden to help secure his release.
Addressing issues regarding the case, Mohammed Idris,
minister of information and national orientation, said Binance would have every
opportunity to defend itself in court against “these severe charges”.
Idris spoke in a statement issued by Rabiu Ibrahim, his
special assistant on media on Wednesday.
“At all stages, due process has been followed, and
prosecutors are confident of their case, based on the facts and evidence
gathered,” the minister said.
“Binance will have every opportunity to defend itself in
court against these severe charges of financial crimes against the Federal
Republic of Nigeria.”
Idris said the defendant has received consular access and
all due care, following normal diplomatic protocols and the rule of law.
He said the judge in the case has sufficiently posited that
Gambaryan was denied bail because of the flight risk, after his colleague fled
the country.
According to Idris, Binance had a turnover in Nigeria of
over $20 billion in 2023 alone, far above the federal budget for health and
education, fueling currency speculation and the cost of living crisis.
He said the firm is neither registered in Nigeria nor has it
ever paid taxes, having operated without oversight or any of the normal guard
rails to flag criminal activity.
Idris said it is important that Binance is prefaced as an
entity whose representatives have faced imprisonment, fines, sanctions, and
bans in North America, Europe, and Asia in recent years.
“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, while Binance has openly
accepted its role in facilitating terrorism, corruption, sanctions busting, and
in aiding and abetting paedophile gangs,” Idris said.
“Law enforcement agencies believe Binance operations in
Nigeria 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 minister said the upcoming hearing has been scheduled
for June 20.
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