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Nigeria government defended its legal actions against Binance and its executive Tigran Gambaryan amidst criticisms from United States lawmakers. Nigeria’s Information Minister Mohammed Idris emphasized that the prosecution aligns with Nigerian legal protocols and standards. He assured that the legal process is being meticulously followed and that the evidence gathered by prosecutors will be robustly presented in court. This assurance came as the case was set for a hearing on June 20, 2024, where Binance will have the opportunity to defend itself against serious financial crime charges.
Actions Against Binance
Binance legal actions drew significant attention, especially from 12 U.S. politicians who recently appealed to President Joe Biden. These lawmakers argued that the charges against Gambaryan, including money laundering and tax evasion, were unfounded and used by Nigerian authorities as a pressure tactic, urging the U.S. government to intervene. They highlighted the international dimension and diplomatic tension of the case, calling for the U.S. to use its hostage affairs unit to secure Gambaryan’s release.
Minister Idris responded to these calls by stating that appropriate consular access from the U.S. had been provided to Binance and its executives. The Minister reiterated that Nigeria’s legal system and diplomatic protocols were being adhered to, ensuring due diligence and fairness.
Additionally, the decision not to grant bail to Gambaryan was justified by his high flight risk, especially given that a co-defendant, currently subject to an Interpol arrest warrant, had illegally fled the country.
Multiple Allegations in Charges
The charges against Binance in Nigeria encompass multiple allegations. The Federal Inland Revenue Service filed a case for tax evasion, while the Economic and Financial Crimes Commission’s case includes money laundering and violations of foreign exchange regulations. These charges highlight the broader scrutiny and regulatory challenges Binance faces in Nigeria.
In February, Gambaryan and Nadeem Anjarwalla were arrested on suspicion of money laundering and tax evasion. While Anjarwalla managed to escape to Kenya, Gambaryan remains detained at the Kuje correctional facility in Abuja. This arrest is part of the Nigerian government’s broader crackdown on cryptocurrency activities to curb foreign exchange speculation and ensure financial stability in the country.
As part of the ongoing legal battles, a Nigerian court has mandated the cryptocurrency exchange Binance to provide the government with data and details of Nigerian investors using its platform. This move is seen as part of the government’s efforts to more effectively regulate cryptocurrency trading and prevent financial crimes.
