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 June 5, 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.