Nigeria's Legal Proceedings against Binance Continues; U.S. Politicians Demand Executive's Release
Summary:
Nigeria's Information Minister, Mohammed Idris, confirmed the ongoing trial of Binance and its executive, Tigran Gambaryan, for illegal cryptocurrency transactions in Nigeria. This follows the country's legal processes, with Binance soon to defend serious financial crime accusations. Meanwhile, a number of U.S. politicians push for Gambaryan's release, deeming his charges as coercion tactics by Nigerian authorities. However, Nigeria maintains that all due diplomatic protocols have been followed. Binance and its executives currently face distinct lawsuits on tax evasion and money laundering.
Nigeria's Information Minister, Mohammed Idris, has revealed that the trial of Binance and its executive, Tigran Gambaryan, for illicit cryptocurrency operations in the nation, are being prosecuted under the country's judicial guidelines. According to Idris, the legal process has been appropriately followed up to this stage, and the prosecution authorities are convinced by the evidence they have. The Minister stressed that Binance will be given the chance to challenge the serious monetary crime allegations they face in court during the subsequent hearing due on June 20, 2024.
This statement by the Minister comes in the wake of an urgent appeal by 12 American politicians to President Joe Biden. These politicians are urging the U.S. administration to employ its hostage affairs division to aid in the release of Tigran Gambaryan. The politicians pointed out in their letter that Gambaryan has been accused of several unfounded crimes such as money laundering and tax evasion, which in their opinion is just a pressure tactic by the Nigerian government to manipulate Binance.
However, the minister reassured that Binance had been given appropriate consular access by the U.S., and all due care was being taken in accordance with conventional diplomatic practices and legal principles. The refusal of bail was explained to be due to the high risk of the defendant absconding, notably since a fellow defendant, now pursued by an Interpol arrest warrant, has illegally left the country.
Binance and its executives currently face two distinct lawsuits brought forward by the Federal Inland Revenue Service and the Economic and Financial Crimes Commission (EFCC). The first one pertains to tax evasion, and the second one deals with money laundering and foreign exchange contravention offenses. In February, the Nigerian government had arrested Gambaryan, an American national, and Nadeem Anjarwalla under suspicion of money laundering and tax fraud. Anjarwalla managed to evade arrest and flee to Kenya while Gambaryan remains in the Kuje correctional center.
This arrest action followed the Federal government's prohibition of cryptocurrency channels as an approach to curb currency speculation. The court has demanded that Binance provide the Nigerian government with access to data detailing the activities of Nigerian traders using its platform.
Published At
6/6/2024 10:12:50 AM
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